Real Estate

Glut of ready residential units likelyin Bangalore by 2015: Knight Frank

Anil Urs Bangalore | Updated on June 04, 2013

South Bangalore witnessed the highest number of new launches in 2012, taking up 48 per cent of the total pie.

Bangalore, which saw the launch of 35,500 residential units in 2012, is witnessing a similar trend in 2013 as well. Already in the first quarter (January-March) of this year, the city witnessed the launch of 8,000 residential units.

“The market picked up largely towards the last quarter (October-December) of 2012, resulting in a number of new launches by prominent developers,” said international property consultants Knight Frank India in its report.

“Most of these projects are scheduled to be completed in 2015, thereby denoting the possibility of a glut of ready projects,” Knight Frank said.

Locations

In the city, South Bangalore dominated the quarter-on-quarter new launch scenario, followed by North Bangalore. Comparatively, the western and eastern part of the city did not witness much activity during 2012.

South Bangalore witnessed the highest number of new launches in 2012, taking up 48 per cent of the total pie. Sarjapur Road and its adjacent areas contributed towards a large chunk of the total number of new launches in the region.

According to Knight Frank data, projects launched in 2012 were along the Sarjapur Road and include Salarpuria Senorita and Prestige Ferns Residency.

A number of projects were launched in Bannerghatta Road as well while Kanakpura Road saw the initiation of second phase construction of projects such as Mantri Serenity by Mantri Developers and Forest View by Sobha Developers.

North Bangalore saw the second highest number of new residential unit launches in 2012. While some of the units were phased additions, new projects included Utsav Raaga by Pune-based Kolte Patil Developers located off Hennur Road and Nikoo Homes at Bhartiya City by Delhi-based Bhartiya Group in Thanisandra.

Infra development

“Of late, Hebbal has come to be recognised as an upmarket residential destination in the region with the launch of projects such as Embassy Lake Terraces and Prestige Misty Waters in 2012. The promotion of this location can be largely attributed to the ongoing and planned infrastructure development in the northern region, the establishment of Bangalore International Airport being one of the primary catalysts,” said Knight Frank.

West Bangalore and east Bangalore accounted for 11 per cent and 8 per cent of the new project launches in 2012. However, these were not as large scale as in other parts of the city.

Notable projects in the eastern region include Prestige Glenwoods by Prestige Group at Mandur and Oceanus Classic by Oceanus Dwellings Group in Whitefield.

Among the new launches in the western region, a mention can be made of One Bengaluru West by Mumbai-based Phoenix Mills in Rajajinagar as well as Gold County by Godrej Group on Tumkur Road.

anil.u@thehindu.co.in

Published on June 04, 2013

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