Tuesday, July 26, 2016

Bengaluru, the top performing city in the real estate market

If you are looking to acquire a new home in Bengaluru, then you are at right place at the right time. Post the drop in the overall real estate market; Bengaluru sturdily held its number one position in India in the first six months of 2016. This course is expected to go on for the rest half of the year with the new launches likely to rise by 4 percent in comparison to the last six months of 2015.

The Knight Frank's "Indian Real Estate Residential and office" for the period of January-June 2016 stated, Bengaluru's residential territory witnessed 13 percent boost in new launches and 18 percent boost in sales on a year by year (YoY) basis in comparison to the first half in 2015. Although, the major parts of the country's realty market were quiet in all segments, Bengaluru's prime locations such as Richomond Road, Lavelle Road, Malleshwaram, Bannerghatta, Hebbal, Whitefield, Electronic City, Marathahalli and Indiranagar witnessed a considerable rise of 23 percent in new launches in the first six months of the year 2016. It is advisable to invest in apartments in Bannerghatta road and apartments in Richomond Road. The investors’ interest in quality properties has seen a swell in the first half of 2016 in comparison to the first six months of 2015 that witnessed poor sales.

“However, due to the slackening of the premium housing markets in the past year, the weighted average price growth YOY in the premium segment saw a marginal decline of 1 percent in first half of 2016, as compared to first half of 2015,” the report said.

When it comes to pricing, the prime residential segment in Bengaluru has seen a gradual hike in its average price in the past one year in comparison to the price hike in the overall city that stood at 3 percent. The prime housing saw a decline of 1 percent.

The realty sector experts foresee the overall weighted average price in Bengaluru to have a slow growth of 3 percent in the last six months of the year 2016 in comparison to the second half of 2015, accounting to the quantity of reserve that requires to be offloaded.

Despite the slump in the realty sector, the residential real estate sector in other cities are going to see a ray of hope due to the recent development of policies such as REIT, land acquisition, real estate regulator, and smart cities. All these measures play a vital role in encouraging the key players to invest in new projects.

The real estate market is ripe especially for NRI investors due to the depreciating value of the Indian rupee in the past few years. Other favorable factors include the stable political reign of Prime Minister Narendra Modi, the easy availability of loans, and the growing economy.

Also, as the urban population of the nation rises, there is going to be more and more demand of residential as well as commercial properties that will give a great boost to the overall realty sector.

This is a guest post by Deepak Yewle

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