Bangalore – the moment you say this name, the IT work field and industry automatically starts buzzing in mind. This city is known for IT professionals and the ever impactful field of IT and is rightly also called the Silicon Valley of India. Bangalore as a city is tremendously growing across all the industrial sectors and largely because of IT professionals. The increasing influx of IT workers from all over the country has given rise to the need of quality homes of all types, and thus, the real estate sector has seen monumental growth constantly since the past few years with very few slumps here and there. At present, undoubtedly, the real estate in Bangalore offers the safest bet. But, what holds in The Real estate future in Bangalore. Find out!
Latest in Bangalore Real Estate
India is a place which is driven largely by the needs arising from family based social structure. This country sees marriage, house and kids as indicators of normal and healthy life and associating all these with stable career has given rise to increase in need of houses. “The better you earn, the bigger should be the house.”- This thought process has made way for favorable conditions in luxury homes sector. The latest to witness in Bangalore Real Estate is the increase in the number of villas and luxury or designer apartments, where high end customers can bask in the glory of the achievements and boast the professional success ostentatiously in the form of beautiful villas and independent houses. Of late, a tremendous improvement in the lifestyle of earning population has been observed in the country.
The high paying jobs have influenced the lifestyle of the people of Bangalore and the expanding bracket of high income class is the breeding ground on which the best quality villas are likely to mushroom.
Bangalore also accommodates a large population of aspirants who have just started in their career, or have acquired the ‘happily married’ status quite recently. The demand of this section of people is affordable and quality flats that are located close to their workplaces. This section of people also lay importance to the presence of schools, restaurants, malls and healthcare facility in the area they live. Thus, Bangalore is witnessing appreciable increase in the number of units sold by the realtors that have launched their projects in outskirts of the city. It is estimated that there will be an increase of about 4% to 6% in the number of residential units sold. Bangalore real estate boom will not be affected adversely in coming few years.
Demonetization: Its future implication on Bangalore real estate market
Real estate market was actually weakened by the attitude of hoarders of black money. The prices were rocketing sky-high beyond the affordable limits and many of the potential buyers were forced to continue with rental accommodation. Demonetization has certainly done the much required clean-up. It has brought significant fall in interest rates, making the EMIs a bit affordable. Also, the property price is going to witness a fall of 20-30% making it possible for the realtors to clear the unused units. This increase in buying capacity will surely help realty dealers see more sales and eventually, more growth in coming times.
Regulation Act – RERA : A promise of quality dealings
Everybody wants security of the investment first, and the returns later. The RERA Act is likely to bring more transparency in real estate sector that is perceived as one of the positive drivers of the growth of Indian economy. The growth in any sector is dependent mostly on the confidence of its end users, and this act is going to enhance the confidence of the buyers. This, surely, will pave way for more sales, and in return, for more demand. Future real estate market in Bangalore is going to be buzzing with more activity as the increased confidence will encourage the investors to pitch in more money into the projects leading to their completion within deadlines. Policy changes will revive the residential segment in 2017.
Although sales volume has come down moderately in most of the major cities, Bengaluru was one of the major cities to be least impacted by the recent demonetisation move of the central government. Buyers are likely to delay their purchase decisions for a time, but there is going to be a revivial in demand shortly.
Area-wise future activity round-up in Real Estate in Bangalore
Bangalore is expanding in all directions. People from various work classes and with multifarious business interests are sending positive vibes to the realtors and infrastructure developers of the city. Here is how various regions of city will perform in terms of growth in real estate industry.
- East Bangalore: This is an important work center where Whitefield and other IT-driven residential areas are in development. Many of the prominent residential builders such as Sobha, Brigade etc have launched their ambitious projects here. There are also many queries related to Flats for sale in Bangalore within this area. This area is set to bloom into a primary residential hub in the city.
- West Bangalore: This area of Bangalore is ample in land but low in demand. It does not have much to offer to the people looking for a comfortable home or an easily approachable workplace. The area has few industrial set-ups. But, the proposed metro connectivity to this area is likely to give this area a makeover in future. With increased connectivity it is likely to boost the residential segment.
- North Bangalore: Government has a very positive attitude towards this area of Bangalore and it is promoting a large number of projects here that are economically important. Elevated Expressway, close proximity to airport and proposed Information Technology Investment Region are going to keep this area in the category of most sought after locations for investing in real estate in Bangalore. All major professional builders have their projects running in this area.
- South Bangalore: South of Bangalore is the catchment area for upper-middle class of the city. This area has seen quite an appreciation in the land and flat value in recent years and the trend is not going to slow down anywhere in coming few times.
The real estate future in Bangalore is certainly bright – as the Government policies, better practices and more vigilance is going to give this area all the support required. With mandatory RERA guidelines and strict policies, the best time for investors to invest in real estate of Bangalore is now as the future certainly holds a lot of promises and positive outlook.