Demand for homes in B'lore may rise by 3%

The demand in the residential space in Bangalore is expected to rise from 57,366 units in 2013 to 59,300 units in 2014, signifying an increase of 3 per cent, according to real estate consultancy Knight Frank India.

Launching its half-yearly analysis report titled ‘India Real Estate Outlook’, covering the January-June 2014 period, Knight Frank said that the marginal increase in residential demand is expected to be accompanied by a drop in the number of new launches by 8 per cent to 72,113 units during 2014. Satish B N, executive director - South, Knight Frank India said, “The election results, revival of manufacturing activity, higher salary growth of IT/ITeS employees and various sops announced in the Union Budget of 2014 seem to have induced a positive change in home buyer sentiment. The conversion time between a sales inquiry and actual sale has shortened considerably, indicating a revival in demand. While the sales volume has improved somewhat in H1 2014, we expect it to strengthen even further in H2 2014.”