Bangalore: Festive cheer seems to be ringing in the realty mart. A number of developers who launched projects in late November have already closed their shutters on buyers, as demand has outdone supply.
Selling like hot cakes are the 1-BHK (bedroom, hall, kitchen) and studio apartments in the price bracket of Rs 8.58 lakh to Rs 25 lakh. According to Pravin Malkani, president, Mumbai-based Patel Realty, which launched the first phase of their mega township project located in Electronics City Phase I, they have sold around 750 units of its entire Phase 1 inventory of around 1,000 residential units in just under three weeks. The residential units consist of a mix of studio, 1-BHK and 2-BHK units.
Brigade Group, which announced their Value Homes project in November, has already sold around 800 units. The company had opened its booking counters for a limited period of two weeks, in which all the inventory was lapped up. Brigade is offering homes in the price range of Rs 10 lakh to Rs 25 lakh in four locations: on Kanakapura Road, Devanahalli Town, near Kengeri on Mysore Road and in the KR Puram-Whitefield belt. “This is by far the largest inventory sales we have done in such a short period,” says M R Jaishankar, CMD, Brigade Group. Many real estate agents are being flooded with requests for 1-BHK and studio units, but have had to turn down buyers, as the available stock seems to have been sold out.
“We are witnessing such action in the realty market because prices are now very affordable, making projects more attractive to buyers,” says Amit Bagaria, CEO of real estate consultancy firm Asipac.
AFFORDABLE HOMES
Affordability element not just attracting
middle-income group
Big-ticket buys too have become more affordable for high networth individuals
Farook Mahmood of Silverline Realty cites the case of one high-end project in the city that was quickly sold out recently
Each unit was priced between Rs 5 crore and Rs 7 crore
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