Tuesday, 10 September 2013

Property values stabilise due to oversupply in Thanisandra, Bangalore - Dreamz Review on Bangalore real estate


Bangalore

Thanisandra, a locality in the Northern zone of Bangalore, has lately been witnessing stable property values. According to the city-based consultants, currently, Thanisandra has an oversupply of stock and there are many units which do not have any takers. As per the data with MagicBricks.com, the capital values in Thanisandra dropped by almost 15 per cent in the Apr-Jun 2013 quarter as opposed to the consistent rise of 5, 15 and 4 per cent respectively in the Jan-Mar 2013, Oct-Dec 2012 and Jul-Sept 2012 quarters.

Several projects were launched in the beginning of 2012, as it was believed that the values would rise as the projects neared completion. Avinash Rao, regional director – South, Knight Frank Pvt Ltd, once commented in MagicBricks.com’s PropIndex that, “Thanisandra witnessed several launches in the Jul-Sep 2012 having low prices. These are expected to rise once the projects take-off.”

A part of what Rao said did happen. The prices rose in the subsequent quarters but they dropped considerably in the Apr-Jun 2013 quarter, indicating that the area could not absorb the number of units that were being produced. Supporting this, Hemand D Rawal, director of Samruddhi Realty says, “Currently, Thanisandra faces an excess supply, as there were a number of new launches, especially in the mid-income category, and this led to a drop in capital values.”

Another reason hampering the growth of property values is the proximity to other preferred residential locations such as HBR Layout, Hebbal and Nagawara. These locations also offer properties in the range of Rs 3,500 and Rs 4,000 per sq ft. Rakesh Nathan of Property Estates says, “The overall housing demand in Thanisandra gets shared between the other nearby localities. Since, these offer properties within the same range, along with a well-developed social and physical infrastructure, there is nothing special that Thanisandra offers to attract buyers.”

Source-TOI

4 comments:

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  3. From the North of Bangalore Thanisandra is a village slated for development as an alternative road to Internation airport of Karnataka by this public announcement made most of the builder to come with luxurious project. Again this area is closer to the outer ring road nearly about 2 km so many lay outs and and complex has been planned for this location. The sudden investment on this area made an over supplay than demand for this area. The government should limmited the alloction which lead an over suplay and loss for builders.

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