Monday, February 8, 2016

CREDAI-JLL report finds only 3957 unsold ready to-move-in units & 77085 under construction unsold properties in #BLR

These were the findings that emerged from a study titled “Analysis of Unsold Residential Inventory in Bengaluru” (upto December 2015), commissioned by The Confederation of Real Estate Associations of India (CREDAI) – Bangalore Chapter to Jones Lang Lasalle (JLL).  The report was presented by Mr. Ashutosh Limaye, Head Research & REIS, JLL at Chancery Pavilion here today.

Speaking on the occasion, Sushil Mantri, past Vice President-CREDAI said, as we are seeing in the media various numbers presented by various IPC are without any authentic data, CREDAI felt it’s the time to appoint a professional independent and reputed agency to conduct the authentic survey and publish genuine data to the media and all its members. This is sincere effort of CREDAI Bengaluru to present authentic third party vetted data, which is absolutely reliable and correct. This report clears the doubt on unsold numbers of over 1 lakh., when the real fact is unsold inventory in the case where above 80% construction work is completed is only 2% and only 40% to be sold apartments are there in Bangalore, which are under construction at various stages. Bangalore is also the largest office market city in the world in 2015.
Addressing the media and the real estate fraternity, Irfan Razack, Chairman –CREDAI explained that it is important to note is that the study was conducted not just on the properties of CREDAI members, but on the projects of all the developers in the city. The results of this survey are being made public through the media and will be shared through the CREDAI network and outside it as well. The report is accurate as on December 30th 2015.
Commenting on the report, J.C. Sharma , President CREDAI Bengaluru said, “It is important that we take a scientific approach to the development of the city. A scientific tool such as this study will help developers understand ground realities and plan their launches and projects in a better manner. This creates a win-win situation for the Developer, the consumer as well as the city in general”.