B'lore hits pause on growth
As the fastest growing city in Asia and home to the world?s top 10 and India?s largest software companies, Bangalore?s real estate market has been riding a wave of rapid growth in construction and sales of property.india Updated: Jun 17, 2006 01:53 IST
As the fastest growing city in Asia and home to the world’s top 10 and India’s largest software companies, Bangalore’s real estate market has been riding a wave of rapid growth in construction and sales of property.
After an average 30 per cent appreciation annually over the last two years, a correction with prices flattening is on the horizon.
In contrast to the rest of the country, Bangalore buyers will have a wide array of choice in the second half of this year, with more than 30 new projects awaiting approval.
In the office space sector, builders have sold 8.1 million square feet so far this year, compared with 7.25 million sq ft last year.
The estimated absorption for the entire year is projected to touch a record 9 million square feet which, sources in the industry say, would be the highest ever recorded in a year in any Indian city so far.
Bowing to international norms, project turnaround time has been brought down drastically to eight-nine months from 12-14 months in the past, thus saving on costs.
These factors have given Bangalore a better supply of housing stock.