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INSITE REPORTS

Quarterly residential real estate analysis of top 8 cities in India

Bangalore Real Estate Report Jul-Sep 2021

2799 Oct 18, 2021 Download Report
  • Bangalore recorded a surge in site visits, enquiries and sales in Jul-Sep 2021. Housing sales jump over two fold from 1,742 to 5,100 units in Jul-Sep 2021 vs Jul-Sep 2020.
  • The city witnessed maximum enquiries for 3 BHK apartments and villas priced between Rs 90 lakh and Rs 1.5 crore.
  • About 22 housing projects were registered under the Karnataka Real Estate Regulation and Development (RERA) Act (K-RERA), a hike of about 30 percent, QoQ. North and South Bangalore saw the maximum share of launches this quarter.
  • The unsold inventory in the city stands at about 67,000 housing units. The city is expected to take about 8-10 quarters to dispose of the current housing stock.
  • The city registered a negligible hike of a percent in average property prices in Jul-Sep 2021 vs Apr-Jun 2021. On the other hand, the rental landscape recorded a negative growth to the tune of four percent, YoY, in the average rental rates.

 

BANGALORE REALTY AT A GLANCE

Property Prices
Rental Rates
Demand
Supply
* Property prices represent quarterly change * Rental rates represent yearly change

* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com

 

99ACRES' OUTLOOK

The residential segment of Bangalore showed green shoots of recovery with an upsurge in site visits, enquiries and sales in Jul-Sep 2021. Housing sales rose two-fold from 1,742 to 5,100 units in Jul-Sep 2021 vs Jul-Sep 2020. However, the steady demand could not trigger an upward price correction, and the city registered a negligible hike of a percent in average property prices, QoQ.

The prime locales of East and North Bangalore saw maximum enquiries this quarter. The homebuyers showed affinity for ready-to-move projects or those nearing completion. The resale market also recorded robust enquiries. While organisations are preparing for the hybrid work model, the buyers have also altered their home buying preferences. Majority of the demand lies for 3 BHK apartments or villas in the price range of Rs 90 lakh – Rs 1.5 crore.

The builders, operating at thin margins due to the rising cost of construction material, attracted prospective buyers with special discounts, such as free gold coins, zero cancellation fee, free car parking and flexible booking plans.

While the city witnessed a spike in new launches and sale volume, QoQ, the unsold inventory stands at about 67,000 housing units, which are expected to take about 8-10 quarters to be disposed of.

The recent opening of Mysore Road – Kengri Metro corridor would improve liveability index of the neighbouring areas, such as Nayanadahalli, RR Nagar, Jnanabharathi, Pattangere and Kengri. In addition, the proposal to reduce guidance value by the State government would help augment sales further in the upcoming quarters.

 

Key micro-markets across budget segments

Key micromarketsAverage Capital 'Asks'Average Rental 'Asks'Rental Yield
Within Rs 40 lakhDoddathoguru3,230 - 3,980144.30%
Bommasandra3,480 - 4,200123.89%
Rs 40 lakh - Rs 1 croreYelahanka4,590 - 5,900153.29%
KR Puram3,860 - 5,050143.50%
Electronic City3,690 - 5,100153.64%
Rs 1 crore and aboveWhitefield4,880 - 6,840183.52%
Hebbal6,520 - 8,860162.22%
Marathahalli4,960 - 6,350193.68%

* Note: Rental Yield has been calculated for a 1,000 sq ft apartment. **Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter. ***The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments

 

 

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
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