What Makes Bangalore India's Leading Realty Market?

Bangalore: Unlike other metros like Mumbai and Delhi, Bangalore’s realty market offers variety of property options to fulfill buyer’s requirement. The vibrant nature of Bangalore’s real estate market and the stable property prices make the city one of the leading real estate markets in India.

Over the last year, the real estate markets around India are witnessing sluggish movement with the increasing number of unsold inventories and less home sales, reports K Raghavendra Kamath of Business Standard.

According to property research and analytics firm PropEquity, in the last quarter of the financial year 2012, home sales in Mumbai Metropolitan Region (MMR) and Delhi-NCR witnessed slump of 58 percent and 57 percent, respectively. Furthermore, In Delhi-NCR region, the rate of absorption in this present quarter is 15,104 units which is less compared to 35,420 units in the same quarter last year, whereas, the total supply of units was 107,731 residential units in the same quarter. And, in Mumbai Metropolitan Region (MMR), the rate of absorption dropped to 11,473 units compared to 27,676 units in the same quarter last year and the total supply of residential units were 89,461 in the quarter.

On the contrary, Bangalore’s real estate market witnessed 18 percent drop in sales which is better than Mumbai and Delhi-NCR. Besides, the city has witnessed highest home sales compared to other cities, and the absorption of residential properties was 49 million square feet, according to Kotak Institutional Equities.

Anuj Puri, chairman and country head, Jones Lang LaSalle, a global property consultant, stated that "Home sales have been much, much stronger in Bangalore than other cities," reports Business Standard.