Spate of property launches in Blore

This Kind Of Trend In Realty Sector Seen Prior To 2008 Downturn 

Its the start of the festive season and property developers are keeping the spirits high with a host of new product launches.Much like what is being seen in the automotive space.

In under 30 days,the city has seen some five new residential launches by A-grade developers,a trend last seen prior to the 2008 downturn.

The new launches range from 2-BHK apartments to 4,000-sqft villas,with prices starting at Rs 37 lakh.

In the first quarter of this financial year,Bangalore was the single largest market in terms of volume.The real estate market in the city has been robust despite the subdued marco-economic sentiments, said Pirojsha Godrej,MD of Godrej Properties.The Mumbai-based developer launched two residential projects in the city in under two-weeks.

On Thursday,Godrej launched a 1-million sqft project,called Godrej E-City,in Electronics City Phase-1,which offers 2,2.5 and 3-BHK apartments,with floor spaces ranging from 964 sqft to 1,625 sqft,at prices starting from Rs 37 lakh.

Prior to this,the company launched a niche villa project,Godrej Gold County,on Tumkur Road,which comprises of 87 units priced above Rs 2 crore.

Mayank Ruia,head-residential of The Phoenix Mills,said,In under a month we have sold close to 350 units of the 400 units on offer in the first phase of our project. The Mumbai-based developer has launched an ultra-high end residential project,One Bangalore West,in Rajajinagar,which has apartments ranging in size from 2,400 sqft to 4,000 sqft at a price of Rs 8,400 per sqft.

In a similar price bracket is Embassy Groups luxury residential project Embassy Lake Terraces at Hebbal.This new project has apartment sizes ranging between 3,500 sqft and 9,900 sqft.Prices start from Rs 3 crore.

Puravankara Projects launched an ultra premium property,Purva Whitehall,on Sarjapur Main Road,which offers buyers only 3 and 4-BHK apartments.

Jackbastian Nazareth,CEO,Puravankara Projects,said The number of enquiries for luxury projects (priced above Rs 2 crore) has increased by close to 30% in the last six months. Nazareth added,The demand for luxury projects is being fuelled by first generation entrepreneurs,senior management from the IT/ITeS sector,and the larger HNI and NRI base in the city. 

In order to showcase to buyers the breadth of offerings now available,Times Property is launching the 8th edition of its property expo,Home Affairs.The expo will be held on October 20 and 21 at The Lalit Ashok.

COMING BACK TO LIFE 

Projects nearing completion in South East and North Bangalore witnessed an increase in capital values of 10-15 % during the first half of 2012 During the January to June period capital values of mid-segment residential units in South East,East and Off-Central locations increased by around 4-8 %,while those in the Central,North and South Bangalore were higher by 1-4 % as compared to the same period a year ago