Bangalore Property Sales: Non-IT segment play a major role

With time, the bull grip of the IT/ITes sector on Bangalore’s realty sector has eased off, in the last few years. The rising sales figures from non-IT segments have surpassed the halfway mark for most of the key developers of the city.

The buyers that define the non-IT segment mainly includes businessmen and those individuals who are a known face in the local pockets. Such people belong from the jewelry segment, construction material dealers, garment sector, machine tool segment and appliance distributors.

Numbers talk

For some major real estate players like Shriram Properties and Mantri Developers, buyers from the non-IT sector make a significant contribution towards revenue collection. According to market reports, non-IT sector contributes to more than 60% of the total annual sales.Such non-IT sectors that is making their presence felt among the developers include banking and financial services, aerospace, manufacturing and automotive.

Land in localities such as Whitefield, Bannerghatta, Yelahanka, Hebbal, Magadi, Sarjapur road and Attibele, which were purchased by developers in 2007-2008 are being offered for sale, spiked an interest among the non-IT takers in such areas.

Absorption of office space

According to Knight Frank reports, the absorption of office space by various sectors such as healthcare, pharmaceuticals, consulting, telecommunication and media have grown by 26% in the first six months, in comparison to 11% from the same period only a year ago. In addition to it, the IT/ITes office space absorption in the city dropped by 4% in the first half of the year.

European seed research firms, have planned for expansion of its units in the urban regions, will play a crucial role in generating numerous non-IT jobs. The real estate market of the city can only be stable when there is a sectoral mix of buyers, where every sector has an equal role to play.