Bengaluru property: New housing launches drop in RERA wake; Reason why revealed
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On completion of more than a month since the notification of RERA rules by the Karnataka government and launch of the RERA portal, the real estate sector here is slowly inching towards an organised future. However, Bengaluru’s residential market has dropped after the launch of RERA, says a report by Colliers Research.
Recently, the Karnataka RERA body announced that they received about 977 applications for registration of projects and about 273 for registration of real estate agents as of 24th August, 2017. The deadline for registration was also extended recently by one month, till 31 August, 2017. However, the numbers are much lower than the expected registrations as Bengaluru by itself has huge inventory of ongoing projects, and the number of agents are also on the higher side.
As per the Colliers International’s report, in H1 2017, the city ranked second in total residential launches in India with about 13,400 new unit launches. The market faced a notable drop of 23% compared to H1 2016. Localities such as Yelahanka, Devanahalli, Ranchenahalli and Kogilu recorded the highest number of launches in the city.
Configurations
| Type | Super Built-up Area | Price |
|---|---|---|
| 2 BHK | 1120 & 1220 Sq.ft. | Click For Price |
| 3 BHK | 1490,1515 & 1580 Sq.ft | Click For Price |
For developers, improved project planning, obtaining all necessary approvals on time and use of modern construction technologies to speed up the construction process will help developers to avoid delays, manage project funds efficiently and align themselves with all the RERA guidelines going forward.
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