Bengaluru ranked second in India in the number of new residential units launched in the first half of the year.
But the number itself is down by 23% to 13,400, compared to the same period last year. Colliers, the real estate consultancy that did the research, said this was because of the imminent onset of Rera (Real Estate Regulation Act) at that time.
Bengaluru trailed only Mumbai, where the number of launches went up to 14,000 from 10,300 in the comparable time period.
Across the top five cities, 40,600 new units were launched, a drop of 17% compared to the second half of 2016. Mumbai and Bengaluru accounted for 35% and 33% of total launches respectively , while Chennai, Pune and NCR accounted for 13%, 10% and 9% respectively .
Of the 13,400 launches in the city, the localities of Yelahanka, Devanahalli, Ranchenahalli and Kogilu recorded the highest numbers. Most of the new launches were in the mid-segment category , catering to the demand from information technology employees of the city.
The capital values in locations such as the city centre, Airport Road, Whitefield and Yelahanka recorded a 3%-6% decline in the first half, while off-central locations such as Jayanagar, Sadashivanagar, Bannerghatta and Koramangala witnessed a 1%-4% increase. Prices are expected to remain stable in the near future due to the large inventory .
Colliers expects a decline in the number of launches in the second half of 2017 because of RERA implementation. “However, sales are likely to pick up during the festive season due to higher optimism among buyers after Rera. This will further address the issue of unsold inventory,“ the report said.
Courtesy by Times OF India
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