Bengaluru Ranks First in The List of Top 14 Real Estate Destinations in India

In the revised list of top 14 real estate destinations in India, Bengaluru has reached the number one rank leaving Mumbai and NCR behind. The study was conducted by the real estate data and analytics platform PropEquity and is based on several parameters including supply, demands, completion delays, inventory overhang, market size, etc.

After checking the top real estate markets on the above parameters, Bengaluru has been witnessed as the top market. Mumbai ranked first on the same parameters five years ago which has now slipped down to 8th position. The real estate market of Gurgaon is on the 10th position due to several negative factors such as construction delays and the high cost of residential and commercial properties. The 11th, 12th, 13th and 14th positions are occupied by Noida, Ghaziabad, Greater Noida and Faridabad respectively.

NCR real estate market has seen this downtrend mainly because of the mismatch between demand and supply. Inventory overhang, high property prices and delay in completion of the projects are some other reasons behind it. Moreover, NCR market is investors driven and more than 50 per cent of the demand comes from the investors. The real estate sales also dropped down by 53 per cent over the last one year.

Across these 14 cities on the list, more than 7 lakh housing units remain unsold; Mumbai, NCR and Bengaluru accounting for two thirds of the figure. The price decline in the resale market is attracting more buyers towards it and this is forcing the builders to offer more discounts to the buyers. Despite this, the price of newly launched units have seen an increase of more than 15 per cent.