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The number of new launches in Bengaluru residential market is up 11 per cent at 18,273 units in H1 2019 as compared with 16,495 units in H1 2018.
“About 50 per cent of the projects launched were by Grade-A developers. Hosur road garnered the highest share accounting for 44 per cent of the launches in H1 2019,” Samantak Das, Chief Economist and Head of Research & REIS, JLL India told BusinessLine .
Availability of homes at affordable prices with improving connectivity due to metro lines has driven the launches. Within Hosur road, Electronic city and its vicinity witnessed good volume of launches followed by locations around Bannerghatta Road. The Bellary Road submarket with 23 percent share of launches witnessed new residential projects in many precincts such as, Thanisandra, Yelahanka, Jakkur, Bagaluru and Hosahalli in the mid-end housing category.
According to Das, Reputed developers like L&T, Brigade Group, Godrej Properties, Puravankara Group and Salarpuria Sattva Group have launched projects in Bellary road.
Quoting JLL data, Das revealed that properties in the affordable and mid-segment have constituted a major portion of new launches. New launches in the less than Rs 50 lakh category stands at 29 per cent in H1 2019, up from 25 per cent in H1 2018. New launches in the Rs 50 – 75 lakh category is 46 per cent compared to 34 per cent in H1 2018.
Sales
Strong latent demand lead to sales in H1, 2019 nearing the 15,000 mark, improving by 12 per cent over the previous year period. Most of the submarkets witnessed good sales in H1 2019 when compared to H1 2018. “The sales growth could have been higher, but was partly hampered as end-users deferred buying in wake of the impending elections,” explained Das.
Prices
On the prices front it has largely remained stable across most of the submarkets. In H1 2019 the average price per square feet stood at Rs 4,157. In H1 2018 it was Rs 4,150 and in H1 2017 it was 4,148.
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