More takers for housing in B'luru

Prices are likely to be stable in real estate with housing demand exceeding supply in Bengaluru during the July-September quarter, according to a report by 99acres.com.

“While all the major cities in India recorded a steep fall in absorption of housing units, Bengaluru witnessed the downfall at the slowest pace. Backed by infrastructural advancements and IT industry, the city continues to attract the end-users,” the 99acres.com Insite report said.

This was the first time in the last three years when housing demand exceeded supply in the city. While this may hint at price appreciation in future, this seems to be a price corrective phase and may bring stability in the market, the report added.

As far as rentals are concerned, positive movement in the rental rates was noted in localities connected by Namma Metro.

“While Malleshwaram recorded a five per cent hike in the last six months, Yeshwanthpur witnessed stable rental values. Kengeri topped the list of best performers with 10 per cent appreciation in the last six months. While affordability played a key role in boosting Kengeri’s rental market, its connectivity to West, North and South Bengaluru ensured robust housing demand," the report said.

Yelahanka, Hebbal and Malleshwaram in the North recorded a hike in rental values to the tune of five to eight per cent, the report said, adding, housing demand in Yelahanka inched up due to availability of affordable housing options.