B'lore overtakes London in Commercial property
Bangalore, Nov 22: Hot on property demand, especially for commercial space, Bangalore has overtaken London and emerged second in the world after Tokyo in demand for commercial property shooting upto ten million sq ft a day.
Tokyo leads the world with the demand put at about 12.5 million sq ft, Mr K Balakrishna Hegde, President of the Karnataka ownership Apartments Promoters Association (KOAPA), told newsmen here today.
He said for residential space, Bangalore led rest of the country with the total annual demand being 35 million sq ft.
He said work was currently on construction of 140,000 dwelling units(flats) in the city that would be completed over the next two to two and a half years with the annual off take being around 30,000 units. The annual growth was estimated at 30 per cent.
The city had over 400 builders of whom 100 were members of KOAPA, celebrating its Silver Jubilee this year.
He said with the increasing level of salaries and over 100,000 jobs created, Bangalore had seen a tremendous increase in affordability levels of different income comes. The affordable bracket for a majority of the city population which was in the range of Rs15 to Rs 20 lakh four years ago, today ranged betwen Rs 25 and Rs 30 lakh. Similarly the bid segment bracket hovered between Rs 30 to Rs 60 lakh.
He said KOAPA will hold a two day reality show from November 25 offering around 18,000 units from 32 developers with a total cost of Rs 5000 crore. The total area that would be made available over the next two years from these builders was around 20 million sq ft.