Bangalore Sees Spurt in Plots & Layout Supply in 2015
Out of the total new supply in the ‘Silicon Valley’ in 2015, plots and layouts comprised of a whopping 44 per cent market share.
Resorting to the age-old tradition of owning land, realty consumers in Bangalore once again showed high preference for plots and layouts in 2015. And developers were quick to tap on this growing demand by launching several projects in the plots and layouts category. According to CommonFloor’s annual report, “Bangalore Real Estate in 2015”, the city witnessed a significant jump in the overall supply of plots and layouts during this year.
High supply of plots and layouts
Essentially inheriting the apartment culture from MMR, Bangalore saw a spurt in new apartment supply over the last decade. Infact, The last 4-5 years witnessed significant activity in terms of apartment projects in the city. However, the demand for plots and layouts seems to be back. As per CommonFloor report, Bangalore witnessed a whopping 44 per cent new supply in this category this year. This corresponds to the fact that about 48 per cent of prospective buyers preferred to buy plots this year within a budget of Rs 40 lakh, as per CommonFloor survey ‘Real Estate Consumer Outlook: H2 2015’.
Interestingly, the city witnessed only about 52 per cent apartment supply this year as against 70 per cent in 2014, owing to the growth in demand for plots and layouts.
Top areas offering plots and layouts
Several areas have emerged over the year (2015) that offered plots and layouts across the city. Most of these are the peripheral areas of the city. mainly due to their affordability. Devanahalli emerged as the top area with maximum new supply this year, followed by Hoskote and IVC Road. Other important areas with significant number of new supply in this category included Whitefield, Hoskote Malur Road, Jigani, Sarjapur and Nelamangala. Of the top 10 areas, five are from east and three are in the north.
If areas outside the city limits are to be considered, Gauribidanur topped the list with almost 37 per cent share of the total new supply.
