Property buyers in Bangalore can breathe easy as homes become more affordable in the city - real estate agents report a softening of prices as a large number of independent bungalows are giving way to compact premium apartment complexes.
Property prices in Bangalore peaked in 2006, leading to the sprouting
of new residential projects in Sarjapur Road, Hosur Road, Bannerghatta
Road, Bellary Road, Doddaballapur Road and Hoskote.
The apartment and
villa complexes under construction would take care of the demand
for the next 8 to 12 months in the city
The last 6 months have seen an appreciation of prices by a modest
5%, though the new neighbourhoods fringing the city registered
a 10% hike.
Investors have been shying away from real
estate Bangalore following high quotes from builders and unaffordable interest
rates.
The glut of properties - 2,500 villas in Whitefield-Sarjapur and
another 1, 40,000 to be completed by 2009, will help stabilize
prices in these suburbs.
