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BANGALORE PROPERTY CAPSULE 2019 YOY CAPITAL PRICE MOVEMENT IN POPULAR LOCALITIES OF BANGALORE

Bangalore saw the launch of around 200 new GROWTH INDUCERS GROWTH IMPEDIMENTS 5% projects in 2019 against 350 in 2018. Of all new • Approval of 30,000 low-cost homes under • The cancellation of the 21 km-long projects this year, over 40 percent belonged Pradhan Mantri Awas Yojana (PMAY), eased Hoskerehalli- Metro line, a 4% to low-to-mid income housing category (Rs rules for beneficiaries under ‘Housing for part of the Phase 3 of , 3% 3% 3% 3% 25-50 lakh). This validates the developers’ All’ by 2022, unchanged property tax rates marred the housing sentiment in the areas 2% 2% 2% efforts towards matching the demand for and new building bye-laws strengthened the alongside the proposed corridor. The link 1% compact budget houses. Resultantly, average realty market in 2019. was planned to connect Old Airport Road property prices in the city did not witness via HAL, Konena Agrahara, Murugeshpalya, • Fast-paced project registrations under any major alterations. On the demand front,

Domlur, Command Hospital, D’Souza Circle, Hebbal

Karnataka RERA and dispute resolution JP Nagar KR Puram housing belts near the IT/ITeS corridors such Vellara Junction and Town Hall. Whitefield

firmed up the buyer sentiment. Project Rajaji Nagar

as Sarjapur Road, Kanakapura Road, Electronic registrations went up from 1,500 in 2018 to • Despite the city’s inclusion in the Smart City City, Whitefield and Jakkur continued to be the over 3,000 in 2019. The authority reportedly Mission after much deliberation, Bangalore prime choices of the homebuyer community. resolved 30 percent of the total complaints. continued to lag in the implementation of Raja Rajeshwari Nagar smart city projects. While civic issues such as the ongoing water • The State added another wing to the Town crisis in the city, and economic put-offs such Planning Department for expediting the • Depleting groundwater levels and the YOY RENTAL PRICE MOVEMENT IN as the revision in the GST slabs hampered approval of building projects. Further, proposed construction ban spanning five POPULAR LOCALITIES OF BANGALORE the city’s growth, sales witnessed some single-unit residential buildings on 60x40 years were significant causes of worry for 8% improvement, YoY. The year reported the sale sq ft plot area were freed from seeking realtors during the year as they hampered 7% 7% of around 28,255 units in H1 2019, about 25 permission from the Bruhat Bengaluru not only the development activities but also 6% percent up from the same period in 2018. Mahanagara Palike (BBMP). the investment scenario in the city. The third quarter, however, plagued by the 5% • Some crucial connectivity project • The introduction of a new rule by the city’s inauspicious ‘aadi’ period, saw sales declining announcements such as Yelachenahalli- Stamps and Registration Department in by a margin. The last quarter, too, could not stir Metro corridor, a double-decker 2019 is likely to slow down the registration 3% 3% 3% 3% 3% end-users from their state of inertia. flyover from JC Nagar to Shantinagar Bus process of housing units that are not a part Overall, the unsold inventory in the city dipped Station, an underpass at Goraguntepalya of the guidance value book. However, the by 30 percent, from 93,000 units in Q1 2019 to Junction and road widening projects apartment blocks measuring up to 5,000 sq 70,000 units in Q4 2019. at Tannery Road and Sarjapur Road ft will remain unaffected. lifted sentiment. Besides, the authority The city did not witness any change in current also approved the allocation of Hebbal

property tax rates. Further, a total of 2,906 JP Nagar Whitefield Rs 2,000 crore for Phase 2 of the Namma Marathahalli project registrations under Karnataka RERA Rajaji Nagar Electronic City Metro and modified the Peripheral Ring Akshaya Nagar spoke of the improving state of real estate in Road (PPR) project. the city. • The city continued to be India’s healthiest MARKET INDICATORS office market for co-working spaces with 7.8 million sq ft of absorption in Q3 2019. Jan-Mar 2019 Apr-Jun 2019 Jul-Sep 2019 Oct-Dec 2019 Jan-Mar 2020* Improved business policies, seamless

infrastructure and access to multiple Capital Values coworking options contributed to the trend. Rental Values

Supply

* Projected price movement and inventory status **Rental values depict annual change in average asks for respective quarters RERA IN NEWS JUN State eases building approval norms for real IN FOCUS estate projects MAY Karnataka govt. Registered Projects allocates Rs 11,000 3,093 crore to BBMP

JAN Registered Agents Karnataka govt. approves 1,748 APR metro line to KR Puram BBMP maintains status quo on property tax JUL Complaints Resolved BBMP reorganises 1,715 Town Planning Department to expedite project approvals *Data shows approximate registrations till December 27, 2019 MAR ** Source: State’s RERA website GST Council approves FEB transition plan for under- construction units State launches affidavit-based DEC online land-use conversion State proposes RBI cuts repo rate by 25 bps regularisation of 75,000 BDA-approved unauthorised flats AUG BBMP eases approval system for single-unit residential buildings built on a 60x40 sq ft plot 99acres NOV India’s No.1 Property Portal BDA fast-tracks stalled infrastructure projects in Kempegowda Layout CONTACT US OCT SEP 0120 4879400 State approves the State govt. releases Rs 1,000 modified PRR project Monday - Friday crore for infrastructure 9:30 AM to 6:30 PM IST projects in Bangalore Email: [email protected]