Bangalore, known as the Silicon Valley of India, has experienced one of India’s fastest urban growth rates, surpassing Delhi and Mumbai. With a population of 8.5 million, the IT cluster is emerging as the center of the Indian economy.
Due to a large number of migrants from other parts of the country, there is a very high demand for real estate, homes, villas, and flats in Bangalore.
The city’s industrial growth is really average and it absorbs more office space than any other city in India, which shows that there is a continuous need for homes in the city.
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Due to the fact that end users, instead of investors, are primarily responsible for driving the market, property prices have increased year over year.
Here are some current real estate market trends in Bangalore.
- Thriving Workforce
The area’s huge real estate development had as one of its primary drivers the expanding workforce in the IT city. Bangalore’s rising residential activity has led to an upsurge in interest in corporate space.
- The workers in these businesses occupy the city’s middle-class dwellings. The city’s rental market, capacity for co-working and co-living, and home and apartment sales are all helped by the population attracted mainly from these two industries.
Along with the entry of industries into the metropolis, start-ups and industrial expansion in the city are both rising. With all of these, the city offers a favorable environment for the development of industries and a good infrastructure for start-ups, both of which draw other immigrants from other regions of the country.
- Fast-growing Real Estate
In the first nine months of the year, there was a significant increase in the city’s demand for office space. Another significant characteristic of Bangalore real estate buyers is that they usually focus on credit and take out home loans to purchase properties.
Due to the small number of investors, the majority of buyers purchase homes or properties using bank loans. The idea is that permission from any of the banking institutions signifies that the property has undergone proper research and is taken by the buyers as being free from dispute.
The cash shortage created by the demonetization did not have the same impact on the Bangalore real estate market as on the shareholder markets since the Bangalore real estate industry depends heavily on credit financing from financial institutions.
- Government Amendments
The real estate sector has seen several major advancements with the introduction of GST and RERA. There is a company in this city for everyone. Every business, small and large, anticipates future expansion when working in the garden city. Bangalore draws a larger percentage of highly qualified professionals as a result.
- The Destination for Investment
When it comes to investment, Bangalore comes in first. The primary draw for NRIs is now turning out to be luxurious homes. The number of home purchasers is rising quickly as a result of the numerous luxurious residential developments that offer diverse facilities showing up practically daily.
Bangalore has already earned a culture as one of the most favored locations for real estate investments, particularly among the wealthy neighborhoods in the city.
Luxury villas are not just in demand from NRIs but also from local consumers like senior executives and business owners. Therefore, it makes sense that areas like Sarjapur, Hoodi, Whitefield, Kanakapura Road, and Mysore Road have a strong development focus.
- New Trends in the Market
Co-living has become more popular as a result of a number of causes, including fun amenities and the appeal of residing with individuals who have like-minded interests. People who choose co-living, in contrast to some collectives, do not cut themselves off from the world outside of their residence; instead, they engage in regular social interaction while preferring to live with like-minded people. Co-living possibilities have been growing all over the world as a result. In addition to cities all over the world, there are co-living places as well, with numerous businesses offering multiple locations. These are trends that are rapidly picking up steam and are likely to be one of the factors driving the real estate sector’s rapid expansion.
- As demand increases, the city is likewise growing and relocating away from prime areas. Real estate developers are showing more interest in areas like Sarjapur-Attibele Road, Whitefield Extension, Kanakapura Road, and Yelahanka-Kogilu in North Bangalore.