Despite all the negativities, Bengaluru’s real estate market is booming and has the lowest sales rate of all major cities in the last eight centuries, indicating a real estate boom in the city. The industry has seen significant growth in the last financial year and Bengaluru is providing hope to developers.
The city’s real estate sector has shown commendable growth in the last financial year, leading to further growth in the current financial year. This growth can be attributed to infrastructure development, stable interest rates, government measures and disposable income. Additionally, the market offers many good options for home buyers and investors. A. Overstock, which refers to the time required to sell the inventory of existing homes, decreases each quarter compared to the previous year. This means buyers want more homes from the influx of new homes being built and coming to market. Many neighboring areas in and around Bengaluru, including Whitefield, Vassar, Gunjul, Electronic City, Koramangala, Anekal, Sarjapur Road, Hebbal, Ye Lahanka, Devanahalli and Dodabharapur, are expected to continue expansion.
The North and Northeast areas of Bengaluru have become the focus of business boom; numerous businesses choose to operate in these areas due to the existing infrastructure and proximity to the Bengaluru International Airport. The Satellite Urban Ring Road (STRR) project is expected to further improve connectivity and make the region more accessible. Areas like Doddaballapur are also expected to see population growth, especially due to economic development and easy connectivity with Tumkur Road, Airport Road and Hoskote Road.
Additionally, the new railway connecting the city to Bangalore International Airport is expected to change traffic and reduce travel time. Particularly noteworthy is the increase in export projects in the north of the city (Devanahalli, KIADB Aerospace Park or Thanisandra) from 2024; This shows that Bengaluru’s microbusiness is gradually increasing. East Bengaluru saw the highest number of subsequent deliveries from Tier 1 developers. These positive measures resulted in average annual price increases of 20 percent, among the highest increases in the country. stores, medical centers and offices.
While the demand for flats is strong, the demand for villas and plots is also strong. Some home buyers value affordability, security, beauty and connection. Sustainability figures are significant in their importance with the increasing awareness of current home buyers, especially Gen Z and Millennials. They require the best performance and design, meeting stringent construction standards and using strong materials to ensure safety and durability. Other useful features such as room-level water meters, photovoltaic panels, energy saving systems, rainwater harvesting, large green plants and wide open spaces are also welcomed. Indoor activities with facilities such as clubhouses, gyms, playgrounds, lounges and water features are preferred.
Devices that combine cutting-edge technologies for security and energy management with other technologies in gated communities or integrated cities are in high demand and meet their needs and preferences to adapt to changing needs. A significant portion of new sales (almost 50 percent) was seen in the Rs 1-2 crore wage band; This shows that consumers are interested in premium products and are willing to pay little premium for it. br> The real estate sector in Bangalore is facing a major crisis. This growth was aided by improvements in infrastructure, including the emergence of new metro lines, the construction of major roads, and the construction of railway overpasses and underpasses. Bengaluru is the only major city in the country to see year-on-year (5%) growth in new properties (9%) between January and March 2024. The highest growth in real estate in recent years should be seen; With developers, policy makers, home buyers and investors coming together, the future of Bengaluru real estate looks bright.
