Bangalore: Several residential projects expected to be completed in 2015
Bangalore has been witnessing an unprecedented demand for residential property in recent years, besides being one of the few realty markets in India to see a steady demand for realty property. To cater to this increasing demand, there has been a steady supply of residential property across the city. Moreover, it has also been seen that most projects are completed within a short span of about 1-2 years. This not only reduces the gestation period of residential projects but also enhances the reputation of the developer with regards to timely completion of projects, as announced.
2015 expected to witness 43 per cent project completion
Based on CommonFloor research, it has been seen that a whopping 43 per cent of residential projects are expected to be completed in 2015. These include apartments, villas and row houses. This is followed by 32 per cent of projects expected to be completed in 2016. Further, 17 per cent are expected to be completed in 2017. This points to the fact that buyers can expect a plethora of residential projects across Bangalore next year in different price and size ranges.
Apartment projects considerably higher
Among all the residential projects that are expected to be completed in the next few years about 93 per cent are apartment projects. Moreover, among the residential projects that are expected to be completed in 2015, again about 93 per cent are apartment projects.
2 BHK apartments higher in proportion
Among all the residential projects awaiting completion, 2 BHK houses (apartments, villas and row houses) account for about 44 per cent, 3 BHK for 42 per cent, 4 BHK for 6 per cent and 1 BHK (apartments) for about 3 per cent. Among all the 2 BHK residential property, 2 BHK apartments comprise about 99 per cent, and about 48 per cent of these apartments are expected to be completed in 2015.
Projects with most units
Among the upcoming residential projects, Wisteria by Brigade Group along Kanakapura Road is set to come up with 3000 apartments that would be completed in 2016. They comprise of 2 and 3 BHK units measuring in size between 1120 and 1630 sq. ft., costing Rs 3,790 per sq. ft. Falcon City being developed by Prestige Group is expected to come up with 2400 apartments along Kanakapura Road to be completed by 2018. They would comprise of 2, 3 and 4 BHK units measuring in size between 1200 and 2700 sq. ft., costing Rs 5,800 per sq. ft. Moreover, Prestige Temple Bells being developed by Prestige Group is expected to come up with 2000 apartments along Mysore Road, to be completed by 2017. They would comprise of 1, 2 and 3 BHK units measuring in size between 628 and 1611 sq. ft., and costing Rs 4,200 per sq. ft.
