Bengaluru residential market outperforms other major cities
Bengaluru has witnessed the highest drop in unsold residential inventory among the top seven cities, on the back of good home sales, particularly in the mid-segment price range, says a new report by Anarock Property Consultants.
Also known as the country’s information technology (IT) capital, the southern city saw its unsold residential stock decline by 25% to 76,550 units at the end of the July-September quarter (2018) compared to 1,02,740 units in the corresponding quarter a year ago.
Pune and National Capital Region (NCR) witnessed 10% and 9% declines, respectively, in unsold inventory over the last year.
According to the report, Mumbai Metropolitan Region (MMR) has the maximum number of 2,23,125 unsold housing units, surpassing even India’s largest housing market NCR, which has 1,90,650 unsold units.
“Burgeoning commercial activity, a cutting-edge start-up culture and realistic property prices dictated by end-user demand have kept Bengaluru’s real estate market vibrant, and generally more resilient than in other cities,” Anuj Puri, chairman of Anarock Property, said.
The residential sector of Bengaluru complements its booming commercial office space market, which has attracted global investors and continues to see high demand despite the evidently challenging infrastructure issues.