The economic sense is in buying something that is ready to occupy, says Ganesh Vasudevan of indiaproperty.com. A look by RANJANI GOVIND
The real estate portal IndiaProperty.com has its fifth edition of the property show ‘Gruhapravesha 2012’ happening in the city (Sept. 14-16) at the Koramangala Indoor Stadium. Says Ganesh Vasudevan, CEO, IndiaProperty.com, “Bangalore, which has performed well in the real estate space compared to other metros, houses buyers of diverse profiles, who can benefit from this event showcasing around 1,000 new property and 100 builders from Bangalore, Chennai, Hyderabad, Coimbatore and Kerala.”
The portal claims the property show will provide a one-stop solution for buyers, sellers, agents, home loan companies and allied services industries. “This show, which is an extension of the online support to both buyers and developers, provides an opportunity for all real estate stakeholders to interact with each other and mutually benefit on a common platform.”
Panel discussions scheduled to be a part of this show will enable customers to interact with industry experts on queries related to property buying.
Attributing Bangalore’s positive trend in the realty sector to the stable job environment, Ganesh Vasudevan stated, “Having a large middle-class salaried segment, which comprises educated and well-aware home-buyers, Bangalore reflects the sentiment of ‘investment in real estate’ as one of its top agendas. The increase in the number of residential projects recently and the consistent rise in demand for property as indicated on our portal have prompted us to bring the fifth edition of ‘Gruhapravesha 2012’ to the city.”
Indiaproperty.com has several customer service initiatives in the online real estate industry and the new ‘www.ask.indiaproperty.com and the ‘Call-n-List’ features come right after their recent launch of Augmented Reality powered mobile application for all leading smartphone platforms.
Ganesh pointed at various factors of the Bangalore realty market and the consumers’ buying behaviour. IndiaProperty.com’s analysis had it that in India it is always seen that the change in property prices during economic cycles has a more profound impact on the buyer than during the changes structured in interest rates. With Bangalore comprising a large middle class salaried segment, real estate has always been on top of their investment criteria. Most of the developers have based their inventory-absorption projections banking on this unique trait. In spite of the dangerous inflationary trends, the inherent nature of the Bangalore real estate buyer – that of a highly educated, visibly aware and risk averse investor – has helped the industry maintain decent trends.
The housing market in Bangalore is expected to stay positive, given that the key determinants driving real estate absorption have shown a positive trend – lowering of home loan interest rates and a continued stable job environment.
As it has always been, the IT sector lends the positive investment trend to the city. In spite of small bumps, the IT sector has not seen a decline in either recruitment or remuneration, indicative of a largely healthy industry ahead. Ganesh said, “As indicative in Quarter 1 2012, almost 88 per cent of property seekers were looking to buy a property within the next four months, so the market has bounced well enough from the dip in Q-3, 2011, when only 46 per cent were looking to buy before the financial year.”
The realty assessment by the portal also had it that the southern part of Bangalore has seen maximum project launches over two years now, with Bannerghatta Road, Kanakapura Road and Sarjapur Road being the main locations in focus. The supply-demand price gap has also narrowed this year. For example, on Sarjapur Road the buyers’ demand is Rs. 3,153 per sq. ft compared to the projects priced at around Rs. 3,563; on Kanakapura Road buyers wish for Rs. 2,886 while the developers demand Rs. 3,377; and in Whitefield while builders ask for Rs. 3,749, people want it at Rs. 3,260. These three localities are where the action is going to be for the next couple of years. Kanakapura Road and Whitefield have seen a hike of 11 per cent in investors entering the market, compared with the average 5.2 per cent in Bangalore as a whole. The preference for 2-BHK units by the salaried class is also seeing a huge 50 per cent increase on Kanakapura Road, Bannerghatta Road and Sarjapur Road. Says Ganesh, “Our portal recommends new home buyers to look at ready-to-occupy property before booking new flats or getting into pre-launch offers. Buy a ready-made for 47 lakh, instead of a pre-launch offer at 61 lakh which is under construction,” is the advice.