Realty Sector Puts Recession Behind
A good indicator of an uptick in the economy is the increased demand for residential and commercial property
. That Bangalore is back to humming is evident from the fact that after a long lull, property transactions have picked up considerably in the city. Ditto for the state.
State revenue from stamps and registration in the first four months of this fiscal (April-July 2010) shot up in Urban Bangalore by 68% to Rs 770 crore. With demand from the IT sector looking up, Bangalore now contributes a whopping 70% to the total state revenue from stamps and registration. The available statistics already indicate a sharp increase in revenue and documents registered, compared to April-July 2009. If the trend continues, property rates may also go up across the city in the near future.
Revenue collection in July touched the highest since April this year, with Bangalore (Urban) exceeding its target in July by almost 33%. Its total revenue of Rs 770-crore since April has also exceeded the overall target of Rs 747 crore set till July. High-value properties get a thumbs up. There is every indication that the realty sector has overcome recession and is looking up. Individual figures for document registrations across five zones of Bangalore (Urban) under the district registrars also increased by 6,521 viz-a-viz July 2009.More properties are being registered in Bangalore Urban. One of the main reasons is that it is the IT hub.
There has been no downward trend so far, said official sources in the department of stamps and registration in Bangalore.
Across Karnataka
Revenue across the state has also increased considerably since April, with a total collection of Rs 1,172.56 crore, which is above target and Rs 415.45 crore more than what was collected during the same time last year. Interestingly, collections have peaked despite a considerable dip in the number of documents being registered.
Realty Talk
Theres an increase in property transactions in the city, perhaps because people see this as the right time to encash. Every year, 8-9% price growth must happen but in the past 2-3 years, it hasnt happened. With increasing demand, we think prices might go up. During recession, buying/selling properties had stopped for a while. Theres also a growing demand for medium-end properties (Rs 1,500-2,500/sqft) than high-end ones. People are also looking for reputed builders in this sector.
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