Demand for Residential Real Estate Has Plunged in Bengaluru
Bengaluru is well-known for its flourishing information technology industry and vibrant culture. The city has been a center of activity in the real estate industry for several years, with the demand for residential properties skyrocketing over the last decade. However, over the past few months, there has been a significant drop in demand for residential real estate in Bengaluru. As a result, developers and investors need help finding buyers for their properties.
The decline in demand can be attributed to several different factors, some of which include the ongoing COVID-19 pandemic, rising prices, and shifting preferences on the part of consumers. The pandemic's economic impact has caused job losses and pay cuts, making it harder for people to purchase homes. Many people in India hesitate to invest in real estate because the pandemic is still active there. They would rather wait until the situation improves before making any purchases. The significant increase in the cost of real estate in Bengaluru throughout the last few years is another significant contributor to the decline in demand. The cost of real estate in the city, particularly in the more desirable neighborhoods, has increased significantly. Because the prices are so high, many people who might have been interested in buying can no longer do so because they need help to afford it.
Concurrently, there has been a shift in consumer preferences, with more people opting to rent rather than buy homes. This can be attributed to the rising cost of homeownership. This pattern is especially noticeable among millennials and young professionals, who place a higher value on adaptability and mobility than they do on home ownership. They can move around more freely and take advantage of opportunities in different parts of the city or the country because they rent rather than own their home. The decline in demand has put developers and investors in a difficult position, as many are still looking for customers for the properties they are selling. Because of this, there has been a decrease in the number of new projects initiated in the city and a slowdown in the construction activity. Furthermore, developers are being forced to provide discounts and other financial incentives to attract customers, which further erodes their profit margins.
However, the real estate market in Bengaluru also has some positive aspects worth mentioning amidst the negative news. There are still areas within the city experiencing a healthy demand for residential properties, even though demand has decreased overall. High quality of life, excellent infrastructure, and strong connections to other parts of the country characterize these regions. Additionally, many people in the city continue to choose to rent homes rather than buy them, which contributes to the city's robust rental market. Because of this, there has been a significant increase in the demand for rental properties, particularly in regions located near IT hubs and other commercial centers.
To combat the decline in demand, developers and investors need to take an innovative and proactive approach. They need to concentrate on providing affordable and tailored housing options to modern consumers' requirements and preferences. This includes real estate that provides various convenient payment options, low ongoing maintenance costs, and a comprehensive collection of amenities and facilities. In addition, real estate developers are responsible for prioritizing the construction of conveniently located properties and providing a high quality of life. Properties that are located near public transportation, schools, hospitals, and other important amenities are included in this category.
Whitefield, Bangalore, is the location of the cutting-edge residential development known as Prestige Park Grove. On the 80 acres of this Prestige Group-built township, apartments and villas are spread out. This brand-new development features both commercial and residential units. Additionally, it will offer the most competitive price for 1, 2, and 3 BHK houses. Traditional living is best accomplished in the East Bangalore neighborhood. Whitefield is a well-known neighborhood in Bangalore, which is located in the state of Karnataka. This section of the city is home to some of the city's most desirable neighborhoods. The neighborhood is home to the city's significant information technology network, which is responsible for employing lakhs of people. The newly released products in Whitefield are moving quickly. Both Hosokote and Varthur have excellent communication links with Whitefield. The Prestige Group intends to construct two new buildings near the Sathya Sai layout on Chikka Banahalli Road in Kadugodi.
Prestige Park Grove
Prestige Park Grove is a cutting-edge Whitefield pre-launch home development. The total area of the project is 80 acres. Luxury 1, 2, and 3-bedroom units are available in this layout. Villas with 3, 4, and 5 bedrooms are also available. This new Prestige product is a gateway to luxury. The development stands as a metaphor for ease and luxury. As a result of detailed sketches and plans. Large, bright homes are available. The square footages range from 600 square feet up to 1800 square feet. Vaastu principles guarantee a positive energy field. Internal roads and walkways in Park Grove are quite broad. The layout relies heavily on green spaces like parks and gardens. Lush terrains and quads have been carefully placed in the open areas. RERA Board approval is needed for the project to move forward. Whitefield, located in East Bangalore, is a thriving community. Conveniently located near prestigious institutions such as hospitals and educational facilities. Prestige Park Grove Master Plan is home to numerous prominent IT companies and Tech Hubs. Whitefield heads the city's IT operations. Cool new developments have been built here. The forthcoming Purple metro link will greatly improve daily commutes. In the realm of real estate, Prestige Group is synonymous with reliability. The company guarantees the best quality at the lowest prices. Its primary focus is on the major cities in India. Whitefield's future looks bright thanks to the country's IT-boom. In the late 1990s, a sleepy area on Bangalore's outskirts transformed into a thriving suburb. The transformation of this area started with the building of the International Tech Park. Whitefield is home to numerous multinational corporations (MNCs), including software giants Wipro, TCS, and SAP. Because of the change, there was a flood of new people moving in. The area is now home to developments from every major real estate firm. Several future initiatives have been planned. Many construction projects are currently underway, changing the area's physical makeup. Hospitals, schools, and shopping centers are all improving as part of the expanding social infrastructure.
