New Home launches in 2013: Bangalore outrun others
In the race of new home launches in 2013, Bangalore has again gained the top slot and left everyone behind. As per market reports, the IT capital of the nation witnessed highest number of residential launches in the first 9 months of 2013. A multi-cultural population, excellent educational institutes, and constantly upgrading social and physical infrastructure has done wonders for the real estate market of the city.
The Q1 2013 recorded the highest number of launches with 11622 units, contributing nearly 31% of the total supply, followed by Mumbai and NCR. As per experts, infrastructure development initiatives in the northern locations of the city have contributed 25% of the overall units launched in 2013.
In comparison to other cities
Of the total 1.32 lakh units launched in the top 8 cities of the nation in 2013, Bangalore accounts to 30% of it, reflecting positive sentiments of the buyers in the IT hub of the nation. NCR, Pune, Mumbai and Chennai accounted for 23%, 11.9%, 19.4% and 7.25% of the overall pie, respectively.
In the same period of 2012, NCR accounted for 34% of the total 1.25 lakh launches in the country, while Bangalore had a share of just 9.25%. Hence, in 2013 Bangalore witnessed a growth of 205% over 2012, while Pune, NCR and Chennai reported a negative growth at 26%, 44% and 28% respectively.
Regions witnessed growth in Bangalore
Nearly 40% of the total new unit launches were reported in South-east Bangalore, focusing on buyers employed in the IT/ITes sector. Major work centres like EPIP Zone and Whitefield have all contributed significantly in escalating the growth of residential apartments in the region in the last few years. A number of mid-scale housing projects have been launched in the region, including-Brigade Lakefront, Sobha Habitech, Brigade Cosmopolis and UKN Belvista.
Planned infrastructure such as High Speed Rail Link, Elevated Expressway (Bellary Road), proposed Devanahalli Business Park, the International Airport and the Bangalore Metro Rail have been the key growth drivers for residential development in North Bangalore. Some of the major developments in the region in the mid-segment category include- Hiranandani Glen Gate, Mantri Webcity, Sobha City, Prestige Misty Waters etc.
