Bangalore is witnessing a slowdown in buy sell activities of residential property. Latest property trends of the city shows that the residential capital values are decreasing at certain localities. Eastern Bangalore region is facing recession in property market. Areas like Marathahalli, Airport road, Whitefield, Brookefields, Hoodi etc' are seeing downfall in property rates as compared to last year. Reason cited by the local property dealer is that these areas are facing a lot of traffic congestion and are commercialized. Therefore people are not interested in buying their residential property across these regions.
To reach Airport Road and Marathahalli one has to pass through several bottle neck areas with long traffic queues and congestion. Also there is construction work going on the route. The metro rail project is under construction from past one year which has resulted in traffic jam.
Another construction activity of a flyover near the old airport road causes a lot of traffic jam. Thus people are not buying any residential property across these areas. Everyone wants to have home away from main city and that should have some free space and easy traffic movements. Most of the people are choosing Bangalore suburban areas for buying residential apartments and these areas are experiencing hike in property values.
As per a Brix research report Marathahalli has registered a decrease of 23% in apartment capital value while Whitefield registered decrease of 12% in last quarter. Though lots of real estate activities are happening in Whitefield area but the residential apartment values are going down. Rental values at Marathahalli have gone down by 6% whereas at Whitefield rental values have gone down by 25% in last quarter. Similar is the case of other nearby regions.
Brix research analytics team found out that there is an increasing demand of residential property at the areas which are free from traffic congestions, have good physical and social infrastructure, connectivity and availability of premium apartments. Nevertheless, localities like, CV Raman Nagar, Koramangala and Electronic City where demand is mostly driven by IT professionals are going steady.
Moreover, Bangalore residential real estate market is in passive stage and the buyers are investing smartly in property market.
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