Apartments top the list of new projects launched in Bangalore
Bangalore witnessed the launch of residential projects aplenty in 2014 contrary to the gloom that has engulfed many other major residential markets across the country. With demand for residential property in the city reaching unprecedented proportions, numerous residential projects were launched in 2014. It comes as no surprise that a majority of these were apartment projects. The trend was no different in Q3 2014 as well with about 85 residential projects being launched across Bangalore. These included apartments, row houses and villas. Among these,
3 BHKs more in proportion
Among the total number of apartment projects launched, 3 BHK units outnumbered other configurations easily. 3 BHK units accounted for 45 per cent units clearly showing that they were more in demand compared to other configurations. This was followed by 2 BHK apartments with 42 per cent units, 1 BHK (9 per cent) and 4 BHK (4 per cent) units. Hence, it can be inferred that most buyers prefer 3 BHK units considering that they see it as a life-time investment.
Size of apartments
As per analysis of Q3 2014 data, sizes of 1 BHK apartments in Bangalore ranged between 370-730 sq. ft. while that of 2 BHK apartments ranged between 670-1800 sq. ft. Sizes of 3 BHK apartments ranged between 900-3200 sq. ft., and 4 BHK units between 1800-3750 sq. ft. As seen, 3 BHK apartments which are more in demand have a wide range of size options available based on the space preference of prospective buyers.
Value of apartments
Research indicates that prices of 1 BHK apartments in Bangalore range between Rs 2,150-5,950 per sq. ft., while those for 2 BHK units range between Rs 1,800-8,230 per sq. ft. For 3 BHK apartments, prices ranged between Rs 1,800-8,320 per sq. ft., while for 4 BHK units the range is between 4,250-6,800 per sq. ft. The sq. ft. values of apartments varied depending on the area where it was being constructed.
Prices across areas
IT hubs like Electronic City, Whitefield, Kundalahalli and Hebbal as well as prominently residential areas like JP Nagar, Banashankari recorded highest prices. Besides, many upcoming areas like Kanakapura Road and Sahakara Nagar also recorded relatively high prices. Areas where prices for new launches are comparatively lower included suburban areas like Jigani, Hosur Road, Sarjapur Road, Hennur Road, Bellary Road, Haralur Road and Gunjuru, among others.
Projects
The key projects launched in Q3 2014 include Prestige Temple Bells by Prestige Group and SNN Raj GreenBay by SNN Builders, amongst others.
