From ET Realty
BENGALURU: South Bengaluru has emerged as the only cluster in the city that has bucked the trend of a decline in new launches in 2015 and is a preferred place for affordable apartments, according to a report.
The number of residential units that were launched in the southern part of the city rose to 10,725, during the second half of last year, from 8,260 in the year earlier period, property consultancy firm Knight Frank said in a recently published report India Real Estate 2015 Outlook.
In comparison, launches in east and west have dropped by 17.5% and 28.4% respectively. North, which houses corporate office parks and premium residential units of major builders, saw a 36% drop in new launches to 7,050 units.
“Hope of better connectivity elevates southern peripheral locations, such as Chandapura and Anekal, as promising budget destinations,” the report added.
Overall, new launches in the city fell 13% to 28,284 units in the reported period as customers deferred their purchases and builders grew cautious of launching new projects. South’s share rose to 38% from 25%.
Almost 88% of the city’s new launches in the sub-Rs 25 lakh during the period took place in the south, which also includes Electronics City and Kanakapura Road. In the first half, it was 75%.
“South has always been a preferred destination because of traditional good connectivity and expansion now is happening in areas that are further south, including Kanakapura,” Sobha Developers chairman and managing director J C Sharma said. The company has four projects under construction in that area.