City Search:BENGALURU

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Bengaluru Residential Real Estate: A look back

Posted on Dec 29, 2016
Bengaluru has been one of the very few cities in the country to have seen a relatively positive market. Even in the month of November 2016, post the demonetization move, there has been a marginal growth in property prices (0.51%) as well as a spike in buyer demand and residential supply.

The demand that has been recorded is a whopping 4 per cent while the supply is 1.6 per cent.

Did the real estate market fared equally well throughout the year? Or is it a recent phenomenon. Even post demonetization, the Bengaluru market seems upbeat.

Irfan Razack, chairman, Confederation of Real Estate Developers' Association of India says, 釘engaluru is one of the least affected cities, the reason being the market here has predominantly been transparent and cash transactions are almost negligible." Driven largely by the salaried class in the IT and ITeS sector, the market here is more end-user/consumer centric, dealing primarily through banking channels.

The positives of 2016 for Bengaluru

It will be right to say that not everything went smoothly for the city markets. Right from the beginning there has been some shortcomings, out of which some has been taken care of while others still await action.

Lets begin with the positives (small or big) which contributed to the wellness of the market. The first quarter of the year (Jan-Mar16) saw regulation of House Building Cooperative Societies (HBCS) activities such as restrictions in the membership of the cooperative and making the Registrar of Cooperative Societies responsible for land allocation for HBCS. This ended the discrimination in the enrolment of members. If the allocation did not take place within three years of collecting the vital deposit, the society will pay 4.5 per cent interest on the deposit amount.

Whitefield (40% Q-on-Q growth) and Outer Ring Road experienced heightened presence of internet start-ups, e-commerce activities, etc. which n bolstered the residential growth. Corporate biggies such as Facebook, Amazon, Ola signed up for 2.5 million sq ft, 1.2 million sq ft and 3.5 lakh sq ft office-space deals, respectively. The other top names which figured in the leasing activity included ANZ, KPMG, PwC and Mercedes.

"Overall supply in Bengaluru continues to remain a constraint but at the same time there are vacancies in micro markets such as Whitefield and Electronic City," Ram Chandnani, managing director, advisory and transaction services, CBRE India, said.

The growth in prices/demand /supply actually started from the beginning of 2016. The general sentiment amongst investors and property consultants seemed positive. In the first quarter, more than 70 per cent investors expected improvement in sales during the year. The demand was mainly being generated from the commercial real estate segment.

Infrastructure up-gradations also helped the Bengaluru market. The Metro connecting Whitefield in Phase II of the project; a new line running between Hosakerehalli and Marathahalli in Phase III; up-gradation of the NH4 connecting to K R Puram and Kadugodi; flyovers and underpass; etc, helped the citys residential segment.

The good news from mid-year came when the BBMP rolled back the hike in property tax capping it at 20 per cent for residential and 25 per cent for non-residential properties after several protests against massive hikes.

What the city needs to pay focus on the forthcoming year 2017, is its urban sustainability index. Civic issues has pinched its residents. Take for example the case of a particular apartment complex off Tumakuru Road that had received the sanction by BDA. The buyers realized that the access road is under dispute. Poor infrastructure near construction sites, traffic and garbage dumps, have been other issues. Lake catchments facing environmental stress have led to the government step up towards an action plan to rejuvenate Bellandur and Varthur Lake.

The authorities have already started taking measures to streamline practices. Some practices which are already underway are restriction on new construction projects, demolition drives, mandate for sewage plants, etc. The NGT and state government has barred construction activity within 75 metres of the periphery of water bodies and also set limits for buildings near feeder canals. The Karnataka's Environment Impact Assessment Authority has put on hold environmental clearance for 10 mega construction projects in Bengaluru, including large residential projects, for alleged encroachment of lakes and drains. Hopefully, this will boost the liveability index of Bengaluru.

