The Future of Bangalore Real Estate

 The Future of Bangalore Real Estate

Bangalore – the moment you say that word, the field of IT work and industry is immediately starting to buzz around. This city is known for IT professionals and the ever-impacting IT industry, and is also rightly called India's Silicon Valley. As a city, Bangalore is rising tremendously across all the industrial sectors and mainly due to IT professionals. The growing influx of IT workers from across the country has given rise to the need for quality homes of all kinds, and thus the real estate sector has seen steady monumental growth with very few slumps here and there over the last few years. Currently, the real estate in Bangalore definitely offers the best bet. But, what really holds a future in Bangalore's The Real Estate. Find it out!

 

Bangalore Real Estate’s Rise

India is a place primarily motivated by needs stemming from family-based social structure. This country sees marriage, household and children as symbols of a normal and safe life, and associating all of these with a successful career has contributed to a rise in housing needs. The process of thinking of earning more and buying big houses has given way to favourable conditions in the luxury homes market. The latest to witness the rise in the number of villas and luxury or designer apartments in Bangalore Real Estate, Where high end buyers will bask in the glory of accomplishments and ostentatiously boast professional excellence in the form of luxurious villas and self-catering buildings. A considerable increase in the earning population lifestyle in the country was observed of late.

The high-paid jobs have affected the lifestyle of the Bangalore people, and the growing high-income class bracket is the breeding ground where the best quality villas are likely to be mushrooming.

Bangalore also houses a significant population of aspirants who have just begun their careers or recently acquired the status of 'happily married.'

This portion of people's demand is affordable, and quality flats located near their workplaces. This group of people often attach importance to the presence in the region they reside of schools, restaurants, malls and health care facilities. Bangalore is thus experiencing a substantial increase in the number of units sold by the realtors who launched their projects in the outskirts of the region. It is projected that the number of residential units sold will rise by around 4 per cent to 6 per cent. The immovable boom in Bangalore will not be adversely affected in the coming few years.

 

Demonetization: its potential effect on the real estate market in Bangalore

In reality, the real estate market had been depressed by the attitude of black money hoarders. The rates were sky-high rocketing beyond the reasonable limits and forced many of the potential buyers to stay with rental accommodation. There is no denying that demonetization has done the much needed clean-up. It has brought substantial decrease in interest rates, making the EMIs a bit affordable. In addition, the property price will witness a 20-30 percent drop which will allow the realtors to clear the unused units. This increase in buying ability will certainly help real estate dealers see more sales and eventually, in the coming years, more growth.

 

Control Act-RERA: a guarantee of quality transactions

First, everybody wants the investment stability, then the returns later. The RERA Act is likely to add more transparency to the real estate sector that is viewed as one of Indian economy's positive drivers for growth. Growth in any sector depends mostly on the trust of its end users, and this act would increase the buyers' confidence. This will certainly pave the way for further sales, and in exchange, for greater demand. Future real estate market in Bangalore will be booming with more activity as the improved confidence would enable developers to pitch more capital into the projects leading to their completion in time. Changes in policy will revive the Housing segment in 2017.

 

Real Estate Future in Bangalore- Conclusion

While sales volume has shrunk moderately in most major cities, Bengaluru was one of the biggest cities least affected by the central government’s recent demonetization step. Buyers are likely to delay their buying decisions for a while but in the immediate future there will be a revival in demand.

The future of real estate in Bangalore is definitely bright – as the policies of the government, best practices and more diligence would offer all the support needed to this sector. The best time for developers to invest in Bangalore's real estate is now, with mandatory RERA guidelines and strict policies, as the future definitely holds a lot of promises and optimistic outlook.