Bangalore may face glut in residential units: Report

June 2013

Knight Frank India says Bangalore may witness a glut of ready projects of real estate for customers in 2015. Bangalore, which saw the launch of 35,500 residential units in 2012, is witnessing a similar trend in 2013 as well. Already in the first quarter (January-March) of this year, the city witnessed the launch of 8,000 residential units. The market picked up largely towards the last quarter (October-December) of 2012, resulting in a number of new launches by prominent developers, said international property consultant Knight Frank India in its report.

Majority of these projects are scheduled to be completed in 2015, thereby denoting the possibility of a glut of ready projects, Knight Frank said. In the city, South Bangalore dominated the quarter-on-quarter new launch scenario, followed by North Bangalore.

Comparatively, the western and eastern part of the city did not witness much activity during 2012. South Bangalore witnessed the highest number of new launches in 2012, taking up 48 per cent of the total pie. Sarjapur Road and its adjacent areas contributed towards a large chunk of the total number of new launches in the region.

According to Knight Frank data, projects launched in 2012 were along the Sarjapur Road and include Salarpuria Senorita and Prestige Ferns Residency. A number of projects were launched in Bannerghatta Road as well while Kanakpura Road saw the initiation of second phase construction of projects such as Mantri Serenity by Mantri Developers and Forest View by Sobha Developers. North Bangalore saw the second highest number of new residential unit launches in 2012.

While some of the units were phased additions, new projects included Utsav Raaga by Pune-based Kolte Patil Developers located off Hennur Road and Nikoo Homes at Bhartiya City by Delhi-based Bhartiya Group in Thanisandra.

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