Real estate suffers 10% drop in Bangalore

The Brigade Group said on Friday the real estate sector in Bangalore had suffered a 10 per cent drop due to the economic slowdown.

"Like other sectors which bore the brunt of recession, the impact on real estate has also been felt. Even a cosmo city like Bangalore, which was most happening in terms of real estate, has suffered a 10 per cent drop", M R Jaishankar, chairman & managing director of the group told reporters.

The real estate group, which has three properties under Homestead in the city, would, however, launch all its 12 properties, of which seven are in Bangalore by 2012, including two hotels in partnership with the Sheraton group, he said.

"One of the Sheraton Hotels will be opened in another 15 months", Jaishankar said. The remaining five include an island resort in Kerala. "Except one Sheraton hotel in Bangalore, all others are on the drawing board, but however will be launched by 2012", he said.