Prestige Primrose Hills
Prestige Primrose Hills is a gated residential enclave located off Kanakapura Road. Excellent apartments set in neatly placed 15 towers with 1 and 2 bedroom sets, these 1680 dwellings have variants in layouts, dimensions, and prices. Planned for bachelor living and small families, each dwelling is thoughtfully designed to offer maximum space, ventilation, and natural light, coupled with stunning architecture, specs, and interiors. Each tower is smartly spaced so that the residents from each home can get an unhindered view of the magnificent central court, a part of the sprawling 15-acre land parcel of this property. The abodes and the curated amenities and facilities are expected to offer a lavish lifestyle that will go beyond the expectations of the buyers - every aspect here will give that signature Prestige experience. The project is currently under construction; the starting price of this property is INR 38 lakhs, and the possession date is 31 December 2024.
The Prestige City
The Prestige City is an ambitious residential township in the very popular Sarjapur Road, East Bangalore. Laid in a humongous 180 acres and 12 million sq. ft. of development area, the smart city has assorted housing - 7000 apartments, 140 villas, and 808 plots. The apartments have 1, 2, and 3 bedroom sets of exquisite units, and the villas have 3 and 4 luxe bedroom sets; both have options in sizes, layouts, and prices with elegant architecture, specs, and interiors. It has been developed and sold out in phases. Every sub-project within the township has its own set of unique amenities, features, and facilities. The Prestige City had a home planned to suit the needs and fancies of most home buyers and is priced to suit every pocket.
Prestige Jindal City
Prestige Jindal City is another set of ready residences in Tumkur Main Road, Northwest Bangalore. Sprawling across a spread of 32 acres, there are 1, 2, 3, and 4 bedroom sets of marvellous 3,571 apartments in diverse layouts, configurations, and prices. Meticulously crafted architecture, specs, and interiors with spacious and well-utilised accommodations feature each residence here. World-class recreation, entertainment, fitness and amenities, and numerous facilities for all age groups are available, attracting many home-buyers. The starting price of Prestige Jindal City homes is INR 81 lakhs.
Prestige Roshanara
Prestige Roshanara is a plush residential complex developed by the Prestige Group. The pre-launch property is being developed on a vast acre of land which offers an unmatched living experience. Prestige Roshanara is a high-rise nestled in the lap of nature and breathtaking views that will please your senses. The property offers exquisitely designed 1, 2, and 3 bedroom dwellings that feature modern designs and bespoke interiors. Prestige Roshanara also offers world-class amenities like a swimming pool, gymnasium, clubhouse, yoga pavilion, dance and music, tennis court, indoor games room, mini theatre, jogging track, kids activity zone, and many more, which will refresh you instantly anytime.
Prestige Waterford
Another project of the Prestige company is Prestige Waterford. The Prestige Waterford project's futuristic design aims to give someone who wants a posh lifestyle a contemporary home. East of Bangalore Whitefield, at Prestige Waterford, which comprises 7 stunning towers and 689 roomy, well-built 3 and 4 BHK apartments spread across a sizable 16 acres of land, is located. Three-bedroom apartments start at Rs. 1.42 crores. This Prestige Group apartment building offers several benefits: a fantastic location, a pleasant and comfortable lifestyle, first-rate amenities, a safe environment, and high potential. On ECC Road in the heart of Whitefield in East Bangalore, an opulent pre-launch building known as Prestige Waterford is expertly built.
Prestige Willow Tree
Prestige Group is one of the leading names among the country'scountry's builders. They have been dominating the sector of new-age construction technologies, fulfilling a wide variety of residential properties, from apartments to villas. The Prestige Willow Tree in Vidyaranyapura, North Bangalore, is a beautifully designed project in Bangalore. Being located close to the International Airport, Prestige Willow Tree will also be a beautiful project to invest in. The residential project also has excellent amenities.
Prestige Meridian Park
Extremely abundant home development is called Prestige Meridian Park. It offers first-rate amenities. The prestige group is the one who created it. The 180-acre Prestige Meridian Park is vast. There are 2680 of them. Apartment-style residences with two, three, and four bedrooms have been thoughtfully created. The interiors of each flat are exquisite. These residences are really elegant. The tower is visible amid the vegetation. The lovely scenery can improve your lifestyle.
