Bangalore’s real estate market is doing quite well and this can be seen from the dip in unsold inventory for the third quarter of the year. The drop in unsold inventory in the Garden City was the most amongst the top 7 Indian cities for this period according to reports. Unsold housing inventory came down to 76, 500 units by end of the third quarter which indicates a reduction of 25% as compared to 1, 02, 740 units in the same period in 2017.
This points at a thriving real estate market in Bangalore where sales volumes are gradually increasing. Some of the top projects in Bangalore at the moment include Aryan Golden Arena, Shriram Codename Dil Chahta Hai and Sowparnika Unnathi to name a few. Unsold inventory came down in Pune by 10% to stand at 90, 610 units for the third quarter as compared to 1, 01, 020 units for Q3 2017. The market in Delhi-NCR witnessed a reduction in unsold inventory of 9% to stand at 1, 90, 650 units as compared to 2, 09, 430 units in the same period a year earlier.
There was a reduction of 1-2% in unsold inventory in the MMR (Mumbai Metropolitan Region) and also in Hyderabad while unsold inventory increased in Kolkata and Chennai to the tune of 1% and 7% respectively. Bangalore has evolved considerably in terms of infrastructural development, connectivity and transportation facilities. The residential real estate market in Bangalore continues to be driven by the IT and ITeS sectors and sales of housing units have remained steady overall in the city.
Housing sales went up by around 26% for the third quarter as compared to the same period in 2017 which is the highest amongst all top Indian cities. Bangalore has benefited from a favourable climate and comparatively reasonable property rates over a sustained period of time. End-users have largely driven the realty market in Bangalore as per experts. The walk to work concept has also been a major growth driver of the residential real estate market in Bangalore in recent times on account of huge traffic congestion and commuting issues. The land supply within the city limits has led to swift development of residential, commercial and retail projects.