Real Estate Overview in Bangalore
Bangalore is one of India's most rapidly expanding urban areas, earning it the nickname "Silicon Valley of India." Real estate is in high demand because of the city's expanding population. Here is a Real Estate Overview in Bangalore:
Property Used For Living
Bangalore has one of the country's most active residential real estate markets. Knight Frank, one of the world's leading real estate consultancy firms, recently released a report naming Bangalore, in the Indian state of Karnataka, as the best city to invest in residential real estate in 2021. Apartments and luxury villas of all price ranges can be found in the city. With Bangalore's thriving job market, there is a rise in the city's competitive housing market. The city is a magnet for skilled workers because it is home to global tech giants like Infosys, Wipro, and TCS. As a result, this increases the need for urban housing.
Commercial Real Estate
The commercial real estate market in Bangalore is also thriving, with the city being one of India's top destinations for office space. According to a report by CBRE, a global real estate services company, Bangalore accounted for 31% of the office space absorption in India in 2020. One of the factors driving the demand for office space in Bangalore is the city's position as a hub for the technology industry. Many of the world's leading tech companies, such as Amazon, Google, and Microsoft, have set up their offices in the city, which has led to a boom in the commercial real estate market. The city also has many startup companies, further driving office space demand.
Infrastructure
Bangalore is also known for its excellent infrastructure, another factor driving the demand for real estate in the city. The city has a well-developed network of roads, railways, and airports, making it easy to travel within and to other parts of the country. Bangalore is also home to some of the country's best schools and universities, making it an attractive destination for families.
Challenges
Despite the growth and popularity of the real estate market in Bangalore, the city also faces several challenges. The need for more affordable housing is one of the major challenges. With the rise in demand for property, the city has seen a rapid increase in property prices in recent years. It makes it difficult for middle-class families to afford a home. Another challenge facing the real estate market in Bangalore is the issue of infrastructure development. While the city has excellent infrastructure, it also faces traffic congestion, pollution, and inadequate public transport. These issues can make it challenging for people to commute to work, impacting the demand for real estate in the city.
Bangalore is considered one of India's important skill centers, attracting many startup enthusiasts, corporate investors, skilled workers, and the migrant workforce. This is why rental properties in Bangalore usually have high yearly demand. Despite the pandemic, Bangalore real estate market has maintained a steady graph. Although it came to a brief halt, there were a few reasons why Bangalore's real estate market recovered quickly. A few of the reasons were; a reduction in stamp duty (from 5% to 2% for properties up to Rs. 20 lakhs and from 5% to 3% for properties between Rs. 21 lakhs and Rs. 35 lakhs), availability of online procedures for buying and selling of properties via various online portals, and of course excellent development projects which have been completed or are in the pipeline.
Bangalore's housing market has witnessed moderate growth from positive customer sentiments, heightened commercial activities, infrastructure upgrades, and higher job opportunities. Bangalore is market-driven majorly by end-users, according to experts. There is increasing demand from the flourishing IT and ITeS sector and the thriving startup scene in the city. Top-class healthcare and educational facilities available in the town, along with continual physical infrastructure upgrades, are also significant contributors to the rise in Bangalore real estate.
Bangalore continued seeing a solid inclination towards bigger homes ranging between 1,200 sq ft and 1,500 sq ft. The eastern zone remained the favorite among prospective homebuyers, capturing complete inquiries in the studied period. Contrary to the previous quarters, the popular micro-markets of the northern belt posted incremental growth in searches, courtesy of their proximity to the airport and Manayata Tech Park. The city witnessed healthy growth in sales volume, indicating a V-shaped recovery of the real estate market. Amid the higher mortgage prices, geo-political issues, post-Covid pandemic, and increasing inflation, India's Bengaluru emerged as a leading choice – after Singapore and Tokyo – among buyers in the real estate sector for residential projects, showed a report.
