Bengaluru ranks 2nd after NCR on ‘to-be-sold realty inventory’
Bengaluru took the second spot in terms of “to-be-sold real estate inventory” after the National Capital Region (NCR), says a study.
“In terms of to-be-sold inventory, Bengaluru stands second after NCR,” said a report compiled by the Confederation of Real Estate Developers Association of India (CREDAI), Bengaluru Chapter, in association with real estate research giant Jones Lang LaSalle (JLL) here.
As many as 82,357 units are to be sold in the Bengaluru market, Jones Lang LaSalle Research Head, Ashutosh Limaye, told reporters here.
Over 1.80 lakh and a tad above 78,000 units are to be sold in NCR and Mumbai markets, respectively, he added.
Residential sales in Bengaluru were observed to be stable at about 9-10% in 2015, Limaye said.
“The units to be sold have been observed to be slowly declining quarter-by-quarter, given the stable sales rate in Bengaluru,” he stated.
Talking about the unsold inventory in Bengaluru, with the real estate market looking up at the end of the financial year, Limaye noted that the residential unsold inventory currently stands at just 2% (4,492 units).
“The fact is unsold inventory where above 80% construction work is completed is below 2% and only 40% of the to-be-sold apartments are in Bengaluru, which are under construction at various stages,” Limaye added.
The study was commissioned to create a scientific tool to understand market demand and sentiment.
Elaborating, Credai Chairman Irfan Razak said it was conducted not just on the properties of Credai members, but projects of all developers in the city.