Bengaluru's residential real estate market continues to remain robust and has bucked the slowdown that's being felt in Mumbai and the National Capital Region. Bangalore is seen to be holding out because of more realistic pricing and end-user demand.
Data from research and consulting firm PropEquity showed that between January and August this year, the total number of residential units absorbed in Bangalore was 24,734.
That's a 3 per cent drop from 25,460 units that were absorbed in the same period a year ago. However, in the same period, NCR reported a 42 per cent drop and Mumbai Metropolitan Region a 34 per cent drop in absorption. Bangalore is mainly end-user driven and that has led to lesser volatility in this market, said Samir Jasuja, founder and CEO of PropEquity.
Godrej Properties, which has launched a slew of projects ranging in price from Rs 30 lakh to over Rs 1 crore in the last one month, has already reported sales of 200 units.
Pirojsha Godrej, CEO, Godrej Properties said that the company has seen good sales in other markets (Mumbai and NCR) as well, but Bangalore has certainly been one of the strongest real estate markets in India in the recent past.
Last week, Gurgaonbased textile company Bhartiya Group forayed into the real estate market with the launch of its first project, a 125-acre township , Bhartiya City, near Hebbal in north Bangalore.