Bengaluru Property Market: A Goldmine for Buyers
Bengaluru real estate has hardly seen a downturn, owing to the city’s growing job market. Although the infrastructure development is struggling to keep pace with the increasing population, the residential and commercial realty market in Bengaluru, is keeping investors happy, especially those invested in the upcoming hubs near the airport. In fact, Proptiger.com data findings show Bengaluru is apt for first-time homebuyers as well ones looking for mid-sized apartments.
Below are a few of the findings:-
Inventory stock in Bengaluru
According to Proptiger.com data, Bengaluru is sitting on a huge inventory pile, more than Hyderabad and Chennai. Till July 2019, around 78,334 units were unsold in the city- more than double of Hyderabad and Chennai. Hence, project launches are on a decline here with developers focussing on clearing off the unsold stock. Also, the base selling price (BSP) has marginally increased on a year-on-year basis, despite the economic slowdown, shows Proptiger.com data. Currently, the average BSP in Bengaluru is Rs 5,157 per sq ft, 3 per cent up from past year.
Nearing possession units in Bengaluru
For home buyers looking for nearing possession units, Bengaluru is a goldmine. According to the Proptiger.com data, 22,476 apartment units will be delivered here between August 2019-December 2020, out of which 14,432 will be delivered between January-December 2020. Most of these units are in the 2BHK and 3BHK category, followed by 1BHK and 4BHK.
Affordable units in Bengaluru
Since properties below Rs 45 lakh in metro cities are classified as affordable housing and are eligible for the credit-linked subsidy scheme, home buyers in Bengaluru have numerous options in this category. There are around 4,826 unsold units priced below Rs 45 lakh, which are expected to be delivered in the next one year. Mostly these are 2BHKs followed by 1BHK and 3BHK.
Wide range of properties in Bengaluru
According to Proptiger.com data, properties in Bengaluru are available from Rs 2,576 per sq ft to around Rs 25,577 per sq ft. A 1BHK unit is available at Rs 2,576 per sq ft onwards, 2BHK for Rs 2,760 per sq ft onwards and 3BHK for Rs 2,700 per sq ft onwards. So, homebuyers have a wide range of options to choose from.