Bangalore real estate market outlook 2021

The city of Bangalore is known for its glamour and stylish lifestyle. People look for comfort in every aspect of their lives. Many people are investing in the city. In terms of economic and social inclusivity, the center is ranked 83 out of 114.

• Unlike metros Delhi and Mumbai, the tech center Bengaluru has emerged as the high-ranked state in the prosperity and inclusion city seal and awards (PICSA) Index. 
• It is referred to as the ‘Silicon Valley of India’ due to its role as the nation’s leading IT exporter.
• According to recent estimates of the metro economy of its urban area, Bangalore is standing tall at the  fifth most productive metro areas of India.
• The city has many state-owned aerospace and defense organizations, which makes it even more lucrative bed for real estate.

The impact of the pandemic on the real estate market in Bengaluru 2021

The real estate business in city has suffered a negative impact from the pandemic. The projects under construction were put on hold as laborer’s returned to their hometowns. Homebuyers were hesitant to invest because of job insecurities caused by the pandemic. The government has been encouraged to take further measures to revive the realty business conditions and taken them to the pre-Covid era.

However, the situation has gradually seem to improved by the end of 2020.

Measures are being taken to recover the Bengaluru realty

According to a survey done by some real estate portals, the realty is all set for recovery and will recover back to normal before other markets. The best time to invest in realty is now because you can not only negotiate the price of the properties in Bangalore, but also get a home loan at a much lower rate. 

Some measures that have been taken to revive the realty in Bengaluru:

• Reduction of stamp duty – The stamp duty in Karnataka has been further reduced by the government. The stamp duty has been reduced to 2% and 3%. The stamp duty for affordable housing units was reduced from 5% to 3% in 2021.
• Healthy connectivity and infrastructure – The infrastructure and connections in Bengaluru have been improved. The government aims to connect all the major highways around the town with the proposed outer ring road. The metro lines aim to decrease traffic in downtown.
• Enhancing the experience of digital home buying – Despite restrictions on on-site visits, the realty agents and builders are still using the digital platform to review their properties in Bangalore. By sitting in the comforts of their homes with families, the developers provided the homebuyers with the opportunity to have a virtual visit of the property they chose to buy. Facilities such as virtual tours, online payments, digital signature, and online documentation have been enabled by the market leaders. 

Bottom Line

The government and developers are revitalizing the market conditions. This will increase the demand for residential properties in Bangalore.

From the above point, we can understand that Bangalore is among the top preferred areas for developers. The best time to invest is now because you can negotiate the price of the properties and get a home loan at a much lower rate.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.