Bengaluru, Chennai, and Hyderabad are leading the Indian real estate market currently. A recent report revealed that the three Southern capitals saw a collective increase of nearly 112% in new launches compared to the year-ago figure.
In fact, the triplet cities have accounted for more than a third of the total new supply in the country’s top seven biggest cities. The three cities got a new supply of more than 30,100 units, which was about 36% of the overall supply across the top seven cities.
Of the three top Southern capitals, it is Bengaluru that saw the maximum activities, followed by Hyderabad and then Chennai. Not only the new launches, but the unsold inventory have also gone down by 23% in Bengaluru, 12% in Hyderabad and 10% in Chennai from that a year ago.
“Increased commercial activity backed by high demand from the IT/ITeS sectors coupled with restored consumer sentiment has given an upper edge to Bengaluru,” ET Realty quoted Santosh Kumar, vice chairman of Anarock Property consultants, as saying.
There has been a rise in the demand of ready-to-move-in properties and those nearing completion. Prices are expected to remain stagnant owing to the huge supply, thus, pushing the home buyers as well as the real estate market. Overall the market scenario in Bengaluru, Hyderabad, and Chennai is seemingly beginning to look better, with demand picking up across all regions and segments.
It is noteworthy here that realty bigwig Sobha launched 2 million square feet of housing projects Bengaluru in the first six months of this year. In the April-June quarter, the company achieved the new sales volume of 900,000 sq ft valued at Rs 762 crore with an average realization of Rs 794 per square feet.