Fewer launches of residential projects in Bengaluru, which sent rentals into a frenzy, are now pushing prospective homebuyers to scout for options in the resale market. Additionally, most primary residential construction around IT parks has possession dates for next year and beyond.
Demand for two- and three-bedroom apartments in the resale market has increased by almost half over a year. Most apartments available for resale are located in the eastern and northern parts of Bengaluru, with significant demand spilling into the central business district.
Almost 23 percent of the apartments available in the city are ready for people to move in, according to Anarock data as of March, and another 15 percent will be ready within a year, while the rest will take about three years or more.
As offices reopen, most homebuyers are looking for apartments in the CBD area or close to the IT corridor in Whitefield, Sarjapur Road, Hebbal and adjoining areas, which are home to many IT and ITES companies.
With the shortage, local brokers said inquiries for resale apartments have tripled compared to the first quarter of this year. Before the pandemic, the resale bracket in Bengaluru was in the premium luxury segment of Rs 5 crore and above. However, experts said the resale market has widened to a range of Rs 1 crore to Rs 10 crore.
Most of the apartments for resale in the CBD area, situated across prime areas like MG Road and Jayanagar, are 10-20 years old, while contemporary suburbs like Whitefield and Hebbal are five years old.
