Bangalore is one of the cities in India that has a lower chance of facing a deficit in demand for housing options. Its existence as an IT and cyber hub has ensured a continuous stream of population influx which in turn has led to an increased demand for appropriate residential complexes.
Often, people choose their homes depending on several factors. Some of these include the size of the house, the neighbourhood, availability of services such as schools and hospitals, and accessibility to locations such as airports and city centres. Considering the distance from the city to the airport, most people opt for housing on the outskirts. There have been many trends over the years concerning property buying but with the demonetisation of 2016, they have become much harder to predict. The demonetization and the subsequent GST caused confusion in the market as well as in the minds of the purchasers.
The major real estate trends that have gripped Bangalore city are:
- Tendency of buyers to choose established developers
Buyers have realised that the developers who have been in the business for a long time are reliable and can be trusted for their services. People now seek ready-to-use homes so that they don’t have to deal with a delay in the building or the allocation of necessities such as the ‘Occupation Certificate’, water and other resources. Thus, opting for a trusted brand that would invest best resources to build a house is more valued than anything else while investing in a property.
- Size Matters
The size of the apartment or bungalow is of utmost importance to the modern real-estate buyer in Bangalore. With people flooding to Bangalore, as it turns out to be an ideal location overall, there is availability of various kinds of buildings. As a result, builders have capitalised on the market of large standalone houses such as villas and bungalows, and also on apartments and small flats. If one could buy a 3,000 square feet house in the outskirts in the same price as that of a tiny flat in the city centre, a lot of people prefer the former option while settling. But price and area are of course not the only criteria.
- Amenities for Life
What most people look out for are the amenities provided within the housing complex or at least in the surroundings. Amenities can range from recreational to educational ones. It has become a trend for societies to now have a clubhouse as well as a pool to facilitate the entertainment and recreation of the residents. Apart from these, some also offer a range of sporting fields such as badminton courts. For families with young children, a playground is also important for the children to indulge in. People have also become environment conscious and appreciate it when their residence has rainwater harvesting and other mechanisms to reduce wastage of natural resources.
- Location
In a metropolitan and commercial city like Bangalore, location can make or break a buyer’s decision. The areas near educational institutions such as Vasanth Nagar, Indira Nagar and MG Road are most sought after. These localities are known to be safe and have constant police vigilance is also observed. Apart from being safe, these neighbourhoods are ‘happening’ and have a thriving nightlife scene. Such an atmosphere is perfect for youngsters and families.
Bangalore is also infamous for the traffic jams and the time taken to cover even a short belt. This has led to buyers seeking locations close to their workplaces and also at a midpoint between the airport and the centre of the city.
These are just a few trends of many that try to understand the general consumer behaviour of people. There are many people who come to live the IT city of India; there are many factors that play a huge role in shaping the real estate sector. With all of this in place, today, the investors in real estate try to know as much as they can not just about the local, but also about the national and international markets to know, compare and weigh their ROI. With the ever flourishing city, the catch is in staying updated with all the trends to make a smart choice.
