Bangalore, MMR, lead the pack in property market

In an encouraging development in the country’s realty sector, residential property markets of Mumbai and Bangalore have emerged as the front-runners among key markets in terms of both sales and new housing supply infusion during the just concluded quarter. Mumbai Metropolitan Region (MMR) has witnessed highest sales among seven property markets with 12% rise at 12,300 units, while Bangalore recorded sales of 11,500 units and that Bangalore led on the absorption front with 15% rise in sales with 127% jump in launches, showed data from ANAROCK Property Consultants. While Mumbai saw maximum number of launches at 8,600 units, the Silicon Valley of India has witnessed highest launches among key south India property markets with nearly 6,800 new units supply in comparison to Hyderabad and Chennai that saw 2,600 and 2,100 units launched, respectively. Increased commercial activity, positive buyer sentiments, infrastructure upgrades and improved job opportunities in the city have given a major fillip to Bangalore‘s housing market, says Chairman, Anuj Puri, of ANAROCK Property Consultants. This market is largely driven by the end-users who were in wait-and-watch mode so far. These buyers have now actively returned to the market on the back of the overall sentiment upsurge resulting from the Bangalore‘s rapidly improving market fundamentals, he said.