Updated: Jun 25, 2021
Importance of owning a home is a key learning in this ongoing pandemic, In the city's residential segment, launches are likely to increase as the fear of the COVID-19 pandemic fades away.
The Real Estate Market in Bangalore is expected to Stabilize and is expected to flourish in 2021-2022, with the addition of new projects, as sales are also expected to recover drastically. The Properties sell faster when compared to the rest of the Top Cities in Bangalore, we can see the Lowest Inventory overhang, As a result there is a grater possibility that Bangalore’s real estate market will shine better in coming days.
The Bill passed by Government Of Karnataka for Stamps - Second Amendment 2020, proposes a 2% cut from 5% on stamp duty for flats priced below INR20 lakh. These steps will show a positive response in home buyers and is aimed at driving demand in Bangalore real estate sector.
A larger population of home buyers are now looking for Ready to move-in homes this also is an adverse effect of the ongoing pandemic – As the banks are now offering flexi payment options and builders are also ready to negotiate. With Work from home being the new trend and is rightly also termed as “The New Normal” Home buyers are now looking for 2.5 BHK and 3.5 BHK config, the idea is the convert the extra space that’s available to an make shift work, This is where the functional and adaptable home configurations are becoming increasingly popular.
Localities to watch out for
The ongoing pandemic has its adverse effects and a sharp increase in reverse migration across of people and this can be seen across India's length and breadth as residents look to remain safe and be close to their families. The suburbs may witness a great demand for premium villas, gated developments that is offering greener space and will enable social distancing.
All Major IT Sectors and Bangalore and FMCG companies have allowed their employees will continue to work from home until June 2021. The New home buyers are looking for options to buy properties that are more spacious and situated in areas which have low density in population and they now willing to relocate farther from the work place.
This new work format has its effect in property search and trend is reflected in Bangalore. Key Areas in the IT hub such as, Whitefield, Marathahalli, HSR Layout, and Electronic city had seen a high in demand before the onset of COVID-19, and now the above locales has seen a drastic decrease New locations are also attracting huge interest from new homebuyers after-May 2020 they include localities such as Horamavu (32 percent), Yelahanka (56 percent), RT Nagar (42 percent), and Hebbal (36 percent).
Preferred Property Types: Affordable utilitarian mid-segment properties continue to remain the top choice of maximum property seekers, with ready to move-in with over 1800+ sq ft are preferred. Home buyers are now willing to invest over 1CR for a mid segment property.
Adaptation of New Technology: The Ongoing COVID pandemic has forced the Indian government to look for ways and alternatives that can minimizing the risk that could affect our economy, and technology has now risen to tackle this mammoth task. The sooner we adopt the better and beneficial results will help the revival of the real estate sector in Bangalore.
Financial Steps- The Non availability of liquidity poses a huge challenge for builders and developers. Lowering of income tax could show a positive boost to this and can overcome the financial burden.
Approvals - Single window format- The Real estate sector needs a single-window clearance system or option, that can stimulate the market and bring in unison between the the real estate sector’s demand and supply.