Bangalore has the second highest unsold realty inventory: JLL

From ET Realty

BENGALURU: Bengaluru took the second spot in terms of “to-be-sold real estate inventory” after the National Capital Region (NCR), says a study.

“In terms of to-be-sold inventory, Bengaluru stands second after NCR,” said a report compiled by the Confederation of Real Estate Developers Association of India (CREDAI), Bengaluru Chapter, in association with real estate research giant Jones Lang LaSalle (JLL) here.

As many as 82,357 units are to be sold in the Bengaluru market, Jones Lang LaSalle Research Head, Ashutosh Limaye, told reporters here.

Over 1.80 lakh and a tad above 78,000 units are to be sold in NCR and Mumbai markets, respectively, he added.

Residential sales in Bengaluru were observed to be stable at about 9-10 per cent in 2015, Limaye said.

“The units to be sold have been observed to be slowly declining quarter-by-quarter, given the stable sales rate in Bengaluru,” he stated.

Talking about the unsold inventory in Bengaluru, with the real estate market looking up at the end of the financial year, Limaye noted that the residential unsold inventory currently stands at just two per cent (4,492 units).

“The fact is unsold inventory where above 80 per cent construction work is completed is below 2 per cent and only 40 per cent of the to-be-sold apartments are in Bengaluru, which are under construction at various stages,” Limaye added.

The study was commissioned to create a scientific tool to understand market demand and sentiment.

Elaborating, CREDAI Chairman Irfan Razak said it was conducted not just on the properties of CREDAI members, but projects of all developers in the city.

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