Monthly Watch: Homes Sales Increase 25% In Bengaluru

Data show affordable housing is fueling the demand for property in India's information technology capital, and the state of real estate in the city is gradually improving.

According to a PropTiger DataLabs report for the month of January, home sales in the city increased 25 per cent over December, with the affordable segment contributing the highest to the numbers. According to the report, nearly 40 per cent of the sales were registered in this segment. In December, too, homes sales witnessed a monthly increase of 22 per cent.

A rise in new project launches also indicates real estate developers are hopeful of the growth of Bengaluru property markets. New project launches in January increased 53 per cent over December — in December, the monthly increase in new launches stood at 67 per cent. According to the report, over 60 per cent of the new launches were witnessed in the affordable segment.

Also read: Check Out Localities Offering Maximum Returns In Bengaluru

Property prices, on the other hand, increased only two per cent on an annual basis. This is also seen as a reason for an uptick in demand for property in Bengaluru.

Newcomers

Developers who launched new projects in the city in January include Ajmera, Arun Shelters, Assetz, Myhna Properties and UNISHIRE. These new projects largely offer housing to the mid segment. At Ajmera's new project Lugaano at Yelahanka, units are priced at Rs 3,672 per square foot (sq ft) ; at Arun Shelter's new project Placida at Kannur, units are priced at Rs 5,000 per sq ft; at Assetz' new project Here and Now at Thanisandra, units are priced at Rs 4,742 per sq ft; at Myhna Properties' new project Myhna Maple at Varthur, houses are priced at Rs 3,600 per sq ft and at UNISHIRE's new project Xperience at Kalyan Nagar, units are priced at Rs 6,990 per sq ft.

In focus

Localities that contributed the highest to the monthly home sales in Bengaluru include Electronic City Phase-I, Varthur, Whitefield Hope Farm Junction, Devanahalli and Sarjapur, in that order. These areas offer housing options across segments. While average property price at Sarjapur stands at Rs 3,850 per sq ft, in Whitefield Hope Farm, property prices may vary from Rs 6,750 to Rs 7,150 per sq ft. At Devanahalli, average property prices stand at Rs 5,550 per sq ft while properties at Electronic City are priced at Rs 4,000 per sq ft on an average. At Varthur, average rates of property stand at Rs 5,800 per sq ft.