Since the real estate industry was marred by a disruptive supply chain, weather events, labor crunch, high rental rates, and others, it has seen a downfall in the past few years. However, post-COVID-19 pandemic, with the market coming back on track, people in the APAC region are looking for places to settle down, selecting Bengaluru for its affordability, says the report. The Asia-Pacific economy will witness expansion in 2023. Economies will once again dominate growth worldwide, which will have effects on its real estate markets. That underlying growth will continue to mark its attraction to occupiers. At the same time, its economic diversity offers ample opportunities for investors to target a range of asset classes to position their portfolios for the post-pandemic landscape". The report cited consistent growth of startups and unicorns coupled with rising income levels for Bengaluru to be among the preferred choice of investors in residential properties in 2023. However, it included challenges like rising mortgage rates and high inflation, damping demand. Also, the standoff between buyers and sellers, resulting in lower transaction volumes, was cited as a challenge.
According to Business Industry experts, growth and opportunity in the realty market are predicted to be worth $1 trillion by 2030. While lucrative opportunities can be captured, it is also crucial to make investments that surge in value over the years. This is why we have listed emerging trends in the Bangalore realty market. As mentioned, investing in real estate properties that have the potential to grow can improve ROI and bring a solid, secure asset for you and your future.
Let's check some of the Bangalore real estate market trends without further ado.
Increase in the millennial workforce:
The increase in the millennial workforce in the IT city is one of India's most significant trends in real estate. This could also lead to a rise in demand for commercial spaces such as offices, co-working spaces, studios for startups, etc. However, not everybody can buy massive commercial areas that require hefty investments. Suppose you have a purchasing power limited to 2BHKs and 3BHKs. In that case, looking into real estate projects in and around commercial areas like White field and Indiranagar is recommended. Not only are these areas famous and well-developed, but investing in them would mean an increase in value due to a forecasted spike in demand.
Sustainable housing:
With the millennial workforce looking for more career opportunities in the Silicon Valley of India, there is an increasing trend of looking for sustainable housing in real estate listings. According to several research, millennial consumer behavior involves looking for eco-friendly options, whether daily necessities or investing in properties. Millennials and the general public have started to follow the school of thought that promotes "collective empowerment." Hence, a surge in demand for sustainable living options in the Bangalore property market is visible. It is wise to look at property listings that enable conscious spending through facilities like energy conservation, solid waste management, etc. For example, Prestige group has launched a sustainable project called Prestige Park Grove; it would be a fruitful choice to invest in an apartment that boosts value and protects the environment.
Housing for senior citizens:
Housing for senior citizens is one of India's most significant trends in real estate. Most kids with elderly parents look to hit a balance between staying close to family and having privacy. Most often, kids would feel reluctant to leave their parents at the nursing homes and would look for apartments in gated neighborhoods and societies. Apartments in Bangalore would be the perfect place to invest in. The Bangalore real estate market is praised as the most sought-after market, as the metropolis is known to be relaxed, calm, and breezy. The apartments with luxuries like 24/7 security personnel, CCTV cameras, fire safety, etc., guarantee a secure environment for elders. Additionally, luxury houses are on-demand in property listings as they are the best plans after retirement.
Innovation-driven housing:
Another significant trend in the Bangalore property market would be innovation-driven houses. Individuals no longer look for apartments with a pool or a gym, and they also look for state-of-the-art conveniences. They look for spas, barbeque spaces, skating rinks, playrooms, libraries, etc., and make a purchasing conclusion based on innovation. For example, Prestige Park Grove by Prestige Group is an attractive and innovative option that keeps the priorities of all age groups in mind and is loaded with resources like a squash court, etc. These spaces are carefully developed to provide the most for house buyers and make an excellent investment opportunity. If you are looking forward to getting a property in Bangalore in 2023, visit prestige park Grove.
Prestige Park Grove
Prestige Park Grove is an upcoming residential project by the Prestige Group, one of India's leading real estate developers. Prestige Park Grove Master Plan features a variety of 2-, 3-, and 4-bedroom units and is situated in the middle of South Bangalore. The apartments feature state-of-the-art conveniences like a clubhouse, swimming pool, fitness center, and beautifully landscaped grounds, making them ideal for today's urban dwellers. Covering an area of 5.8 acres. Apartments are roomy and airy and feature beautiful views of the landscape outside. Families looking for a stress-free and convenient lifestyle will find the project's location convenient to major schools, hospitals, and shopping centers. Prestige Park Grove is a great option for anyone searching for a high-end and comfortable place to call home in South Bangalore, thanks to its dedication to quality, meticulous attention to detail, and prioritization of residents' needs.
