Bengaluru Real Estate is stable and witnessing growth: CREDAI Bengaluru

CREDAI Bengaluru

CREDAI Bengaluru to encourage sustainable development in construction through waste and traffic management in the expo Confederation of Real Estate Developers Association of India (CREDAI).

Bengaluru announced the second edition of their annual “CREDAI Bengaluru Realty Expo 2019” to be held on October 19 and 20, 2019 (Saturday and Sunday) at Hotel Radisson Blu (Park Plaza), Marathahalli held in a press conference today. With an aim to encourage and promote sustainable development, CREDAI Bengaluru is introducing a Green Zone Initiative where people can get aware and educated about Waste Management, Water Management and Traffic Management.

While discussing about the real estate market situation in the city, CREDAI Bengaluru shared that there is nearly 1,03,000 unsold inventories they have observed among the CREDAI member developers. The first half of this year has witnessed over 17,500 unit absorption. As Bengaluru real estate market is stable and with increasing demand for the residential properties, it is expected that these unsold inventories will be absorbed in another 2-3 years’ time. Implementation of RERA is one of the factors which has helped in the increase in sales of real estate properties.

While comparing the real estate market scenario in the city, CREDAI Bengaluru observed that in the last 10 years, the average sales absorption in the city is around 40,000 units. In the last 3 years, the sector has witnessed 37,000-50,000 units absorption. There is an increased demand for houses within the range of INR 40 lakhs to 70 lakhs. Compared to other metro cities, luxury segment is witnessing demand in Bengaluru.

This realty expo will be a boon for the potential home buyers willing to invest in properties from the credible and Grade A developers in the city and also to stay informed on implementing sustainable living in their everyday life.

The expo will witness 34 developers from across Bengaluru exhibiting different ranges of residential properties to the prospective buyers. Six financial institutions are associated with this expo who can guide the home buyers on home loan, EMIs and other monetary related queries.

As part of its Green Zone Initiative, CREDAI Bengaluru has associated with Hasirudala Innovations and Quick Ride to promote sustainability in construction. The volunteers from these firms will be present at the expo to educate every prospective home buyer on different sustainable initiatives they can adopt to help reduce environmental degradation. In order to curb problems faced by citizens mainly due to waste, water and traffic issues, CREDAI Bengaluru has taken this step to create awareness amongst people through this realty expo.

Talking about the Bengaluru real estate sector, Kishore Jain, President, CREDAI Bengaluru said “Our developers are witnessing demand from the home buyers. Bengaluru being very stable market we have not observed much slowdown in terms of real estate industry. The IT, ITeS and startup companies have helped in increasing the demand. Compared to other metro cities Bengaluru a hub for millennials is experiencing demand from that crowd as well.”

Commenting on the CREDAI Bengaluru Realty Expo 2019, Adarsh Narahari, Chairman, PR and Media Committee said “With rising demand for different types of residential properties, we want the home buyers to take a quick yet informed decision while comparing projects from different developers. Getting credible developers and home buyers under one roof with the financial assistance is the main aim of the expo. Also, keeping sustainability in mind, we are introducing green initiatives and awareness through our expo and have collaborated with different organizations who can help us in educating the visitors and creating awareness around sustainable living.”

Commenting on the second edition of the Realty Expo 2019 Syed Faisal Rizvi, Chairman, Expo Committee said “It’s a great pleasure to bring new concept to our expo and promote sustainability. We are sure that, people who walk in to CREDAI Bengaluru Realty Expo will get a chance to have a360-degree perspective of home purchase procedure with an exposure to developers, bankers and green initiatives”.