Monthly Watch: Stable Property Prices To Help Bengaluru Clear Future Roadblocks
Real estate developers' struggle to sell their inventory stock continues as most cities across India witnessed a decline in new launches in the month of September. This trend was prominent in Bengaluru real estate, too.
New launches down
According to a PropTiger DataLabs report for September, new launches saw a decline of 16 per cent over the previous month. But, on the other hand, they saw an annual appreciation of 57 per cent over the same month last year. Annual data also show new launches saw the highest annual appreciation of 318 per cent in the luxury segment, followed by 82 per cent in the mid-segment and 70 per cent in the affordable segment.
Developers who launched their project in the city in September include Brigade Properties, Ozone Group, Rohan Builders and Sobha Ltd. Properties by these developers were ranged between Rs 4,000 and Rs 6,000 per sq ft.
Sales, prices stable
Home sales on the other hand "largely remained stable" in September while witnessing an 18 per cent annual increase. According to the report, the mid-segment saw the highest number of home sales during the month. As compared to a five per cent drop annually, the good news is that the inventory stock saw a monthly decline of only two per cent.
Despite an annual increase of three per cent, property prices in Bengaluru did not see any appreciation in September over August. However, localities such as HSR Layout, Richmond Town, JP Nagar Phase-5 and Ulsoor saw an annual price appreciation in the range of 15 and 25 per cent.
According to the report, the best-performing localities in the city include Electronic City, KR Puram, Whitefield Hope Farm Junction, Sarjapur and Varthur, most of which offer affordable property options.
Up and kicking
The charm of Bengaluru's commercial real estate is still kicking. According to the report, global professional services major Accenture has leased around 2.8 lakh sq ft commercial space in Bagmane World Technology Center IT SEZ (information technology special economic zone). In another development, real estate major Godrej Properties acquired a 12-acre land parcel off the Sarjapur Road for developing a residential project.