In the last couple of
years, the real estate era has tremendously changed remarkably in both
metropolitan cities and small town’s areas in India.
However, in 2012, the
companies confronted with economic uncertainty, low demand, fund crunch and
high inflation. "High inflation and interest rates dealt a double blow to
developers by increasing input and debt costs, Sales fell as buyers became circumspect
of rising interest rates” says Shweta Jain(Executive Director) ,
residential services, Cushman & Wakefield (C&W) India, a property
consultancy firm.
Still, the mid-end
residential division continued to keep on generate buyer interest. This, and
may led to increase in prices of raw materials used in construction and also
led to pushed up prices in almost all major cities.
Realtors will confront
with a lot of inventory and debt in 2013, say experts. "In 2013,
developers will price projects more judiciously and offer a lot more pre-launch
benefits. Those with large projects and inventory will be under more pressure
to give more discounts," says Anuj Puri, chairman and country head, Jones
Lang LaSalle India, a property consultancy.
The Union Budget can
also be a breakthrough as the sector looks forward to big policy decisions and
reforms, including the grant of industry status and trend in real estate era.
As a growing
metropolitan city in a developing country, The information technology (IT) hub sector
well known Bangalore saw steady sales in 2012, prompting developers to launch
new projects closer to proximity in different areas of Bangalore. Prices in
under-construction projects in growing submarkets have seen risen in between
10-30 % in the last one year.
As said by Wahal
"The demand for houses may be expected to remain stabile or grow
moderately in 2013,”. Bangalore is expected to offer an annual return of 15 per
cent over the next five years.
"The city is the
lowest in terms of capital values compared to other metropolitan cities and has
seen a moderate price appreciation," says Jain of C&W.
The international
airport and other infrastructure projects have shifted deviation towards the
northern and eastern regions in Bangalore. Major areas in Bangalore like
Kanakpura, Sarjapur Road, Bannerghatta Road, Mahadevapura, CV Raman Nagar, , JP
Nagar, Jaya Nagar, Whitefield, Varthur ,Uttarahalli, Vidyaranapura KR Puram and
Electronic City have emerged and played a major role in the city's main
residential markets in Bangalore.
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