B’lore realty market likely to beat whole of Delhi NCR in 2 yrs
Gurugram: There is likelihood of major change in pecking order of the size of real estate markets in the country. Bengaluru is expected to outshine the whole of Delhi NCR market, both in terms of sales as well as launch residential properties, in the coming two years.
While Bengaluru is expected to account for 20 percent share of the total sales of homes by 2023, Delhi NCR is likely to settle with just 18 percent of all the houses sold in top seven cities of the country. Similarly, The IT Capital is expected to have 17 percent of all the new launches while Delhi NCR is likely to account for just15 percent. Overall, the top seven cities are slated for sales of 3.17 lakh homes and launches of 2.62 lakh by 2023, according to a report by ANAROCK.
Interestingly, Delhi NCR comprises of many important real estate markets like Gurugram, Noida, Ghaziabad, etc. in the country.
Mumbai is expected to lead from the from in terms of both sales and launches. The Maximum City is slated to account for 28 percent of the sales and 30 percent of new launches.
2021 is likely to fare better than 2020 for the real estate industry. However, it is unlikely to reach the levels of 2019, the most recent peak. The year 2021 is likely to witness sales jump by 30 percent as against 2020 and the new launches may increase by 35 percent in the top seven cities.
Mumbai and Bengaluru are expected to drive residential real estate activity in 2023.