If new launches are any indication, Bengaluru’s realty market is coming back to normalcy. For example, Puravankara has launched two projects in the third quarter of FY18, four more being planned in the last quarter (including joint development). Also, the developer is planning two launches in the first quarter of next financial year. Sobha Developers has announced the launch of one project in Bengaluru North in the third quarter. Sriram Builders’ electronic city project which was delayed by 5 years has got RERA registration.
Green shoots are clearly visible in the Bengaluru’s real estate market which had seen lull after the introduction of RERA. In fact, soon after the introduction of RERA the project pipeline of major developers had almost gone dry. In 2017, most of the developers focused on completing the project which they had already announced as RERA had some penalty provisions for time overrun of the projects. After the introduction of RERA most of the developers had gone back to the drawing board to re-calibrate their yet to be launched projects to comply with the rules to avoid the risk of getting rejected by the authority.
However, real estate consultants prefer to keep their fingers crossed as the unsold inventory is still at uncomfortable level and it may take some more time to get them cleared.