Property Launches in Bangalore Drop 62%

The number of new unit launches in Bengaluru plunged in 2015 compared to the previous year as developers struggled to sell existing inventory in a sluggish real estate market, according to a research.

New unit launches in Bengaluru fell 62% to about 15,600 last year, hurt by higher inventory, resulting in reduced new unit launches, property consultancy firm Cushman & Wakefield said on January 4.

"New launches in 2015 were concentrated mainly in few submarkets including far-south (Electronic City) and south-east (Sarjapur, Outer Ring Road) submarkets. Approximately 47% of the new unit launches in 2015 were witnessed in those areas," Shveta Jain, residential services managing director at Cushman, said.

In areas such as Electronic City, developers reduced the average weighted basic sale price in mid segment by 7%, to remain competitive. But in the south-east micro market, the basic sale price ad average ticket size rose by 19% and 18% respectively.

"A closer examination of the ticket prices and base selling prices in these submarkets reveals that Bengaluru continues to be a stable market in terms of ticket prices, with developers not always resorting to lowering of selling prices or reducing apartment configurations to make them more affordable," according to Cushman.

"There is a shortfall and the markets are depressed but if you compare with the other metros, Bengaluru had the opportunity of launching hundreds of projects and selling them off. I think that is still commendable," Farooq Mahmood, CMD of property consultancy Silverline Realty said.

The research added that the focus segment for developers has changed over the last two years, with about 83% of new launches happening in the mid-segment. Mid-segment are apartments priced between Rs 40 lakh and Rs 80 lakh, with areas ranging between 850 sqft and 1,600 sqft.

Till some time ago, properties priced at over Rs 1 crore sold like hot cakes in Bengaluru. But a weak economy and subdued real estate sentiment have reduced the demand for such properties.

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IT Drives Demand for Housing in Whitefield and Localities Around

One of the most sought-after locations in the city, the belt continues to command a premium and is hosting more new residential projects.

In the early 1990s, Bengaluru still had traditionally demarcated areas. The high streets of M G Road, Brigade Road and Commercial Street were designation shopping districts with corporates taking up office space in locations around M G Road. Traditional residential neighbourhoods included Basavanagudi, Malleswaram and Jayanagar. Whitefield, located about 26 km from the city centre, was still considered to be the outskirts, with a few independent homes dotting the road to Kadugodi village.

Around 20 years after the establishment of the ITPB and the Export Promotion Industrial Park (EPIP) Zone, it has turned into a miniature city by itself, with world-class commercial facilities, the traditional industrial area, a wide offering of residential options as well as mature social infrastructure.

Shabeer Sait, Executive Head of Operations, Irshad's Property Matters, elaborates, "Whitefield is an independent township by itself with its own infrastructure, retail and healthcare options. Some of the locations that are doing well are Borewell Road which is perpendicular to Whitefield Main Road. It also connects to Varthur Road Old Airport Road and extends up to ITPB connecting to the EPIP area. There are many residential projects and schools on ECC Road too."

Growth impact radius

The exponential growth of Whitefield has had a positive impact on the development of the surrounding areas such as Hoodi, Mahadevapura, Varthur, Kundalahalli, Brookfields, Hope Farm Junction, Kadugodi Village, extending up to Hoskote. Good connectivity through Whitefield Main Road and Old Airport Road Varthur Road as well as the link to the south via the Outer Ring Road (ORR) at Marathahalli has worked in favour of Whitefield.

Rafi Khan, Manager, Apex Estates and Properties, says, "Whitefield continues to be a preferred location for the software industry. Today, Whitefield is a city by itself and has all the amenities including the best of schools, malls, restaurants, as well as luxury housing options. The Metro Rail project work is going to begin shortly in this area. This will fuel the growth further in and around Whitefield."

Launches and pricing

Vestian Global Workplace Service's research data reveals that a total of 6,400 new residential units were launched across Whitefield in 2014 with a further 2,600 units launched in the first half of 2015. Shrinivas Rao, CEO Asia Pacific, Vestian Global Workplace Solutions, elaborates, "This micro-market has witnessed residential development, mainly apartments, in the middle and premium segments. Owing to proximity to workplaces as well as mature social infrastructure, this micro-market is a preferred residential destination for ITITeS employees."

Rafi Khan adds, "Apartments are being sold here from Rs 6,000-8,000 per sqft. Software engineers working in Whitefield prefer to stay in the same area to cut down on commute time. With good schooling options here, it works out well for working parents. Availability of land towards Hoskote and the upgraded infrastructure, along with the Metro, will see prices rise sharply here in the next two to three years."

Whitefield supports a host of residential options from apartments to individual villas, row houses to villaments. Shrinivas Rao points out, "Developments in Brooke fields, Whitefield Main Road and Varthur Main Road are characterised by apartment projects in the premium category priced between Rs 50 lakhs and Rs 1 crore and in the luxury category priced below Rs 1 crore. Villa developments in the luxury category priced between Rs 1-3 crores and in the super-luxury category priced between Rs 3-5 crores are located mostly along Varthur Main Road and Whitefield Main Road."

Several premium developments are coming up on Whitefield Main Road, to the right of Hope Farm Circle. There is a lot of retail activity here with malls, hotels and supermarkets.

Shabeer Sait explains the concept of premium in Whitefield. "Premium spaces are identified by the size of the unit as well as premium specifications and finishes.  While the standard unit size for a three-bedroom apartment is 1,900 sqft, the starting size range for a premium unit is 3,000 sqft. Unit size for four-bedroom without a study is more than 4,000 sqft, with a study around 6,000 sqft. Apartments command between Rs 6,000-10,000 per sqft."

Article Source : http://content.magicbricks.com/industry-news/bangalore-real-estate-news/it-drives-demand-for-housing-in-whitefield-and-localities-around/83626.html

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Price Dtails

Prestige Boulevard is an epitome of flawless construction. The residential establishment sprawls over an area expanse of 2.54 acres of lush green space. Prestige Boulevard offers a total of 144 units of 2 and 3BHK apartments of build-up area that ranges between 1043 – 1636 square feet. Each and every unit is perfectly designed and is set to excite its residents with a sense of unique luxury and comfort. A 2BHK apartment in Prestige Boulevard is priced at 55.80 lakh whereas a 3BHK comes with a price tag of 84.74 lakh.

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Prestige Group has thoroughly planned for the investment of the Prestige Boulevard Apartments. Prestige Boulevard Apartments Price starts from 55.80 lakhs Onwards. Prestige Group is planning over that range for giving a dream home along with amenities and international features.