Bangalore
Giving an insight into the currently buoyant real estate market in Bangalore, Anup Khandelwal, Vice President, Goel Ganga Group, shares his opinions on how the market will perform in 2013. Overseeing an improved situation with increased residential demand, he talks about the various growth corridors across the city. While addressing homebuyers, Khandelwal says that this is the best time to purchase property in the city. Excerpts from his interview with Shradha Goyal of MagicBricks.com Bureau:
What does the year 2013 hold for the Bangalore property market?
2013 will be bright for Bangalore’s real estate market. With many new launches in the pipeline the market is set to witness a leap on the supply side. Also, the demand is on a rise. With the recent rumors of recession being ruled out in the third quarter report, many buyers are now inclined towards an investment in real estate. In the lieu of getting income tax benefits on purchasing property before March, the volume of sales has definitely gone up.
How has been the demand and supply within the city?
Till now, supply has been surpassing demand in Bangalore, leading to an over-supply of inventory and thus keeping the prices from shooting up. However, we expect the demand to go up in this year. A situation where demand will exceed supply might be reaching in the next 6-8 months. We expect the prices to soar then.
What are the new growth areas and corridors in Bangalore?
Electronic City and Whitefield in south have gained on the back being IT corridors. Devanahalli and Yelahanka in north have grown due to their proximity to Airport. Even Yashwantpur and Sarjapur have been major growth corridors in Bangalore in recent times.
Apart from these, all localities in proximity to the infra developments such as signal free ORR and the phase I of metro are the ones to be looked at by investors.
Does affordability exist in Bangalore?
Bangalore is one of the most affordable markets in India. A place where you can get a 2 BHK for Rs 40 lakh and a 3 BHK for 60 lakh has to be affordable in my opinion.
What is the average buying age of buyers?
The buying age has visibly come down in last 5 years, especially with the growth of IT sector. Earlier, 35-60 was an average buying age in real estate. Now this has dropped down to the age group of 26-40 years. Now the buyers in the age group of 35-60 bracket are usually second home buyers.
What’s your advice to investors and end-users?
This is the best time to purchase property in Bangalore. The prices are affordable right now and would remain so for at least till the second quarter. Further the prices will witness a rise of minimum 20-25 per cent. This is the ideal time for investors.
Tell us about your existing and new projects?
We have completed three projects in Bangalore. Currently, we have two projects going on. One is in the affordable category in Electronic City called Ganga Vertica and the other one is in Whitefield called Prive. Prive is a high end project offering Villas starting from Rs 5 crore.
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