Prestige Eden Park
Furthermore, Prestige Eden Park is a stunning undertaking. The prestige group will soon begin work on this residential building. It can be found on Sarjapur Road. One of the city's most developed neighborhoods is this one. 9.7 acres make up its size. The apartments are roomy. Prestige Eden Park has a total of 2217 units. They provide the finest neighborhood and landscaped gardens. You will undoubtedly have a rich life experience thanks to it.
Prestige Kew Gardens
A high-end housing development is the exclusive Kew Gardens. It offers large flats. It is in the Bangalore suburb of Yemlur. 15.74 acres make up its whole area. The initial outlay is 40.17 lac rupees. In 2019, the units were completed.
Prestige Silver Sun
A completed condo is called Prestige Silver Sun. The Outer Ring Road, Sarjapur, and Marathahalli are all close by. This is in Bangalore's East. It is a 3 BHK apartment with a 2 BHK. It is a region with development. The area of the prestige silver sun is 1221–1949 square feet. The starting price for this apartment is Rs. 1.15 crore and beyond. Many amenities are available here, including a clubhouse, a gathering space, and swimming.
Prestige Sunny Side
Bangalore is situated on the Marathahalli-Sarjapur Outer Ring Road. The flat is ready for Sunny Side Prestige to move in. It occupies an area of 3.8 acres. 1370 to 2439 square feet are available in various sizes. At this location, the cost is Rs. 67.82 lacks. An apartment measuring 2439 square feet costs Rs. 1.21 crore. The amenities and infrastructure of Sunny Side Prestige are excellent.
Prestige Lakeside Habitat
Prestige Lakeside Habitat is another posh residential enclave on Whitefield-Sarjapur Road. Sprawling across a massive 102 acres, the project showcases a total of 3,697 unique and breathtaking dwellings, out of which there are 3,426 impressive apartments in 1, 2, 3, and 4 bedroom sets and 271 imposing villas with 3 and 4 bedroom sets in an array of configurations, layouts, and prices. This grandeur overlooks the pristine Varthur Lake, the periphery encapsulates 80 acres of open landscape, and each exquisite villa has private gardens. Each of the abodes is thoughtfully planned and designed, which offers the dwellers a fine living experience. The residents enjoy the perfect bliss: world-class architecture, specs, interiors, select recreational amenities, and other facilities. The starting price of the outstanding property is INR 95 lakhs, and the property is currently sold out.
Prestige White Meadows
One of the most well-known home builders is Prestige Group. The Prestige Group's best project is Prestige White Meadows. Prestige White Meadows in Whitefield comprises four structures and more than 60 villas and bungalows on one of the prettiest hills in the city. Due to its various amenities designed to international standards, Prestige White Meadows is one of the finest residences in Bangalore.
Prestige Aspen Greens
The stunning villa neighborhood known as Prestige Aspen Greens is situated in the city's biggest township, The Prestige City municipality. This collection of villas is part of the 180-acre Prestige City development and sits on a 20.3-acre block of land with numerous four-bedroom homes. Available space ranges from 3344 to 3612 square feet. There are around 149 apartments at Prestige Aspen Greens.
Prestige Serenity Shores
The prestigious real estate developer The Prestige Group's newest affluent, opulent residential expansion project is called Prestige Serenity Shores. This prestigious project is situated in Whitefield's up-and-coming, hip, and quickly growing neighborhood. This region used to be just a peaceful, frequently disregarded footloose town on the outskirts of the metropolis. The premium apartments in the residential complex range from 905 square feet to 2882 square feet and include 1, 2, 3, and 4 bedrooms. The homes are Vaastu-compliant, flawlessly ventilated, amply illuminated, and equipped with the best amenities and services. It is situated on 102 acres.
Prestige Lavender Fields
Prestige Lavender Fields is top-notch and luxurious among Demand for Residential Real Estate Has Plunged in Bengaluru. In Whitefield, Bangalore, the Prestige Group has developed a futuristic residential Township called Prestige Lavender Fields. The development offers luxurious 1, 2, and 3 BHK apartments. The location spans numerous acres and is home to tall towers with opulent urban residences. The idea integrates luxurious outdoor space with contemporary conveniences. This concept is a passionate address for a wealthy life filled with elegant homes and luxurious pleasures. The apartments here are the epitome of exquisite craft. The apartments are carefully designed to maximize the usable space and create a spacious, breezy feel. Each house offers plenty of room and complete seclusion. The homes have adequate natural lighting and airflow. The apartments follow the fundamental Vaastu laws and logistics.
