Despite a surge in new real estate projects, experts predict that property prices in Bengaluru are unlikely to moderate. The city has seen a flurry of land deals as developers aim to leverage the strong demand for residential properties among upper middle-class and affluent buyers.
Several developers have recently concluded significant land acquisitions in Bengaluru. They are positioning themselves to benefit from the ongoing boom in residential real estate. However, industry experts do not expect these new projects to lead to a decrease in housing prices.
“If you compare prices for similar quality housing across metros like MMR and NCR, Bengaluru still commands amongst the lowest. So, there is room for further growth,” said Pramod Bisht, CEO, South Zone, Godrej Properties. He anticipates a 7-10% appreciation in property prices in key micro markets such as Whitefield, Sarjapur Road, Hebbal, Thanisandra, and Bellandur.
On July 1, 2024, Godrej Properties announced the acquisition of a 7-acre land parcel in Thanisandra, North Bengaluru. The project is expected to offer around 9 lakh square feet of developable space, with an estimated revenue potential of approximately ₹1,200 crore.
“Godrej Properties has a robust launch pipeline for FY25, which includes several new project launches planned in Bengaluru,” the company stated earlier this month.
According to data from property consultancy Anarock, Bengaluru recorded six land deals spanning over 102 acres in the January-March period of 2024. Five of these deals are proposed
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