Update on Bangalore Residential Real Estate

By: George Gonigal

Residential real estate in Bangalore has been witnessing a drop of about 15-20 per cent in transaction volume, in the past quarter, say developers and property consultants. However, the city is picking up steam in the segments of plotted development, luxury villas, apartments and penthouses. Developers are coming up with innovative marketing strategies and schemes to attract buyers.

Meanwhile, Bangalore property markets will receive fresh additions of about 2,000 apartment units across all quadrants, industry reports say.

A suite of residential projects launched in the areas of Whitefield, Outer Ring Road (ORR), and Sarjapur Road that were launched between year 2004 and 2005 are near completion.

State of residential projects in Bangalore

Some of the major projects that are at various stages of construction in Bangalore include Golden Gate Property's Golden Grand with 850 apartments on Tumkur Road, and the 140 apartment Golden Star project on Hoodi Circle, Godrej Woodsman Estate with 780 apartments on Bellary Road, Also, Sobha Developer is also building a 197 apartment 'Cinnamon' in Kudulu, off Hosur Road.



The typical mid-budget apartment size in these projects varies from 1,400 sq ft to 2,000 sq ft.

Given the demand for luxury housing in Bangalore, most of the upcoming projects in south east Bangalore today offer well-furnished accommodation with facilities such as swimming pool, kids playing area, theatres, clubs, health centre and shopping complex. All these features make the place attractive to the people who want to lead a luxurious life, says Mr Kareem of Prime Property Consultant.

Real estate in North Bangalore (Bellary Road to Yelahanka) has also witnessed the launch of numerous projects with apartments and villas. Given the improved infrastructure, accessibility and the future potential for this area, the area has been attracting both the segments of investors and end-users alike.

The market experts, however, apprehend that might suffer from the oversupply and the scene, from the perspective of developer, would actually remain under pressure.

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