Bangalore real estate market shows a rise in the demand of independent houses, notwithstanding the increase of real estate prices. Data shows demand for independent houses were on the rise across all zones in the third quarter ending on September 2014. A 10 percent rise was noted in North and South Bangalore, while Central Bangalore witnessed a rise of 1 per cent, with the Western part showing a rise of 7 per cent. The highest trend of increasing demand for independent houses was noted in the Eastern part of the city which was 14 per cent.
The experts opine that the reason for this rise in demand of independent houses can be attributed to the rising cost of the apartments which are almost at par with the independent houses. Thus buyers increasingly opt for independent houses which gives them extra freedom and absolute title over the property with lesser cost of maintenance which is higher for apartments.
Apart from privacy and freedom, independent houses stand as a mark of status for an individual. The natural tendency of a buyer would be to decrease maintenance cost which is possible in case of independent houses as he can maintain it as per his own budget.
The experts opine that this trend is driven by the end users. As the majority of the buyers of property are migrants, the demand for multi-storey apartment is still higher. The buyers of independent houses are mostly locals, based in Bangalore who are smaller in number. This view of the experts holds good as the buyers are mostly from the service class working in sectors like IT, manufacturing, etc., holding senior positions.
Scope of variations in Real estate prices
Bangalore being a market driven by end users, the chances of higher fluctuations in prices are low, compared to real estate prices of Mumbai and Delhi.
PropIndex supports this view stating that the real estate market of Bangalore remained steady for the July- September, 2014 quarter. Listed Price Monitor remained the same with Bangalore City Index dropping by a mere 1 per cent during this quarter.
Experts think buyers are probably waiting for the prices to fall after the budget. But nevertheless there were increasing demand of real estate property in locations like Ulsoor, Bannerghatta Road, Sarjapur Road, Vidyaranyapura, HSR Layout, Hebbal, Electronic City, Hennur, Koramangala and Aga Abbas Ali Road among others.