The Real Estate market sector in Bangalore is very dynamic. After facing a market slowdown in first few quarters of 2019, the Real Estate market sector is slowly recovering. The real sector of Bangalore is also characterized where the market sentiments are driven by sentiments that automatically adapt to the changing market dynamics. As per a market research on real estate in Bangalore, total housing uptake has jumped to 9,600 from 8,800 in Q1 of Financial Year in 2019-20. This study is based on data collected by 360 Realtors for this region. Although the demand has increased, the average property prices remain stable at around INR 5,450/ Sq. Ft.
The real estate housing sector of Bangalore is largely dependent on its dynamic IT-driven market. Starting from the budget section, the mid- income segments of housing industries at price ranges of INR 60 lacs- 1 crore is also witnessing an increase in the demand of housing sector. These constitute around 27% of the market uptake. Areas that are gaining momentum in real estate demand are Upcoming residential catchments such as Kanakapura Road, Sarjapur Road & Whitefield due to an upbeat IT industry located close by. In the northern parts of the city, Devanahalli & Yeshwantpura are moving up the curve. In the southern & eastern parts of the city, the IT/ ITeS industry is feeding demand into popular micro-markets such as Whitefield, Bellary Road, Kanakapura Road, & Electronic City. Same is the case for Electronic City. Over the past six months, the growth of housing demand in this sector has been around 7.3% and the average property prices in Electronic city have reached INR 4,700 / sq. ft. This has also resulted in the rise of prices in the vicinity of Electronic City despite aggregate growth in the city showcasing a stable trend.
In a nutshell, given the current market trend of real estate in Bangalore, it can be concluded that the market in Bangalore is slated to continue on its run. The main driver of real estate demand is the IT industry maintaining its status as a key demand driver. It continues to maintain an atmosphere of optimism which will augur well for the property market in Bangalore in the long run.
If you are looking for quality housing at reasonable rates, Pratham Construction is a brand name to trust. Pratham Construction is a leading brand name in the real estate segment of Bangalore. The flagship programs are Casa Serene and Indraprastha. Contact us to know more.
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