North Bangalore residential real estate to remain upbeat: Jones Lang LaSalle

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North Bgl residential real estate upbeat: Jones Lang LaSalle
For residential real estate within Bangalore, North Bangalore is expected to continue to remain as the best performing region in the city with strong infrastructure development, increased demand and price appreciation in 2013, according to the Monthly Realty Monitor, of noted real estate services firm Jones Lang LaSalle India.

"Bangalore residential market witnessed improved sales on the back of rising demand in December compared with the previous two months. New launches increased during the month. The major projects launched included Woodland Heights by DLF, New Heaven by TATA Housing and Royale Gardens by Prestige Group. Rents rose marginally in December because of the influx of people and the shortage of ready-to-occupy apartments. Capital values marginally increased across all submarkets, with appreciation in the price of projects that are nearing completion," Jones Lang LaSalle India has stated in its report.

Bangalore witnessed moderate leasing activity in December, the firm has noted.

"The vacancy levels continued to remain low on the back of stable demand and restricted supply. The major transactions included Accenture leasing space in Pritech Park SEZ Phase II on Sarjapur Outer Ring Road, Cypress renting space at Bagmane Tech Park in Sir C.V. Raman Nagar, and L'Oreal taking space in Global Research Triangle at Whitefield. Four new projects were operational during the month. Whilst rents remained stable across all the submarkets because of the balanced demand and controlled supply, capital values slightly appreciated across the submarkets, Jones Lang LaSalle has stated.

Read more about: real estate
Story first published: Wednesday, January 16, 2013, 10:08 [IST]
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