Monthly Watch: New Launches, Home Sales Decline In Bengaluru
In January, home sales and new launches both moved upwards in India's information technology capital, Bengaluru. A month later, this is not quite the same. According to a PropTiger DataLabs report for the month of February, while new project launches fell 63 per cent month-on-month, homes sales declined 15 per cent in the same period. On an annual basis, too, the fall in new launches in February this year stood at 79 per cent while there has been a 44 per cent fall in home sales numbers. If there has been an increase, it has been only in terms of property prices. Though marginally, property prices in February increased two per cent when compared to the same month last year.
The performers
With 41 per cent, it was the affordable segment that contributed the highest to home sales numbers in February, says the PropTiger DataLabs report.
Localities that contributed the highest to the monthly home sales in Bengaluru include Whitefield Hope Farm Junction, Electronic City Phase-I, KR Puram, Devanhalli and Sarjapur, in that order. These localities offer housing options across segments. While property prices at Sarjapur, a fast-developing locality, stand at Rs 3,800-4,000 per sqft, you have to shell out Rs 6,700-7,000 to grab a square foot at Whitefield Hope Farm Junction. At KR Puram, buyers can purchase property for an average rate of Rs 5,700 per sq ft while prices may vary between Rs 4000 and Rs 4,500 per sqft at Electronic City Phase-I. At Devanhalli, average property prices stand at Rs 5500-5800 per sqft.
The newcomers
Developers who launched new projects in Bengaluru in February include Adithya Constructions, Hilife Ventures, Samiksha Developers, Samruddhi Realty and Sterling. Adithya Constructions has launched its new project Esquina at Varthur and has priced the 116 units at Rs 2,975 per sqft. At Hilife Ventures' Hilife Greens at Varthur, 360 units will be up for grabs for Rs 3,699 per sqft. Samruddhi Realty is selling 250 units in its new project at Konanakunte, Lumbini Heights, for Rs 3,700 per sqft while apartments at Sterling Group is offering 40 units for Rs 6,200 per sqft at its new project, Pointe, at Hebbal. At Samiksha SR Crystal Park at Ramagondanahalli, units are priced at Rs 4,000 per sqft.