BENGALURU: The southern zone accounted for the maximum number of new launches in the first half of 2018 with 41% of the 13,356 housing units in the city launched here.In contrast, north Bengaluru witnessed the lowest number of new launches as well as sales, says an analysis of the real estate scene in the city. The report “Real Estate Trends 2018” was made public on Wednesday by Vestian, a global company specialising in Workplace Solutions. The report said that a 62% appreciation in launch of housing units in the city has been observed as compared to the 8,240 units launched during the corresponding period in 2017 (up to mid-June). “Of the total number of new launches, approximately 65% belong to the category of houses below `60 lakh,” the report said, stressing that the demand for houses below `60 lakh has increased in the city.
In south Bengaluru, peripheral locations such as Talaghattapura, Gottigere, Attibele, and Electronics City saw the maximum number of launches. “The vast improvement in the number of launches can be primarily attributed to the launch of several large scale projects in the region by reputed developers,” the study added. South Bengaluru recorded the highest number of units sold in the city with a 54% share. East Bengaluru followed south with second highest number of new launches.
The high property costs in north Bengaluru and the dearth of good social infrastructure in the peripheral region has ensured the region had poor launches and sales in the first half of 2017 as well as 2018, it said.
Chief Executive Officer of Asia Pacific region Shrinivas Rao billed the past year as a very challenging period for the Indian real estate.
“At times such as these, affordable housing has come as a respite — creating a positive sentiment in the market. Today, the most potent demand for housing in Bangalore lies in the sub-`60 lakh category,” he said. The policies and incentives by the government to ensure housing for all has given a fillip to affordable housing in the city, Rao said.The report predicts the momentum for houses below `60 lakh to continue in the city for the next three to five years.
What the report says
n 41% of 13,356 housing units in city launched in southern zone in first half of 2018
n North Bengaluru witnessed the lowest number of new launches as well as sales
n Of the total new launches, approx 65% belong to the category of houses below `60 lakh
n In south B’luru, peripheral locations such as Talaghattapura, Gottigere, Attibele, and Electronics City saw maximum number of launches
n Momentum for houses below `60 lakh to continue in the city for the next three to five years