The economy of Bangalore is dependent on the Information Technology sector. This is true of the real estate sector as well. The IT boom in this city enabled the growth of the realty business here. The real estate development in areas such as Whitefield, Electronic City, and Marathahalli is basically by-products of the IT boom that swept the city. Areas which surround these micro markets have also benefited immensely in terms of their realty values.
Localities in the eastern part of the city are doing well from themselves. Here is a look at the price trends prevalent in three of the micro markets which are present in this part of the city.
Out of the three localities Domlur is the most expensive for apartments. Here the going rate stood at INR 9200 per square feet on average in the first quarter of 2014 which was an increase of 28 percent when compared to the previous quarter. Indira Nagar came in second for this property type and prices here stood at INR 8300 per square feet on average which was a dip of 24 percent when compared to the previous quarter.
Marathahalli came in last with average pricing of INR 3600 per square feet on average. This was a dip of 9 percent when compared to the previous quarter.
Demand for flats in Domlur came down by 75 percent and the supply also came down by 28%. In Indira Nagar demand for apartments also came down by 45 percent. The supply also came down by 72 percent. Marathahalli was also in the negative for demand at a 20 percent dip whereas it was in the positive for supply at a 16 percent increase.
As far as an independent house for sale in Bangalore is concerned, out of these three localities Indira Nagar has the most expensive homes. The going rate for a house for sale in Bangalore which is located in this micro market stood at INR 18900 per square feet in the first quarter of 2014. This was an increase of about 42 percent in the prices. Marathahalli comes in second at INR 7900 per square feet on average. This was a dip pf 9 percent when compared to the previous quarter. Domlur comes in last in this list. If you are looking to buy a properties for sale in Bangalore in this micro market then you would have to pay INR 7500 per square feet on average. This was a dip of 36 percent when compared to the previous quarter.
Here is the demand and supply situation for an independent house for sale in Bangalore located in these areas. In Domlur, the demand for this property type went down by 34 percent whereas the supply went up by 133 percent. In Indira Nagar, both the demand and supply for these properties dipped by 35 and 59 percent respectively. In Marathahalli the demand for individual homes came down by 17 percent. The supply situation in this micro market remained stable through the last quarter.
Comments are closed.