Mid-segment market finding more buyers

Bangalore - Options in the Rs 50-80 lakhs price range coming up in areas close to the city as well as near the IT hubs are finding more demand. They work well as an investment too. 

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Since the last decade, Bengaluru has witnessed a steady influx of professionals into the city and rising demand for residential options. This has led to a horizontal expansion of the city's limits, with apartment clusters in new locations. Options in the Rs 50-80 lakhs price band is garnering interest from homebuyers as these options are located within easy commuting distance from the city center and work well as an investment too.

Shrinivas Rao, CEO Asia Pacific, Vestian Global Workplace Services, elaborates, "This is one of the most preferred price brackets as 40-50 percent of the ITITeS employees affordability lies in this segment. Hence, apartments in this category are present in the vicinity of traditional ITITeS corridors on Whitefield, Sarjapur Road-Outer Ring Road (ORR) and Electronics City."

Vestian's research analysis observes that owing to limited availability in the below Rs 50 lakhs segment, the price bracket between Rs 50-80 lakhs has become a favoured choice for most first-time property buyers.

Satish B N, Executive Director South, Knight Frank India, adds, "Options in this price bracket are preferred by first-time homebuyers for whom the primary concern is an investment or owning an asset in a good location. Also, another shift that has contributed to this preference is the age group of homebuyers professionals aged between 25-28 years who prefer a reasonably priced investment."

Locations in focus

According to research by Vestian Global, the key micro-markets for units in this ticket size include Sarjapur Road, Whitefield, Bannerghatta Road and Kanakapura Road. These micro-markets are in the eastern and southern quadrants of Bengaluru and are within close proximity to existing economic hubs of the city.

Source - MB