Prestige Finsbury Park
Prestige Finsbury Park is a residential complex located in Bangalore, India. It is developed by Prestige Group, a leading real estate developer in the region. The apartments at Prestige Finsbury Park are designed to cater to the needs of modern families and feature spacious and well-ventilated rooms. They have various modern amenities, including air conditioning, fully-equipped kitchens, and high-speed internet connectivity. Residents at Prestige Finsbury Park can enjoy various on-site amenities, including a swimming pool, gym, and children's play area. The complex also has round-the-clock security and ample parking space for residents. Prestige Finsbury Park is located in the heart of Bangalore, with easy access to a range of shopping, dining, and entertainment options. Overall, Prestige Finsbury Park is a luxurious and well-equipped residential complex that offers its residents a comfortable and convenient lifestyle.
The Prestige City
The Prestige Group created the futuristic luxury community known as The Prestige City. This enormous project is located in Bangalore on Sarjapur Road. The setting is a 167-acre piece of land. The project comprises 7000 apartments, 149 villas, and 808 villa plots. The available apartments range in size from 634 to 2290 square feet. The villa's size ranges from 3344 to 3612 square feet. The plot sizes vary from 1200 to 4000 square feet. Added to the project is Forum Retail Mall. East Bangalore's Sarjapur Road is a prestigious neighborhood. Leading schools, colleges, shopping centers, and medical facilities are all nearby. It makes it simple to get to Whitefield and Electronic City, two IT centers.
Prestige Waterford
Prestige Waterford is a delightful neighborhood of apartment houses with various room arrangements to meet every demand. Compliant with vaastu, with an emphasis on solitude and extravagant use of space. When you step outside the house, you are met with a panorama of terraces, step walls, secret courtyards, reflection ponds, lounging places, a maze garden, a mounded landscape garden, and formal courtyards. Each unit may unimpededly take in the spectacular view thanks to all these factors working together. The clubhouse, with its extensive selection of upscale recreational amenities, is a great choice when you wish to indulge in leisure. Additionally, Prestige Waterford is close to critical retail hubs, malls, employment centers, and academic institutions, providing the bare essentials of life. Additionally, it has excellent access to various city areas via arterial routes.
Prestige Jindal City
One of the projects with the most connections in the city is this one. Prestige Jindal City is a 3,571 smart-sized home development with 32 acres of open space, a wealth of amenities, and easy proximity to all you require. Reaching business hubs, including the Central Business District, Peenya Industrial Zone, Manyata Tech Park, BEL, HMT, and Electronic City, as well as entertainment and shopping centers and hospitals, is made simpler by being close to key arterial routes. The project's metro station also offers quick access to Bengaluru's north, east, west, and south. Prestige Jindal City is also close to essential areas like Yeshwantpur, Rajajinagar, Malleshwaram, Hebbal, Dollars Colony, and others. The airport is only a half-drive hour away, and the proposed Peripheral and Outer Ring Roads would provide easy access to the motorways, making travel convenient.
Prestige Primrose Hills
Prestige Primrose Hills is a brand-new residential apartment development by the Prestige Group in Bangalore's rapidly developing Banashankari district off Kanakapura Road. The finest in the Prestige Group's budget and premium sector may be found in the residential community of Primrose Hills. The development offers large residences with abundant amenities. Prestige In terms of livability and surroundings, Primrose Hills is a cutting-edge residential development. The floor plan is exquisite and expertly designed, packing in all the amenities and providing enough room to guarantee you enjoy a good living. The metro area has excellent connectivity, and IT organizations of all sizes can easily access it. Given that Kanakapura Road is one of the most sought-after areas for housing needs, Primrose Hills is being built nearby.
