Bangalore Real Estate Market Overview
Unsold Stock and Absorption
Bangalore: The Bangalore residential market has an unsold stock of around 50,200 units in the second quarter, compared to 46,900 units in the first quarter of the year. In terms of absorption, approximately 6,550 units were absorbed in Q2, while 6,690 units were taken in Q1.
New Project Launches
A total of 21 new residential projects were launched in Bangalore during the second quarter. These projects offered fewer units compared to the first quarter. Out of the 21 projects, eight were completely sold out across various sub-markets.
North Bangalore
In North Bangalore, the demand for high-rise residential units remains high. The area's realty sector flourished following the government's launch of the new Bangalore International Airport. This part of the city is poised to become the next economic center, and its proximity to the international airport and planned infrastructure has boosted development.
South Bangalore
The demand for high-end residential constructions is low in the southern part of Bangalore. The unit requirement in this area increased after Electronic City established itself as an IT Hub in this micro-market. However, it has not attracted premium developers due to poor urban and social infrastructure.
East Bangalore
Whitefield in East Bangalore has evolved into a self-sustaining area. As a significant IT destination, this region boasts good social infrastructure and developing physical infrastructure. The demand for high-rise apartments remains stable.
West Bangalore
The western Bangalore micro-market has not been successful in drawing many real estate developers. However, it boasts numerous industrial developments.