Bangalore's realty market tops

Property sales in the city went up by 25%

Bangalore property market has outperformed others in terms of sales growth in the first quarter of the present financial year, said a new report.

Property sales in Bangalore went up 25 per cent from 10.2 million sq ft in March quarter of FY 2013 to 12.8 million sq ft (msf) in first quarter of FY 2014. Property sales went down 12.2 per cent in the Mumbai Metropolitan Region and 13.2 per cent on a quarterly basis in the same period, said a report released by HDFC securities today.

“The first quarter of FY14 saw flattish YoY and QoQ growth in pan-India volumes at 62 msf. However, the key takeaway is that although markets like Mumbai and Pune continue to experience volume slowdown, the Bangalore market continues to deliver consistent quarterly sales volumes,” Adidev Chattopadhyay, analyst with HDFC Securities, said.

Price increase was muted in almost all of the markets in Q1 of FY 2014 except Pune which saw a growth of 9 per cent, Chattopadhyay said.