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SARITHA DEVELOPERS

ONGOING PROJECTS
Ongoing Project
Excellent Growth in Realty Market

(According to Bangalore Mirror, dated 14th January 2023)

South Bengaluru remained the most popular micro-market, garnering a share of 46 percent of the residential sales in the city during the second half of 2022. Housing demand in this cluster remained steady due to the proximity of prominent tech parks and employment clusters located in Electronic City and Outer Ring Road (ORR).

East Bengaluru was another sought-after region for residential demand in Bengaluru. The demand, which was primarily concentrated in Whitefield and KR Puram, gradually expanded to peripheral areas of mico-markets such as Hoskote, according to a Knight Frank India report.

 

Bengaluru registered a rental growth of 11 perce cent year-on-year (YoY) the highest across the top eight markets of India Knight Frank India’s latest report, India Real Estate – Residential and Commercial (July – December 2022), noted that Bengaluru remained the top performed in office leasing, registering 14.5 mn sqft of office leasing volume, a 19 percent annual growth in the year 2022. The city accounts for 28 percent of the total office transactions across the top eight markets in India.

 

Bengaluru’s residential market recorded housing sales of 53,363 units, a significant 40 percent YoY growth in the calendar year (CY) 2022. New launches also saw a substantial rise of 42 percent YoY with the addition of 43,420 units in 2022. The weighted average price for the region grew by seven percent YoY, highest amongst the top eight markets of India. The strong sales momentum also helped in the decline of quarters to sell (QTS) to 5 quarters, which is a historical low for the city.

 

Shantanu Mazumder, Executive Director – Bengaluru, Knight Frank India, said “Bengaluru’s residential segment remained vibrant, enduring multiple headwinds arising from the Omicron wave in the early months of the year. followed by a steep rise in raw material cost, consumer inflation and a rapid rise in home loan rates. The resurgence of the city’s residential market translated to a strong price rise too i nthe year 2022.”

 

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