Its quality first for Bangalore realtors

BANGALORE: The accelerating growth of the South Indian real estate market has drawn eyeballs of the country’s real estate industry. A detailed report on the South India real estate market conducted by global real estate intelligence firm Jones Lang LaSalle India has revealed stark statistics. Analysing the real estate footprint of South India, the report stated, “What South Mumbai is to Mumbai or  South Delhi is to Delhi, could well be South Indian cities to India.”In the latter part of the last decade, the south Indian real estate market has done well in meeting the demand for office spaces and affordable houses. “Southern India has for long been the silent crusader, building and strengthening its real estate development as one of the most sought after destinations in the country. With improving transparency and visibility of the real estate markets in the south zone, cities such as Bangalore, Chennai and Hyderabad have attained a place on the global real estate map,” cited the report.With Bangalore, closely followed by Hyderabad, winning reputation as not just the IT hubs, but also for housing various other industries like automobile and healthcare, demand for office space shot up dramatically after 2007. Meeting this demand, Bangalore and Hyderabad have prioritised quality of space over quantity. However, the vacancy rate by the end of 2012 is expected to be 16 per cent, which is considerably lower than the pan-India vacancy rate of over 20 per cent.