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Bangalore residential property review and outlook for 2014

Bangalore has been one of the fastest growing city of India over the past few decades. Information Technology has been the major growth driver responsible for aggressive real estate development of the city. Being the

Outlook

Bangalore's residential markets are exhibiting continued steady growth in 1H14. Capital values are forecast to stabilise and rents for residential properties in the city are predicted to record marginal growth.

The first half of 2014 will be defined by a moderate number of launches of residential projects, and stable demand. Rents and capital values will remain stable during 1H14 and increase in 2H14.

The following factors will influence capital appreciation and rental potential in Bangalore:

•Growth in the IT Industry

•An increasing number of High Net-Worth Individuals and Non Resident Indians (NRIs) / expatriates

•Proposed infrastructure by the Government (Peripheral Ring Road, Metro Rail, Signal Free ORR, High Speed Rail Link, Mono Rail and Elevated Expressway).

•Proposed SEZ and IT parks in North Bangalore (ITIR in Devanhalli, Aerospace SEZ, Devanhalli Business Park, Airport City)

(Sanjay Chugh is Head - Residential Services (Bangalore & Chennai) Jones Lang LaSalle India)

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