JLL data reveals that properties in the affordable and mid-segment have constituted a major portion of new launches.
Developers in Bengaluru have continued to launch affordable projects in the peripheral areas of the city to meet the growing demand, a study by JLL said. JLL data reveals that properties in the affordable and mid-segment have constituted a major portion of new launches.
New launches in the less than Rs 50 lakh category stands at 29 per cent in H1 2019, up from 25 per cent in H1 2018. New launches in the Rs 50 lakh-Rs 75 lakh category is 46 per cent compared to 34 per cent in H1 2018.
The Silicon hub of India has displayed steady and mature growth in residential markets in H1 2019, Samantak Das, Chief Economist and Head of Research & REIS, JLL India, said. “This has primarily been a result of immense job opportunities created by the technology sector and consequent migration of professionals”, Das said.
While the affordable housing segment continues to stay strong, Bengaluru has seen an overall growth as far as new launches and sales are concerned and prices have remained relatively stable, he added. The number of new launches in H1 2019 was 18,273, up 11 per cent from 16,495 in H1 2018.
About 50 percent of the projects launched were by Grade-A developers. Hosur road garnered the highest share accounting for 44 per cent of the launches in H1 2019. Availability of homes at affordable prices with improving connectivity due to metro lines has driven the launches.
Strong latent demand lead to sales in H1, 2019 nearing the 15,000 mark, improving by 12 per cent over the previous year period, it was stated. Prices have largely remained stable across most of the submarkets.
In H1 2019, the average price per square feet stood at Rs 4,157. While in H1 2018, it was Rs 4,150 and in H1 2017 it was 4,148, Das said.