The financial year 2013-14 was a good year for the Bangalore real estate market, and the current fiscal is expected to be better, Mr R.Nagaraj, President, CREDAI - Karnataka, said while announcing the CREDAI - Karnataka SBI Realty Expo 2014 in Bangalore today.
Mr R. Nagaraj said, “During the last fiscal, the Bangalore real estate market was stable and steady unlike other metros.” According to him, the Bangalore residential market has witnessed sales of over 45,000 units last year.
More investments in pipeline
Pointing out that many investors have been waiting for the elections, he said, “Once elections were over, investments across industries would start pouring in.” This is especially true for Karnataka, he said, because the Government of Karnataka has attracted potential investments not just in the IT sector but also in automobile and engineering sectors.
“These investments will create a lot of jobs, which will result in increased demand in the real estate industry,” said Mr R.Nagaraj. The ongoing Telengana issue has also resulted in many IT companies looking at Karnataka for their expansion.
Focus on development
The current fiscal 2014-15 promises to be a better year with 25-30 per cent increase in sales, Mr R.Nagaraj said. “Besides, any new government at the Centre would definitely focus on development, which should also augur well for the real estate market,” said Mr R.Nagaraj.
The real estate industry also expects a lot of focus on infrastructure in the first Budget announcements of the new government. “We expect more focus on infrastructure in the Budget, which should see the outskirts on Bangalore blooming and booming,” Mr R. Nagaraj explained. Such focus would ensure more affordable residential projects coming up in these suburban areas, said Mr R.Nagaraj .
The realty expo
The CREDAI - Karnataka SBI Realty Expo 2014, will be inaugurated at 4.30 pm on Friday 25th April &will be held on, April 26 and 27 in SBI LHO, St.Marks Road, Bangalore, is the first such initiative from CREDAI Karnataka, which would see participation of builders from Mysore, Mangalore, Udupi, Hubli-Dharwad, Gulbarga, Bijapur, Belgaum and Karwar, besides Bangalore.
“People from these areas residing in Bangalore can avail of this opportunity to invest in their hometown at Bangalore,” said Mr R. Nagaraj .
Speaking at the occasion Mr.Suresh Hari, Secretary, CREDAI Bengaluru said, “This is an ideal opportunity for prospective home buyers living in Bangalore to invest in properties approved by CREDAI across Karnataka. It is also an ideal time for investment in real estate since property prices are stable and are being offered at attractive rates”.
Mr.Jagadish Babu, President Elect, CREDAI Karnataka said, “Tier II destinations in Karnataka like Mysore, Mangalore and Hubli are very hot as for as property appreciation is concerned. A lot of properties from these cities are being showcased in the upcoming exhibition”.
Speaking on the details of the exhibition, Mr.Anil Nayak, CEO, CREDAI Karnataka said, “85 reputed developers are participating across Karnataka. This is a chance for Bangaloreans to experience home buying and home financing under one roof”.
Mr.Ashwin Mittal, DGM, Housing, SBI, Mr.M.K Datta, DGM (B&O), SBI and Mr.Nagaraj, SBI were present on the occasion. They interacted with the media and answered all the queries.
