Residential real estate in Bangalore has entered quite an interesting phase. On one side, the demand for luxury housing has been picking up well in the city internationally famous as the cyber hub of India. And on the other hand, budget housing in Bangalore is witnessing slowdown.
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The number of transactions in the residential property, mostly apartments, priced between 25 to 40 lacs has come down, as per property brokers.According to Mahesh Laxman, Regional Director Jones Lang LaSalle-Meghraj, Bangalore- It is the premium housing priced at Rs 65 lakh plus which continues to be transacted by end user in Bangalore.
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Describing the end user, Laxman says that the end user is typically an actual buyer, in age between 32 and 50, belonging to the high income category and senior management in software or multinational companies. Even now the current offtake of residential property in Bangalore is in the range of 50-60,000 units a year. Meanwhile a bouquet of new residential projects are coming up in Bangalore. Most of the new projects carry large-size 3-4 BHK apartments, located at prime areas with lifestyle amenities like swimming pool, kids playing area, car parking, theatres, open space for leisure activities, health centre and commercial market for the daily needs, Mr Kareem of Prime Property Consultant informed.
It simply indicates that the real estate developers have identified the demand for higher-end housing in Bangalore and their planning is in line with the end user demands. Meanwhile, industry experts point out that the current slowdown in the segment of budget-housing is a partial one and the overall mood of real estate sector in Bangalore will be upbeat in the coming months. Karnatakas new industrial policy has already created a conducive environment for investment in the state and the government has targeted 20% industrial growth in the next five years. Bangalore Real Estate sector is poised to grow on the back of this industrial growth. JLL-Meghraj Laxman feels that the coming of SEZs will spin off residential demand across all categories especially middle budget housing as the employees will need spaces to live in.
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Premium Housing Picks Up in Bangalore Real Estate