Realty Set To Gain Momentum In 2013

Jan. 9, 2013 - PRLog -- The coming year will be significant for its new launches, deadlines that will be met by the civic agencies executing infrastructure projects across the city, as well as the economic developments and its impact on the real estate market.
   Bangalore being the hub of real estate activity is at the cross roads of development. On the one hand is the entry of the biggest names in property development, and on the other is the infrastructure growth. A number of projects are on the anvil such as the Metro, seamless Outer Ring Road (ORR) project and planned Peripheral Ring Road (PRR).
   "Residential prices in Bangalore have moved in ranges in 2012-13 from April-November 2012, barring a few micromarkets. Locations like Hebbal in the north and Whitefield in the east witnessed price appreciation in the third quarter of this financial year to the tune of around 7-9 percent respectively," says Imtiaz , CEO of Network Homes Pvt Ltd.

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   His outlook for the coming year remains positive. "Bangalore residential market is expected to witness continued buyer interest. New launches by reputed developers continue, and the norm will be a project portfolio consisting of a balanced mix of both high-end and mid-segment developments. Price appreciation is envisaged in a few micro-markets like Hebbal and Sarjapur Road too that have considerable IT/ITeS sector presence, says Imtiaz
   According to a report, the city, known for its IT/ITeS sector stronghold, has evolved into a matured residential market with low volatility witnessed in the recent years. The years 2010 and 2011 saw the launch of around 85,808 units while the same period was responsible for the absorption of approximately 54,687 units. The residential micro-markets, particularly towards the south and east, accounted for a majority of the launches and absorption due to the presence of several prominent IT parks.
   "The best performing areas in 2012 were Hebbal, Sahakar Nagar and R T Nagar in north Bangalore. These locations saw the highest demand and appreciation during the year. The improved infrastructure in this region, proximity to the airport and overall enhanced connectivity helped north Bangalore crystallise into a much sought-after residential destination," says Imtiaz , CEO of Network Homes Pvt Ltd.
   A Knight Frank report adds that the northern parts of the city have come to be recognised as active residential markets, though at present there is only one IT Park in the region. Several infrastructure initiatives and investments have made this region an attractive real estate option.
   South Bangalore too witnessed the highest number of new launches in this financial year till mid-November 2012 taking up 48 percent of the total pie. The area encompassing Sarjapur Road accounted for almost 30 percent of the total units launched in south Bangalore. A number of projects were launched on Bannerghatta Road as well.
   "The rise of premium housing in the city at a juncture when global economic uncertainties have created negative repercussions indicates the maturity of the Bangalore real estate market. First generation entrepreneurs, senior management from the IT/ITeS sector and non-resident Indians have been observed to be primarily driving the demand for these high-end projects," explains Imtiaz. "At present, the demand for mid-segment homes seems to be ruling the trend with supply not quite matching up to demand. On the other hand, the premium housing market in the city has been gaining momentum in the recent months. Several projects launched this year have unit prices upwards of Rs 1 crore. In the past, projects with this price tag were located only in the central areas of the city. However, of late, this trend has been shifting to the upcoming locations," he explains.

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