Growth in prices

Liveability factor has definitely pushed the citys property prices higher. According to some builders and consultants, property developers will see the project cost going up by around 30 per cent as they will have to redesign projects and also keep paying interest on bank loan. Further, builders will also end up paying government charges for re-approval of their project plans.

Bengaluru with its affordability, job opportunities and varied housing options provides a perfect urbanised life. Once touted as the 全ilicon Valley of India, the city today is also famous for being the mecca of start-ups. If demonetization has not dented your will, look at the housing options being offered at a 組ood cost or even the lower cost ones. You will earn profitably in future.

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Top residential property investment hotspots in 2017

Posted on Dec 29, 2016
The top five hotspots for residential property investment in the country are Mumbai, Bengaluru, Hyderabad, Ahmedabad and Chennai. These cities are more or less regulars on most hotspots lists, but there is a sound rationale behind their consistent performance year after year. Not only are these cities attracting new businesses and industry, their r ...
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Karnataka realty may be hit by high agency fees

Posted on Dec 02, 2016
BangaloreReal estate brokers in Karnataka, hit by slowdown and demonetisation, fear that the new draft state Real Estate Regulator Act (RERA) will make their business unviable, with some even apprehending the prospect of a closure. The government expects an agency to pay a proposed registration fee of Rs 5 lakh in the city and Rs 2.5 lakh in rural ...
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Bruhat Bengaluru Mahanagara Palike to remeasure all large properties

Posted on Nov 25, 2016
BangaloreThe BBMP has decided to remeasure 74 tech parks, 51 malls, 4,835 industries and 4,406 apartment complexes. The purpose is to correct area measurements declared by owners under the Self-Assessment Scheme (SAS), the BBMP tax and finance standing committee announced on November 22.Armed with an electronic device used in modern surveying and c ...
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Godrej Properties to build new project on Sarjapur Road in Bangalore

Posted on Sep 22, 2016
Godrej Properties Limited, one of Indias real estate developers, said it has acquired a land of approximately 12 acres off Sarjapur Road in South Bangalore to develop a residential housing project of approximately 92,900 sq. mtrs.The project is located close to the commercial and industrial catchment areas of Electronic City Phase I & II, Sarj ...
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Kotak Realty Fund invests Rs 155 cr in Chennai residential project

Posted on Sep 20, 2016
BENGALURU: Private equity fund Kotak Realty Fund has invested Rs 155 crore in a residential project of a Chennai-based builder Alliance Infrastructure Projects. The transaction marks one of the largest residential deals in Chennai in the last one year.Vikas Chimakurthy, Senior Executive Director, Kotak Realty Fund, said, "The money will be used to ...
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It's time to plan your home purchase

Posted on Sep 13, 2016
BangaloreEvaluate options and plan now to make the most of the attractive festive season offers.With the festive season on and the major festivals of Dasara and Diwali coming next month, prospective homebuyers who have been evaluating options need to gear up and begin the decision-making process. This is the time when prospective homebuyers get att ...
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Bhartiya Group and The Leela new luxury project

Posted on Aug 04, 2016
Bhartiya Group Bengaluru and The Leela announced the launch of Leela Residences, branded luxury houses. The project is designed keeping in view those who seek a lifestyle woven around the legendary luxury and service of The Leela. The apartments will be of various formats, priced between Rs one crore for a studio apartment and over Rs five crore fo ...
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Upcoming Bangalore markets garner interest

Posted on Aug 04, 2016
Marginal increase in demand, supply and rental yield. The picture of Bengaluru city is not very lively when it comes to residential market but commerce has been doing exceedingly well with office rentals recording a high in the absence of sufficient quality space. New launches have been restrained and this has led to flattening of the market to the ...
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Off shoring helps shore up yields in B'luru real estate

Posted on Jul 28, 2016
BangaloreThe office-space crunch in the country's tech capital has prompted a top developer to acquire an upcoming luxury hotel project to expand its business park.RMZ Corp is acquiring what would have been Bengaluru's second Shangri-La hotel for a little over $100 million (Rs 700 crore) to build additional 2.5 million sq ft office space in the cit ...
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Residential real estate in B'luru: A good investment bet

