This clearly reflects that the overall sentiment of the sector has improved drastically since the downturn and the property prices are on the path to recovery, according to property portal 99acres.com
Commenting on the same Vineet Singh, Business Head, 99acres.com said, “The real estate market of Bangalore has always been an attractive destination for buyers because it provides high return on investments.
We studied the property price trends of localities across Bangalore and found that the real estate sector has moved out of the doldrums and is back on track with prices of properties in key localities moving in a positive direction.”
A look at the property prices of key localities of Bangalore-east shows that Whitefield and Indira Nagar has seen 29 per cent appreciation in prices respectively if we compare Q1-10 prices over Q1-09.
The prevailing rates of the localities are around Rs 2961 psf for Whitefield and Rs 5470 psf for Indira Nagar. Similarly, the localities of Marathahalli and Banaswadi has also seen 38 per cent and 26 per cent appreciation in prices in Q1-10 over Q1-09 with property prices floating around Rs 3649 psf and Rs 3107 psf in Q1-10.
The key localities of Bangalore South also witnessed an uptrend in property prices with prices in Koramangala moving up by 18 per cent in Q1-10 over Q1-09.
The property prices of Bannerghatta and Electronic city saw 33 per cent rise in prices, while J P Nagar witnessed a 10 per cent dip in property prices in Q1-10 over Q1-09.
The prices of properties in Bannerghatta is around Rs 3243 psf while properties in Electronic City and JP Nagar are priced around Rs 2330 and Rs 2850 psf.