Citi analysts were in Bangalore [ once upon a time known as Garden City]. Here is what they have to say about the top 3 companies operating in the market. Demand is lackluster with most buyers adopting a wait and watch approach. Oversupply of residential and commercial space continues in Eastern parts of the city (Whitefield and Sarjapur Outer Ring Road) and is unlikely to improve in the near-term.
Purvankara:
Purva Highlands project is on track. The project has 13 towers and foundation work has been completed for all 13 towers while the structure is up for 4-5 towers. 7 blocks were launched in the first phase ~2yrs ago and are 60%-70% sold. Possession of these 7 blocks will be handed over in Sep'09.
Sobha Developers:
Sobha launched two projects in Bangalore - one in North Bangalore (Petunia) and the other in Sarjapur Road (Celsia). In Celsia only ~30 out of 226 apartments have been sold while in Petunia, which is located in North Bangalore, ~107 of the 156 apartments have been sold.
Brigade:
Brigade Metropolis in Whitefield has 1,578 apartments of which ~1,100 are sold. The project has 12 residential towers. The structure is up for 10 towers and delivery of the first phase consisting of 7 towers will begin from Dec 2008. The project has 2 office towers and is likely to fetch a rental of mere Rs 40 / sft / month.
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