Posted on Jul 20, 2016
The real estate market in Bengaluru is gaining ground, thanks to sustained growth in market prices and investors interests. Being the IT hub of India, Bengaluru has a multi-cultural population with good social infrastructure, excellent educational institutes and constantly upgrading physical infrastructure.A redeeming feature of this market is tha ...
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Rising home inventory may not lead to lower prices

Posted on Jul 20, 2016
BangaloreHome prices are unlikely to drop from the current levels despite tepid sales and rising inventory in the city. The city's residential real estate capital value remains unchanged at Rs 5,334 per sq ft in the first half of 2016 compared to the second half of 2015, according to Idirees Chenakkal, head of Research & Consulting at LJ Hooker ...
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Lack of office space supply in B値uru leads to fall in absorption

Posted on Jul 15, 2016
BangaloreOffice space absorption dropped in Bengaluru in the second quarter ended June, mostly due to lack of ready-to-move-in quality office space in some important micro-markets. However, the overall quarter stood out, helped by the entrance of Apple and Diageo.Gross absorption dipped to 2.3 million sqft, from 2.75 mn sqft in the corresponding qu ...
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Unishire new project in Bengaluru

Posted on Jul 13, 2016
Realty firm Unishire recently launched its new project 銑a Vida in Bengaluru. The project financed by Altico Capital is proposed for Gold certification by Indian Green Building Council (IGBC). La Vida comprises 48 units having 2.5/3/4 BHK apartments, ranging from 1207 sqft. to 2177 sqft.滴oramavu as a location offers most connected living due to i ...
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Bengaluru lags in residential green buildings due to lack of awareness

Posted on Jun 22, 2016
Builders avoid norms due to costs involved even as corporate tenants seek sustainable spaces to meet global policiesIn the global effort to minimise effects of climate change by drastically reducing greenhouse gas emissions buildings can play a vital role, says a World Bank report.However, a recent study compiled by Vestian, along with ASSETZ (both ...
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In the comfort of a studio home

Posted on Jun 07, 2016
BangaloreYou can decorate small living spaces with clever decor elements and appliances.It seems simpler to fill in small spaces with furniture and knick knacks. But, it can look cluttered if not decorated with the right amount of accessories. A small area is tough to decorate also because the necessities are many and they take up space. A studio a ...
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Ready-to-occupy is a solution to project delays

Posted on Jun 07, 2016
BangaloreOver the last few weeks, we've spent time on 'The Urban Debate' speaking with customers who are facing problems with delays of construction and delivery of homes. In several cases, the reasons for delay were genuine on the part of the developer and a phone call facilitated between buyers and developer, went a long way in restoring the buye ...
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Habitat Ventures to launch three new projects

Posted on Jun 07, 2016
Bangalores housing developers Habitat Ventures offers three residential projects to meet the growing demand in mid segment housing. The organization totally presents around 900 world-class, residential units housed at Habitat Iluminar, Habitat Eden Heights and Habitat Aura, located Off-Mysore Road, Whitefield and Off-Bannerghatta Road respectively ...
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Commercial property is getting hot

Posted on Jun 07, 2016
Investing in commercial property is now more lucrative than residentialResidential property has always been the first choice of investors wanting to capitalise on the real estate investment opportunities in India. However, after the economic slowdown in the past few years, the commercial segment is catching their fancy. Private equity investors are ...
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HNI investors switching to commercial property

Posted on Jun 01, 2016
BENGALURU | NEW DELHI | MUMBAI: India's rich investors have switched to buying commercial property in place of housing over the last 15-18 months following a tapering down of property price appreciation in the residential real estate in top Indian cities.Commercial property serves as a lucrative investment option with investors gaining from rental ...
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