How Is The Bangalore Real Estate Shaping Up In 2015?
The new real estate trends for 2015 clearly predict that Bangalore property market would easily perform at par with the expectations from it. Last year most of the prime locations couldn’t perform at par with expectations; whether it was buying a property in Bangalore, Gurgaon, NCR, Pune, and Chennai or anywhere, the overall market didn’t give right results. Residential accommodation sector just didn’t take off but this year the situation in all likeliness is about to change for good. Thanks to the improving economy and relaxed FDI, situation would improve as both these factors are likely to act as prime drivers of residential property sales in 2015.
The slowdown actually caused this change in real estate trends and many territories across the country are now focussing on affordable housing. Many of these new projects that are under development would see completion now and market will definitely bounce back, though may not be as good as before. This can be called as norming stage in which the growth has definitely got tapered and property investors are coming up with newer strategies that are more sustainable keeping future in mind. This holds good for all types of territories in Bangalore.
Let us take a look at the kind of price trends a new home buyer in Bangalore should look at. Bangalore residential market is an end user driven market. The silicon city of India somehow managed to survive wrath of slowdown, which shook the country bad few years ago. 2013 was probably the worst year for Indian real estate, and 2014 didn’t do great either. It was only Bangalore that managed to keep the property sales ticking. It also became the city that hosted the maximum number of new housing projects being unveiled in 2014.
Presently there are over 40,000 units of houses that remain unsold in Bangalore. These are tagged at prices that make them beyond the reach of the lower income group of buyers. In most of the cases, they are also beyond the reach of an average middle-income buyer. Tata Value Homes got a lot of acceptance in Bangalore as people lined up to buy the houses in the project because of its low cost. The pricing of these flats are in the range of Rs 25 lacs to Rs 35 lacs. This is the range of houses that is going to work on large scale in Bangalore real estate market.