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Property appreciation up by 33 % Date: Dec 01 2012
While Hebbal leads among the areas in city with 67 %, CV Raman Nagar registers 40 % growth

 

Property prices in Bangalore have gone up by 33 per cent in third quarter of 2012 over the corresponding period in 2010.
According to a study conducted by 99acres.com, North Bangalore: With a wide range of high end projects developing in Bangalore North, Hebbal has seen 67 per cent price rise in the last two years. In Bangalore East, CV Raman Nagar has seen has the highest price appreciation among all localities. BTM layout and HSR layout are among the areas in Bangalore South which have seen decent price gains of 43 per cent and 31 per cent respectively in Q3-12 over Q-10.
The study revealed that most localities of Bangalore region has seen prices appreciate by double digit percentages over the last two years. It is interesting to note that areas like Hebbal have witnessed over 60 per cent price rise when we compare per square feet prices (PQSF) of Q3-12 (Jul-Aug-Sept) over Q3-10 (July-August-Sept). This clearly reflects that capital values in and around Bangalore region has been continuously moving at a steady pace year on year.
Commenting on the appreciation of property in Bangalore, Vineet Singh, Business Head, 99acres.com, said: “The real estate in Bangalore seems to be on track for a steady growth and is probably one of the best stable performing markets in Southern India. There have been a whole lot of new project launches and in the pipeline coupled with infrastructure development across the city adding to this growth. Growth corridors in Bangalore include Sarjapur Road, Hebbal, Electronic City, Kanakapura Road and upcoming areas like Hoskote. There is a mixed interest in projects from investors and end – users in these new projects and developers are offering creative offers in the market to attract the same during pre – launch stages as well”.
A look at the property prices of Bangalore East shows that all localities have witnessed price gains in the last two years. KR Puram, Banaswadi, Brookefield and CV Raman Nagar have seen prices appreciate by over 40 per cent in the last two years. Both Marathahalli and Indira Nagar saw prices increase by 30 per cent respectively in Q3-12 when compared to Q3-10 Hebbal in North Bangalore has seen the maximum price appreciation with 67 per cent increase over the last two years. This is primarily because areas around Hebbal seem to be developing into a Manhattan of sorts with a wide range of high end projects on offer by reputed developers.Yeleankha and Hennur Road have seen price increase of 32 per cent and 23 per cent respectively during the same time period.
Some localities of Bangalore South like Electronic City and Silk Boaard have seen single digit price rise in two years. BTM layout, HSR layout and JP Nagar saw prices increase by 43 per cent 31 per cent and 24 per cent respectively during the same time period.
Commenting on the appreciation of property in Bangalore, especially in Bangalore East, S Selvakumar, advocate and expert on real estate issues, has attributed good infrastructure such as outer ring road and IT corridor as the main reason for the appreciation of property. "There is no dearth for the supply and launch of affordable housing projects. Many builders have launched big projects that have all the facilities. Earlier, builders used to construct residential complexes on one or two acres but now the housing projects are coming up on five to 10 acres of land,'' said Selvakumar.
He said the property price has doubled in Bangalore East during the last five years. "Earlier, one sqft of land was available for`1,500 to ` 2,500. Now, one has to pay `4,000 to `5,000 per sqft of land,'' he said.
y.reddy.dnaindia.net

 

Source: DNA ePaper dtd. 01.12.2012

Link: http://epaper.dnaindia.com/epapermain.aspx?pgNo=7&edcode=860009&eddate=2012-12-01