Budget 2012: Property buyers waiting for cues

The Union Budget is soon to be out and the property market is looking at the new financial year with hope of renewed buying and selling activity. While developers hope to cash in on this, the buyers are looking cautiously at the trends in the global economy while keeping a firm track on the developments in the domestic economy. So, will the new financial year augur well for the residential segment? Will sales pick up after April and by how much? Karun Varma, Managing Director, Bangalore, Jones Lang LaSalle India says the demand for residential property in the city will vary significantly among the city's various micro markets . "The demand has been stable and we see no danger of major fluctuations. An acceptable degree of variation of 5-10 percent would apply. If the upcoming Budget brings with it relief to developers and homebuyers , we definitely expect an upward revision since there is considerable fence-sitting at the moment," he says. Will Bangalore's infrastructure projects and its commuting woes have a bearing on the residential market scene? According to Ganesh Vasudevan, Vice President and Business Head, Indiaproperty, "We expect a lot of growth in the residential market segment in the coming months. The completion of Reach I of the Metro and the NICE expressway have helped in accelerating real estate growth by offering excellent and a hassle-free connectivity . The elevated hi-tech expressway is helping lessen the traffic congestion in south Bangalore. With a booming IT sector and good transportation facilities in place, you can expect the property prices to appreciate in and around these areas. source: http://articles.economictimes.indiatimes.com/2012-03-09/news/31139605_1_residential-market-property-market-developers