Is affordable luxury the new mantra of Bengaluru realty markets?
In 2016, the positive sentiments towards Bengaluru Property Deals industry continues with demand emanating out of both local buyers as well as the NRI clientele base.
In the recent times when real estate markets in most of the Indian cities have not been very upbeat, Bengaluru has been demonstrating higher growth momentum driven by large employment base and convenient property prices, when compared to other cities such as Mumbai and NCR.
In 2016, the positive sentiments towards Bengaluru Property Deals industry continues with demand emanating out of both local buyers as well as the NRI clientele base. The city is also amongst the major recipient of NRI investment in India along with Mumbai, the financial capital. The cosmopolitan appeal of Bengaluru makes it a natural choice for NRIs looking to buy properties in India.
Like other global cities, Bengaluru is also pioneering the concept of affordable luxury, wherein a host of top class facilities are provided under the budget and mid-income segments. These new projects are not only aligned with the taste of globally exposed buyers but also fall within their financial bandwidth.
Micro Market wise price analysisAs mentioned below, there has been significant annual price appreciation in most of the micro-markets of Bengaluru, ranging between 6-13%, probably the most impressive numbers in entire India. Major growth hubs have been Northern Parts of Bengaluru (Devanhalli, Yelahanka), Eastern Parts (Hoskote, Whitefield & Varthur) along with other markets such as Kanakapura Road, Sarjapur Road & Central Parts- That have witnessed significant appreciation due to higher demand.
Mentioned above is the price wise distribution of residential units in the Bengaluru real estate market. New Launch Projects in Bengaluru
Nearly new 12,000 units have been launched in Bengaluru city in the 1st half of 2016. New Launches are more prevalent in the budget and mid segment with exciting payment plans & enticing facilities.
For instance, Unicorn have launched UNICORN NORTHBROOKS-46 , a luxury project with prices starting at just 54 lakhs. Located in Yelahanka in North Bengaluru the project comprises of 2 and 3 BHK units and encompasses a slew of world class facilities such as Swimming pool, Gazebo, Party Deck, Amphitheatre and much more. One just needs to pay 5% to book an apartment in the project.
Industry insiders believe, the project exemplifies the idea of Affordable Luxury wherein high class project comes in a price range, that an average buyer can easily think of.
With high octane growth of Northern Parts of Bengaluru in the recent times, the project could be a good catch in terms of capital appreciation as well in the times to come.
Bengaluru Future Outlook
Bengaluru will continue to see new launches in near future. Expansion in job market will continue pushing up the demand, that will be further augmented with new infrastructure development in the city.
In H1 2016, over 1 million of office space has been leased out in Electronic City and Whitefield by IT and Finance majors such as HP, GE, JP Morgan and Infosys etc. Bengaluru is also going to ramp up its office space in the 2nd half of 2016. This will spur residential sales in the vicinity.
By the end of this year it is expected that Phase I of metro will be over and by 2020, Phase II will be completed. The Bengaluru metro once completed will offer a cost effective and congestion free transport medium to large volume of commuters (2 million by official estimates).