Villa prices in India’s IT capital of Bengaluru have reportedly started appreciating, with a jump of 15-20 percent compared to pre-pandemic levels.
Developers said in some of the prime locations in the city such as Whitefield and Hebbal in the north, prices have appreciated by more than 25 percent, Moneycontrol reported .
A villa in eastern Bengaluru’s Whitefield, which was available for Rs 280 million, had gone up to Rs 320 million by March 2023, the report said.
Kiran Kumar, Vice President of Bengaluru-based Hanu Reddy Realty said about 1-2 years back, villas in Bengaluru were selling for Rs 8,000-9,000 per sq ft but today they have jumped upwards of Rs 12,000 sq ft.
“Besides, very few inventories are available today for sale,” he said.
Though Bengaluru city has been predominantly a villa and plotted development-driven market for the last 15 years, industry insiders said the segment saw a dip in mid-2000 when apartment culture surged along with a boost to the city’s IT sector.
“Post-Covid we finally saw an appreciation in villa prices after almost a decade. While inventory continues to remain low, the launched projects are selling out within a year,” the Moneycontrol report said, quoting Darshan Govindaraju, Director at Bengaluru-based realtor, Vaishnavi Group.
Property listing proptech unicorn, NoBroker, said it has observed a 25 percent increase in demand for villa properties this year since August 2022.
“However, if we look at data for August 2021, as of today, there is a 120 percent increase in demand for villa properties,” Saurabh Garg, Cofounder and Chief Business Officer of NoBroker said.
Developers also said that compared to pre-pandemic levels, the companies are witnessing a sharp rise in sales thus shrinking the overall available portfolios, adding to a mismatch in supply and demand.
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