Mayank Saksena, MD – Land & Head – South India, ANAROCK Property Consultants
Driven largely by the end-users, the Bengaluru real estate market has remained resilient even during the worst phase of the property cycle in the country.
Realistic property prices, ‘real’ demand by end-users, developers’ strategy to keep the new launches under control along with their consistent efforts to minimize the demand-supply gap have worked in favour of the ‘Garden City.’
Since the end-users here are mostly professionals working across service sectors led by the IT/ITeS, developers have been conscientiously aligning their offerings to this demand.
For instance, to cater to the demands of a tech-savvy homebuyer, developers have launched ‘Smart Homes’ for their buyers with several features at the ‘click of a button.’ Additionally, builders here were among the first to offer an online payment system for a property.
One of the major positives of this city is that it has always adapted well to the changing market dynamics, and therefore remains well-positioned for future growth as well.
As per ANAROCK data, the city added 8,800 units in Q2 2018, a quarterly increase of 28% against the preceding quarter.
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Prashant Thakur, Head – Research, ANAROCK Property Consultants
Despite new launches decline, property prices in Yelahanka did not correct significantly and actually appreciated by 9% in the past 2 years.
Existing since the 12th century, Yelahanka is closely linked with the origin of Bengaluru. The book ‘Bengaluru to Bangalore’ by T.V. Annaswamy mentions that the word ‘Yelahanka’ is derived from ‘Valipakka’, meaning ‘along the highway.’
Over a period of time, Valipakka (during Chola reign) transformed into Illaipakka (during Hoyasala reign) and finally into Yelahanka.
The construction of the Kempegowda international airport was a game changer for the region and initiated Yelahanka’s metamorphosis from a sleepy little settlement on the outskirts of Bengaluru into a buzzing residential investment destination.
Yelahanka, which is divided into Old Yelahanka and Yelahanka New Town, is home to many defence establishments such as CRPF training school, Indian Air Force’s Air Force Station and BSF Training Centre.
This micro-market also houses the largest facility of Mother Dairy in Karnataka, as well as the rail wheel factory (India’s largest manufacturer of railway wheels and axles).
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