14 Major Trends that shaped Bangalore market in 2014
As 2014 draws to an end, CommonFloor has identified 14 major trends that influenced realty market of Bangalore over the year.
*In 2014, over 500 projects were launched in Bangalore, out of which 35 per cent were concentrated in East Bangalore, followed by South and North Bangalore with 33 per cent and 25 per cent respectively.
*As per data, Kanakapura Road, Electronic City and Bannerghatta Road in South Bangalore recorded maximum units launched. While in the East, IT hubs of Whitefield and Sarjapur Road along with Hoskote recorded maximum number of units.
*At present, there are more than 15 ongoing large-size projects that have more than 1000 units. Due to connectivity via NICE Road and robust infrastructure, these projects are mainly skewed towards South Bangalore, followed by East and West part of the city.
*Out of the total supply, 52 per cent projects were launched with affordable units, 44 per cent with mid-segment and 28 per cent with luxury units.
*In affordable segment, i.e., less than Rs 4,000 per sq. ft., over 240 projects were launched, out of which maximum were available in South Bangalore (39 per cent), followed by East and North Bangalore with 36 and 21 per cent respectively.
*Interestingly, one of the key trends noticed in 2014 was that West Bangalore witnessed the launch of several high-rise apartment projects unlike earlier wherein demand in this region was limited to independent bungalows.
*Another interesting trend seen was that most of the large-sized new launched projects are skewed within the city limits, while the completed projects are mainly located in the peripheral areas.
*While North Bangalore has ample ready-to-move-in inventories, South and East Bangalore, on the other hand, boast of maximum new launches.
*For villas and row houses, Sarjapur and Sarjapur Road in East Bangalore have maximum supply, followed by Attibele and Electronic City in South and Devanahalli in the North.
*About 45% of the projects launched this year are expected to be completed by the year 2015 covering only 17% of the overall unit supply because these are all small-size projects having less than 100 units each.
* Interestingly, about 45% of the projects launched this year are expected to be completed over the next two years (2016 & 2017) which will cover about 80% unit supply. Most of these projects are large-size (more than 1000 units) and mainly skewed towards North and East Bangalore.
* Out of the top 10 preferred rental localities, half were skewed towards the southern part and the other half towards the eastern part. In South, JP Nagar, Koramangala, HSR Layout, Jayanagar and BTM Layout retained their spot in top ten preferred localities for rent.
*Based on the number of user-generated queries on CommonFloor’s ‘Forum’ section, Electronic City has garnered maximum interest. This section gives an opportunity to property buyers / individuals to discuss their real estate concerns with like-minded people on the same platform.
* Other key localities that generated consumer interests were Whitefield, Bannerghatta Road, Kanakpura Road and Sarjapur Road, in that order.
