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Bangalore: Positive trends witnessed by Bangalore residential sector

Bangalore residential market is gaining momentum due to interest rates reduction by the new government. Real estate market has seen good escalation in bookings in last few weeks which is being driven by mid-level business owners. This positive trend has been noticed in the mid-segment market.

 

A marketing and real estate consultant stated during an interview, “In May alone I have been able to help book about 22 residential apartments in the Rs 60-80 lakh segment. And about 60 per cent of this has been bought by businessmen. About a couple of months back however, though this segment showed interest, they were putting off the buy. I would attribute this to two factors viz, drop in interest rate and the hope of several pending contracts being approved with the establishment of the new government.’’

 

BLS Developers’ owner Yellandi Apurv mentioned that, like earlier Bangalore market is not IT driven anymore. Rather in short term small and mid-segment businessmen are the contributors in booming residential market. He further stated, “The expectation that ongoing projects should be completed and delivered on time has given an impetus to this segment.’’

 

One of the factors that draws attention of this segment of businessmen is relatively stable property prices in the city. In the latter half of 2013, an impressive growth has been expected by realty developers and investors.

 

Favista’s Views: This is a good news for Bangalore real estate market. Moreover, recently passed Real Estate Regulatory and Land Development Bill will further help market grow. This will bring more transparency in transactions and will make market more reliable.

This entry was posted in Bangalore, Budget 2013, Investment, Newsletter. Bookmark the permalink.

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