BANGALORE: The country’s IT capital saw the highest number of new residential property launches between January and September of 2013 among Indian cities. The final number for the year could be the highest ever for the city.
Bangalore is estimated to have accounted for a record 30% share of the 1.32 lakh units launched across the top eight cities in the country in the first nine months of 2013, a reflection partly of the positive sentiments in the IT industry through most of the year. NCR accounted for 23% of the overall pie, followed by Mumbai with 19.14%, Pune 11.29% and Chennai with 7.25%.
In the same period of 2012, Bangalore accounted for just 9.25% of the total 1.25 lakh new launches, while NCR had the largest share of 34%. So in 2013, Bangalore saw a whopping 205% growth over 2012. Chennai, NCR and Pune reported negative growth rates of 44%, 28% and 26% respectively. Mumbai had a modest growth of 19%.
“The economic slowdown had an impact on end user sentiments in the country last year,” said Sanjay Dutt, executive MD for South Asia in property consultancy Cushman & Wakefield.