By BS Reporter
Bangalore, the country's information technology hub, has seen sales of 7,000 residential units in the January-March quarter, the highest since 2008, according to a Bank of America-Merril Lynch (BofA-ML) report.
"The flurry of new launches, affordability, rise in the number of investors in Bangalore and softening of rates expected in CY 2013" could be triggers for the record sales, BofA-ML analyst Abhishek Kiran Gupta said in a note.
Bangalore saw new launches of 10,000 units in the March quarter, the third time since 2008 where it has seen such numbers, Gupta said.
According to BofA-ML, the absorption of homes in Mumbai has slightly improved compared to the preceding quarters as the developers of new projects are offering discounts. "No developer has officially cut base prices yet. However, they are offering discounts through 20:80 schemes, stamp duty waivers, floor rise waivers and other freebies to attract buyers. Most new launches in the first quarter have been at a discount to average market prices. Projects announced by renowned brands such as Larsen and Toubro and Lodha witnessed robust sales in the first quarter of CY13," Gupta said.