Realty Wrap 2016: New Investments In Commercial Realty Gives Housing A Boost In Bengaluru
In 2016, Bengaluru's real estate experienced a decline in the number of new launches. New launches declined in the first quarter and the second quarter of the financial year 2016-17 when compared to the fourth quarter of the financial year 2015-16. This is nothing to be worried about as the city is enjoying the attention of corporate giants and e-commerce companies. In 2016, Accenture leased office space of around 280,000 sq ft in Bagmane World Technology Centre IT SEZ. Infosys Limited leased office space of around 210,000 sq ft in Bhartiya City, Bengaluru.
Highlights of 2016
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Units launched in Bengaluru
In the fourth quarter of the financial year 2016-17 (Q4 FY'16) , the units launched in Bengaluru were 9,873. This number declined to 6,461 in Q1 FY'17 and further declined to 5,647 in Q2 FY' 17.
Top performing micro markets
As per the number of units sold over the period ranging from January 2016 to November 2016, the top performing micro markets of Bengaluru were Whitefield Hope Farm Junction, Varthur, Electronic City Phase, Bellandur, KR Puram, Hoskote, Yelahanka, Electronic City Phase 2, Begur and Harlur.
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Price trends in Bengaluru
In January 2016, the prices stood at Rs 4,730 per sq ft. This rose to Rs 4,811 per sq ft in November 2016. Bengaluru enjoys has become the hub for e-commerce companies. This has created demand for apartments in Bengaluru pushing the prices upwards.
Developers who made an impact