According to the Annual Realty Report of Commonfloor, 230 property projects were launched in Bangalore during the year 2014. 23% if these projects were launched in eastern region; while 29 % in west region. 22% were launched in the South; and only 5% in central part of the city. The same report goes on to show that a majority of these projects were small and midsize projects which typically launch less than 500 units. The city saw a whole gamut of property development in 2014. At one end was the launch of Trump Towers in the city which is the pinnacle in luxurious housing. On the other end, companies like Tata Value Homes successfully launched their affordable housing projects in the city.
The Bangalore residential property market on an average has a popular demand for house for rent in Bangalore.
What do These Project Launches Entail?
The aforementioned information regarding the launch of new projects last year means that a number of these properties would be available to move in this year, and the remainder in 2016. This offers an interesting insight in the property trends in the city. First of all, the market exhibits resilience and despite the slowdown of the last year, investor confidence has improved and hence the property sales are set to soar in the coming months.
Secondly, the improved market conditions are driven by the end users who form a major chunk of investors in the city. The demand for 2BHK flats for sale in Bangalore is driven by the end users whereas the development of commercial properties is driven by institutional investors. The year 2014 also saw further development of commercial spaces in the city which would further accommodate technology intensive companies. The revenues from these businesses are set to drive the demand for residential property further up in the coming years.
Using Housing.com To Assess property trends in Bangalore
While the projection of market development has been exhibited for the coming years, the end users can use the housing portal to monitor the prevailing conditions in the city. There is a page on the portal that has been created by the Data Science Lab. This page allows end users to view numerous property markets territory wise.
To show the latest property trends, the DSL page allows the users to view the trends o the map of Bangalore City. There are different maps showing different features. For example, the Price Hear Map highlights the hotspots of residential properties. Users can also learn about the prevailing purchase and sales prices of accommodations in different localities. One can easily assess the property prices according to size as well as number of rooms. Hence the prevailing prices of 3BHk as well as 2BHK flats in Bangalore can be found out area wise.
There is another map called the Demand Supply Map which breaks the Bangalore map down into its localities; with each locality coloured differently to highlight high or low demand. The same map also reveals the available inventory and the corresponding demand for accommodation-locality wise. There are other maps as well which allow the end users to find even more about the property trends of the city.
In Conclusion
Housing.com believes in offering objective information to end users so that they can decide on a property purchase without being influenced by any third party.
