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

• The property prices in Bengaluru witnessed a slight increase in the last 12 months.
• State Cabinet approved Rs 7,300-crore action plan for Bengaluru's infrastructural development.

Also read: Bengaluru, Mumbai Asia's Top Investment Bets In 2017

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.

Also read: Looking For Property In Bengaluru? Over 6,000 Ready-To-Move-In Apartments Await You

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

• Godrej Properties is creating a residential project. The group has acquired a 12-acre land off Sarjapur Road for creating the project.
• Piramal Fund Management Pvt Ltd made an investment of Rs 750 crore in Bengaluru-based Adarsh Developers.
• GM Infinite, Total Environment, Skylark, Esteem and Mahaveer are some of the developers that brought new launches in 2016.