Realty growth in North-South Bangalore to begin in 2014
2013 has been an eventful year for the realty segment of Bangalore and 2014 is likely to be a game changer for the developer and investor’s community alike. The RBI with its new policies is expected to phase out inflation and push the city towards economic growth.
A stable government in place by the mid of 2014, will ensure a much more robust economic environment than ever. This will act as a stepping stone for the realty sector of the city and will help it reach new milestones.
Performance in 2013
The real estate market in Bangalore has been up to snuff in 2013, in comparison to other urban townships, despite inflationary pressures and the economic downturn. In the financial year 2013-14, the city accounted for 18% of the overall nationwide sales, highest in its category after NCR. The trend is expected to keep rolling in 2014 and help Bangalore emerge as the most profitable real estate market of recent times.
Apart from from real estate corridors, 2013 bore witness to a number of project launches in North, South East and North East Bangalore. Typically, 2 and 3 BHK apartments have garnered the interest of the investors in 2013 in the city. The overall turnover stood at Rs 1271 crore and Rs 1978 crore for 2 and 3BHK apartments in Bangalore, during Q2 2013-14.
2014 lits a hope
As per market experts, 2014 will be the year of ‘ready for use’ land parcels at easy rates,infrastructure growth, quicker approvals, stable government and the availability of loans. In addition to it, easing of the FDI norms will further act as a boon for the real estate sector of Bangalore to boom and thrive.
Few other boosters for the real estate sector of the city include-approval for single window clearance, relatively higher FSI, fiscal incentives and quicker environment approval for affordable housing. Industry status and easing of the ECB (External Commercial Borrowing)norms are expected make funding much easier and take the real estate sector of the city to a whole new level.
