Bangalore seems to be unaffected by the gloomy sentiments that have engulfed the realty market in the country. The city’s residential market continued to rally forward in the first half of the current year, despite the Indian economy’s struggle to stay afloat.
This year, the city has witnessed the launch of 28,000 units - a jump of 33% from the previous year.
“The IT/ITeS sector remains the key demand-driver for the residential market. In addition, factors such as affordability, growth of nuclear families and rise in the migrant workforce form the foundation of the residential market,” says Samantak Das, chief economist and director, research and advisory services, Knight Frank.
Experts say that the IT/ITeS sector, which has benefited from rupee depreciation, covers a large number of Bangalore’s residents.
“Bangalore has a huge population of people from this sector. Given this, the market is likely to remain upbeat,” says Das.
While South Bangalore has seen the maximum number of launches during the first half of this year, East Bangalore observed maximum growth when a comparison is drawn with last year, thanks to major investments made by corporates in this area.
“We see growth in Whitefield, Mahadevapura, Sarjapur Road and adjoining areas,” says Kunal Aadesh, a property dealer.
Good connectivity and infrastructure coupled with favourable pricing will ensure buyers’ interest in these locations.Though, launch of high end projects ( above Rs 75 lakh) is gaining popularity with builders, the maximum number of launches are seen in the mid segment (Rs 25-Rs 50 lakh).
“The launch of units belonging to the high end category indicates maturity of real estate market in the city. The main drivers of this category belong to the first generation of entrepreneurs, senior management from IT/ITeS sector and NRIs,” remarks Das.
Major residential destinations
Central: MG Road, Langford Town, Richmond Road
West: Malleswaram, Rajajinagar, Tumkur Road
North: Hennur, Yelahanka, HBR Layout
East: Whitefield, KR Puram
South: Bannerghatta Road, Electronics City, Kanakapua Road