Bangalore, June 03, 2013:
According to the latest quarterly reports, global real estate consultancy, Cushman & Wakefield (C&W), Bangalore witnessed the highest number of units launched compared to major eight cities across India that stood at approximately 11,600 units.
This is more than double the number of units launched during the last quarter of 2012, catering to the affordable (49%) and mid-range segment (43%).
Close to 40% of the total new unit launches were in South-east Bangalore targeting individuals working primarily in the IT/ITeS sector. Infrastructure initiatives have resulted in increased preference for the northern locations of Bangalore, which contributed to 25% of the total units launched.
Cushman & Wakefield (C&W) reported that an estimated 38,000 residential units were launched by organised developers in the first quarter of 2013 in major cities registering a marginal decline of approximately 2% over the previous quarter. The mid-range segment continued to constitute majority (60%) of the overall launches during the quarter.
Capital values in the high-end segment in Central and Off-Central Bangalore locations witnessed an uptrend in the range of 17 – 30% over last year due to low availability. Eastern and Northern locations also saw an uptrend in high-end category capital values of 10-14%, mainly due to their proximity to IT hubs and upcoming infrastructure respectively.
In the mid-end segment, South-west and Off-Central locations witnessed 13%-14% increase in capital values over last year.
North Bangalore is expected to see an uptrend in capital values for the high-end category; North-west Bangalore an uptrend in capital values for both high-end and mid-end segments because of the rise in demand due to the ongoing metro work; East Bangalore a price rise in the mid-end category due to continuous demand from the IT population.
