Real estate back on track in B’galore

    Bangalore Real Estate
    Bucking the trend of declining pace of new launches elsewhere in the state, south Bengaluru has emerged as the only bright spot in and around the city and has emerged as a choicest place for affordable housing and apartment units, property consultancy firm Knight Frank said in a recently published report India Real Estate 2015 Outlook, said, claiming that the number of residential units that were launched in the southern part of the city rose to 10,725, during the second half of last year, from 8,260 in the year earlier period. In comparison, launches in east and west have dropped by 17.5% and 28.4% respectively. North, which houses corporate office parks and premium residential units of major builders, saw a 36% drop in new launches to 7,050 units. Hope of better connectivity elevates southern peripheral locations, such as Chandapura and Anekal, as promising budget housing destinations are said to be the contributory factors. In totality, new launches in the city fell 13% to 28,284 units in the reported period as customers deferred their purchases and builders grew cautious of launching new projects. The share of southern fringes of the city grew to 38% from 25% whereby almost 88% of the city's new launches in the sub-Rs 25 lakh category during the period, which also includes Electronics City and Kanakapura Road. In the first half, it was 75% and that the south has always been a preferred destination because of traditional good connectivity and expansion now is happening in areas that are further south, including Kanakapura, chairman and managing director, Sobha Developers, J C Sharma said, adding that the company currently has four projects under construction in the area.
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