Bengaluru maintained its positive mood through the post-demonetisation phase. Like any other cities the realty market took a step back in the last quarter of the year 2016. However, transactions are getting back to normalcy. One of the reputed developers even mentioned that sales transactions have already achieved 60 percent of the pre-November levels.
There has been a marginal growth in property prices (0.51%) in the month of November. A spike in buyer demand and residential supply was also noticed. The demand that has been recorded is a whopping 4 percent while the supply is 1.6 percent.
What has led to the demand? A number of reasons. Unlike the Delhi NCR market which depends heavily upon cash transactions, Bengaluru market has predominantly been transparent and cash transactions are comparatively lesser. Driven largely by the salaried class in the IT and ITeS sector, the market is more end-user/consumer centric, dealing primarily through banking channels. This could be on the leading reasons behind the upbeat mood of buyers.
Approximately, 70 percent demand is coming from new buyers living on rental accommodation. To encourage the demand, developers have started yielding 2-3 percent discount as well in the market. The move will clear the existing inventory and make space for new projects.
The growth in supply has been aided by government initiatives as well. Very recently, the Bangalore Development Authority has indicated that banning all commercial developments in the heart of the city and moving employment zones to the outskirts. This will cater to the burgeoning demand as city limits will expand and developers will have more land to build.
The Karnataka Industrial Areas Development Board has planned a number of sector-specific SEZs in the vicinity of the airport at Devanahalli. Surrounding localities of Devanahalli, Doddajala and Chikkajala have undergone a transformation from a rural landscape to an urban hotspot for their sheer proximity to the airport. Nagavara, Jalahalli and Abbigere have seen a spurt in residential property with a number of residents moving into their homes within self-contained townships.
The state government has contributed to the positive vibe of the city through efforts such as Akrama-Sakarama Scheme. The BBMP has come start the online application process from the second week of January where property owners can use the one-time regularisation of up to 50 percent setback and FSI violations in case of residential constructions.
Apart from the scheme, the BBMP is will take corrective action against 1.53 lakh unauthorized buildings/sites. The body will assess the extent of building bylaws and other types of violations in the city.
The city’s realty landscape seems healthy. The year 2017 could bring cheer to the developers and consumers.
Read More At :
http://content.magicbricks.com/property-news/bangalore-real-estate-news/bangalore-real-estate-market-seems-positive/90312.html
There has been a marginal growth in property prices (0.51%) in the month of November. A spike in buyer demand and residential supply was also noticed. The demand that has been recorded is a whopping 4 percent while the supply is 1.6 percent.
What has led to the demand? A number of reasons. Unlike the Delhi NCR market which depends heavily upon cash transactions, Bengaluru market has predominantly been transparent and cash transactions are comparatively lesser. Driven largely by the salaried class in the IT and ITeS sector, the market is more end-user/consumer centric, dealing primarily through banking channels. This could be on the leading reasons behind the upbeat mood of buyers.
Approximately, 70 percent demand is coming from new buyers living on rental accommodation. To encourage the demand, developers have started yielding 2-3 percent discount as well in the market. The move will clear the existing inventory and make space for new projects.
The growth in supply has been aided by government initiatives as well. Very recently, the Bangalore Development Authority has indicated that banning all commercial developments in the heart of the city and moving employment zones to the outskirts. This will cater to the burgeoning demand as city limits will expand and developers will have more land to build.
The Karnataka Industrial Areas Development Board has planned a number of sector-specific SEZs in the vicinity of the airport at Devanahalli. Surrounding localities of Devanahalli, Doddajala and Chikkajala have undergone a transformation from a rural landscape to an urban hotspot for their sheer proximity to the airport. Nagavara, Jalahalli and Abbigere have seen a spurt in residential property with a number of residents moving into their homes within self-contained townships.
The state government has contributed to the positive vibe of the city through efforts such as Akrama-Sakarama Scheme. The BBMP has come start the online application process from the second week of January where property owners can use the one-time regularisation of up to 50 percent setback and FSI violations in case of residential constructions.
Apart from the scheme, the BBMP is will take corrective action against 1.53 lakh unauthorized buildings/sites. The body will assess the extent of building bylaws and other types of violations in the city.
The city’s realty landscape seems healthy. The year 2017 could bring cheer to the developers and consumers.
Read More At :
http://content.magicbricks.com/property-news/bangalore-real-estate-news/bangalore-real-estate-market-seems-positive/90312.html
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