Bangalore major software parks in areas like Marathahalli, Electronic City, Bannerghattha Road and Whitefield have seen a decreasing trend in the sales of apartment. Though there is plenty of apartment units available but due lack of affordable options in these areas have pushed down the sales in 2011 3rd quarter. Prevailing higher home loan interest rates (most of them are above 11%) are adding further to this turmoil.
Data from Magicbrick, for July to September quarter, shows drop of apartment sales by 5%, 2% and 1% in areas: Electronic City, Whitefield and Bannerghatta Road respectively with respect to 2nd quarter of 2011. People are little reluctant for investing in apartments which are already much appreciated.
Due to weak global sentiments plus job insecurity are lurking potential buyers groups(NRI as well as residing ones) to put their money in these areas. People generally adopt wait & watch policy during economy turmoil. Recession is relucting investor as well as buyers to build property for future. During such situation even an investor who has booked 2/3 apartment units prefer to make an early exit from the project. Apartment, from reputed builder, prices are mostly controlled by initial (pre-launch) mass booking thereby giving these builders an edge to take a little calculated risk by doing a price hype of remaining apartment units.
These developed IT corridors in Bangalore have already taken the capital value for both: brand new as well as re-sale apartments to a much higher value thereby leaving buyers in a hindered situation to put their hard earned money in projects here. People are getting more inclined to go for rent rather than investing/buying in such a hyped market uncertainty.
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