The Hindu : Karnataka / Bangalore News : ‘Real estate market looking up again’

Online edition of India's National Newspaper
Sunday, Dec 09, 2007
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Karnataka

Karnataka - Bangalore

‘Real estate market looking up again’

Staff Reporter

Areas witnessing high growth are
the northern and western parts

BANGALORE: For those looking to buy a house or seeking a home loan, heading to ‘Realty Expo 2007’ at Grand Ashok might be a productive visit.

In an indicator of the strong real estate opportunities in the city, 42 property developers and five housing institutions are participating in the two-day event, organised by the Karnataka Ownership Apartments Promoters’ Association (KOAPA), that began on Saturday.

Balakrishna Hegde, president of KOAPA, said the real estate market in the city was witnessing an upward trend after hitting a plateau in the first eight months of the year. Attributing the rise to strong economic activities, he said: “Even though there are about 1,900 companies in the city, there are still many new jobs being created and the old ones generating more income.”

He also guessed that the renewed interest among NRIs in real estate in the city was also driving the property market. “Perhaps with the rupee appreciation, NRIs are finding investment in properties more attractive,” he said.

Stating that investing in properties in the city was less expensive than in other cities, Mr. Hegde said that while in Mumbai it cost about Rs. 5,000 per sq ft in areas 40 km from the central business district (CBD), the prices are about Rs. 2,500 per sq ft in areas 10 km from the CBD in Bangalore.

Apart from south and south-eastern parts of Bangalore, the areas witnessing high property growth is the northern sector due to the upcoming international airport in Devanahalli and the western parts where the Bidadi township had been announced, Mr. Hegde said.

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