99acres ’s No.1 Property Portal

BANGALORE PROPERTY CAPSULE 2018 YOY CAPITAL PRICE MOVEMENT IN POPULAR LOCALITIES OF BANGALORE

7%

The city popular for being the most resilient GROWTH INDUCERS GROWTH IMPEDIMENTS 6% 6% 6% real estate market in the country succumbed • Digitalisation of land conversion and • Developers struggled with submitting audit to the pressures of demonetisation, Real Estate property registration processes in report on Karnataka RERA website, delaying 4% 4% 4% 4% 3% (Regulation and Development) Act (RERA) and aimed at simplifying the procedures and new projects launches and registration of Goods and Services Tax (GST) in 2017. The year reducing the incidents of harassment or projects under RERA. 2% 2018, however, started off on a comparatively undue delays by the authorities. • Bruhat Bengaluru Mahanagara Palike positive note with some improvement in sales • The fast-paced implementation of Karnataka (BBMP) cracked a whip on the development and a huge jump in enquiries for properties RERA improved buyer sentiment, translating of unauthorised commercial units in priced within Rs 40 lakh. Noticeably, a trimming Hebbal

into enhanced sales volume. The State residential complexes of the city. Notices Hennur JP Nagar Jayanagar Whitefield down of unsold inventory from over one lakh approved over 1,500 real estate projects, were issued to traders violating the zoning

residential units in the previous year to close to majority in Bangalore. Approximately 100 regulations in the residential areas. While Electronics City

seventy thousand in 2018 cheered the market. agents have also been registered the move will curb elicit construction in the Ramamurthy Nagar Raja Rajeshwari Nagar New launches, subsequently, witnessed an under the Act. city, it has also curbed commercialisation in residential areas. uptrend with around 30,000 new units being • The proposal to regularise the B Khata added to the market in the year. Most of the properties under the corporation limits • Delay in the commencement of Smart city new project launches took place in the southern YOY RENTAL PRICE MOVEMENT IN cheered thousands of homeowners. project is expected to hamper growth POPULAR LOCALITIES OF BANGALORE realty hotspots of Electronics City, By paying a certain conversion fee, the • Land acquisition woes led the civic body and Sarjapur. properties can now be converted to A to cancel bids for the construction of 4% Khata. The move is anticipated to improve the Phase 2 project. The Average weighted property prices largely property rates as such units will now be 3% 3% 3% 3% move has led to an inordinate delay in the remained stagnant in Bangalore. Some popular able to gain a legitimate status. implementation of the project. regions such as Jayanagar, Whitefield and Hebbal • The announcement of a single window posted a growth of 1-3 in property values. Rental • Delay in completion of residential clearance system for building approvals 0% 0% 0% 0% values, however, went up by four percent, YoY. projects marred homebuyers’ sentiment Jayanagar is expected to expedite the construction in Bangalore. A gradual uptick in demand, robust office space process and augment the overall status of Hebbal Hennur the real estate market across the State. JP Nagar Whitefield absorption and affordable housing inventory Yelahanka Indira Nagar

are seen as strong tailwinds for a revival in the • Infrastructure development continued Electronics City Bangalore residential market. Courtesy Namma to be on the radar of the Karnataka metro expansion and infrastructure upgrades government. In addition to approving and around the city’s peripheries, the emerging funding the extension of Namma metro to -5% housing hubs of Hosa Road and in multiple places in the city, the government the South, and in the announced the development of six inter- West, and Thanisandra in the North are likely connected elevated corridors in Bangalore. MARKET INDICATORS The projects will not only fight traffic to witness maximum number of new project congestion across Bangalore, but also launches in 2019. improve the city’s liveability index. Jan-Mar 2018 Apr-Jun 2018 Jul-Sep 2018 Oct-Dec 2018 Jan-Mar 2019*

Capital Values

Rental Values**

Residential Inventory

* Projected price movement and inventory status **Rental values depict annual change in average ‘asks’ for respective quarters RERA IN NEWS JUN RBI increases IN FOCUS repo rate by 25 basis points; Centre identifies MAY homebuyers as financial creditors BDA initiates Registered Projects online payment of 1,637 property tax

JAN Registered Agents Namma metro APR 1,232 Phase 2 receives funding from Karnataka RERA mandates permanent approval for projects JUL Complaints Resolved Karnataka 528 government announces single window clearance for building *Data shows approximate registrations till Decembver 28, 2018 MAR approvals ** Source: Karnataka’s RERA website Karnataka RERA FEB releases information on 1,300 projects State approves across the State DEC extension of Namma Metro line Civic body cancels 4 to Airport bids for Metro Phase II citing land acquisition woes AUG Defence Ministry frees land for infra projects in Bangalore; Govt allows delinking of B Khata properties from Akrama Sakrama 99acres NOV India’s No.1 Property Portal State approves 65 km-long peripheral ring SEP CONTACT US OCT 0120 4879400 Issuance of land Bannerghatta Road records goes digital Monday - Friday widening project 9:30 AM to 6:30 PM IST begins Email: [email protected]