Real estate prices head north in Bangalore

Most regions in the top metros have seen prices soar by double digit percentages in the last three years with areas in some areas in Bangalore and Chennai witnessing high price gains, according to a study on realty prices in the metros over the last three years.

Commenting on the same Vineet Singh, Business head, 99acres.com said “The real estate market in metros has always been an attractive destination for buyers because of its high returns on investment. “

“The North Bangalore corridor, especially the areas around Hebbal, seems to be developing into a Manhattan of sorts with a wide range of high end projects on offer by reputed developers. The new international airport is finally delivering expected returns for the real estate fraternity with a whole lot of offerings from budget homes starting as low as 20 lakh to super luxury villas in excess of five crore. The bullish trend will get even better once the elevated expressway is commissioned. The Chennai market is relatively strong and stable in nature as indicated by the year on year healthy price increase. Therefore end-users/first home buyers can look to buy property at the current rate as prices are expected to grow at a similar pace over the next twelve months as well,” he added.

North B’lore prices

North Bangalore has seen price rise by 48% in 2012 when compared to 2010.  South and East Bangalore saw prices appreciate by 27% and 26% respectively. Central and West Bangalore on the other hand have seen less price gains with per square feet rates increasing by a minor 9% and 6% respectively during the same time period.
Northern and western regions of Chennai saw 41% and 38% increase in prices, while  South Chennai saw stable price levels.

The NCR and Dwarka region of Delhi has seen massive price rise over the last few years. Most regions in the Mumbai area also show massive price growth. Kolkata has also seen price appreciation over the last three years.

However, the prices in the city are much lower than the other top metros in the country.