Recently, a few realty developers have shut real estate land deals in Bengaluru, expecting to capitalize on the soaring demand for residential real estate.
In a bid to get profit by the flourishing interest for home purchasing among upper middle class and rich Indians, a few real estate developers have recently finished up a rapid land deals in Bengaluru.
Be that as it may, in spite of a huge number of projects set to be launch soon, sectoral experts don’t predict a balance in the house pricings of the market.
According to the information obtained from property consultancy Anarock, Bengaluru recorded six major land deals, crossing north of 102 sections of land, in the January-March period of 2024.
Expressing to this, Pramod Bisht, CEO, South Zone, Godrej Properties says, “If you compare prices in the same quality of housing across metros like MMR and NCR, Bengaluru still commands amongst the lowest. So, there is room for further growth”.
Similarly, Abhishek Kapoor, Executive Director and Group CEO, Puravankara Ltd, “The reason why we are doing it is because of increased volumes of sales. We are replenishing our land banks, and the idea is not just to replenish but to grow as well at the same time”.
Anshuman Magazine, Chairman & CEO - India, South East Asia, Middle East and Africa, CBRE states, "These new launches by the grade A developers are expected to command higher capital values as compared to the existing values”.
This land buying spree is largely because housing demand is significantly high even today. This clearly indicates that as long as sales remain buoyant, residential prices may continue to see a rise. And add to this, developers have bought land at steep prices, hence they may increase home prices” notes Anuj Puri, Chairman, ANAROCK Group.
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