Property prices see revival

Property Trends

Bangalore’s real estate saw a correction in property prices early last year and is continuing into this year, according to the country’s property rental, 99acres.com.

According to 99acres Insite, a quarterly report on property price trends released by the portal, some localities are now seeing a revival in property prices. Hebbal, Sarjapur  Road, Malleshpalaya,  Kaggadasapura are some localities that have seen an increase in property prices.

Rentals were up in Bangalore in January - March 09 across most localities, as compared to the previous quarter.

In Bangalore South, Sarjapur Road saw an increase in property prices by 11 per cent during Jan-Mar ‘09, as compared to the previous quarter. In Bangalore East, Kaggadasapura saw an increase in property prices by nine per cent, while Malleshpalya saw an increase in property prices by three per cent. The property prices in these localities ranged within Rs 2100 psf to Rs 2400 psf. Property prices in Whitefield, Marathahalli, Banaswadi went down by 8, 5, 4 per cent respectively, and ranged between Rs 2300 psf and Rs 2600 psf.

Bangalore - rental trends

In Bangalore East, rentals were up in Banaswadi, Malleshpalya, Thippasandra, Kaggadasapura by over 25 per cent in Jan-Mar 09 as compared to the previous quarter.

Rentals ranged between Rs 10,000 and RS 20,000 in the area. In Bangalore North, Yelahanka and R T Nagar saw an increase in the rentals by 10 to 12 per cent in Jan-Mar ‘09 as compared to Oct-DEC ‘08.

Rentals ranged between Rs 8000 and Rs 13,000 in the area. Richmond Town in Bangalore Central saw a drop of 7 per cent in the rentals during Jan-Mar ‘09 as compared to Oct-Dec ‘08 with rentals around Rs 30,000.

“The trend in on expected lines. In a majority of the localities in Bangalore, prices seem to be averaging out at the current levels, making the market attractive on the price front. Lack of transactions in the market is just a reflection of the prevailing sentiment,” said Vineet Singh, Business Head, 99acres.com