Prices won't land; buy that Bangalore house now

THE TIME'S RIPE: Experts say even though the rate increments have slowed down, house prices won't drop.

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Keywords: Cushman & Wakefield, House

Bangalore: While property markets in various Indian metros brace themselves for an oncoming correction, Bangalore's residential property rates are not about to drop.

According to a report released by property consultants Cushman & Wakefield, the city has witnessed a stabilisation in prices of homes with the residential rates across the city have recorded a growth of less than 10 per cent in the last year.

But experts say even though the rate increments have slowed down, the prices are not about to fall.

“There are indications that housing loan rates will not go up in the near future, which means that there is no fundamental reason for primary residential market rates to come down. It going to remain the same for the next six months and then it will rise again. So now is a good time to make a purchase,” explains Director, Cushman & Wakefield, Anurag Mathur.

The low market sentiment may have affected small developers but sources say big developers have not witnessed a slow down in sales yet.

While this might be the best time for you to buy a house in Bangalore, experts advise those buying property in the city purely as an investment, to wait a couple of months until after the new airport in Devanahalli is unveiled, as it will change the dynamics and the valuations of Bangalore's property market completely.

“The new airport is now reality. At the end of the month when it will open, the entire dynamics will shift. Access is going to change and that will throw up more opportunities,” Mathur adds.

The Cushman & Wakefield report also states that Bangalore has the highest demand for commercial space in the country, which gives experts reason to believe that the increase in jobs being created will result in more demand for housing.