With multiple new projects in hand, the real estate market in Bangalore is going to expand in the coming years. Bangalore has the lowest inventory amongst the 7 top Indian cities. But, soon, it will expand its fame as the sales are also most likely to improve. The sales for the year 2020 were very high and are expected to increase more in the following years.
What do the coming years include for Bangalore real estate trends? Although the year 2020 had a tremendous impact on the real estate sector and amazed everyone with its stability and powerful recovery potential. The COVID-19 pandemic has shown us all the significance of spending in real estate. Buyers will give more preference to the ready to move in houses. There is an enormous demand for 3 BHK or 2 BHK houses or houses with an extra or spare room that can be used as a workspace. Homes that are adjustable and can be utilised as a workspace are crucial. Working from your home is the new normal.
The real estate industry has always been known as a rapid growth industry. Since there is always a possibility that you spend on real estate. You will get something huge out of it. Multiple new trends have emerged as coming years look like recovery years for the industry. Here’s a list of some emerging real estate trends in Bangalore.
Emerging real estate trends in Bangalore
1) Choosing new technology:
This trend should not be surprising, Since every industry in the universe is undergoing an extensive digital change that aims to improve all your existing practices and products. The use of digital technology and methods has undoubtedly positively influenced the real estate sector. Be it the household properties or the commercial properties.
Smart housing technology is increasing its popularity day by day, and the properties equipped with pre-installed devices are more likely to grow its demand.
Changes in new technology have also enhanced construction practices. With new technology, constructors can do a quick completion of their designs and projects. They can easily make and present their ideas. Proptech, precast technology, 3D printing and digital construction are some of the technological changes likely to modify the real estate industry in the coming years.
2) More interest toward the preferred localities:
Work from home has changed the thinking of many people about homeownership, and one of the biggest changes is that people want to buy homes in their preferred localities. People usually prefer to buy a home that is near their workplace. It is a top priority for most people, even when it comes to renting a home.
But after the COVID situation and work from home facilities, people want to live more with their family and spend the most time with them. People are searching for houses that have all the basic amenities and spare rooms, regardless of how distant they are from their workplace.
3) Preferred residential constructions:
The trend of buying affordable and ready to move in properties is likely to grow this year. It is most likely to grow in the coming years too. People mostly prefer to buy ready to move in houses. Houses that include all the basic facilities are the most favoured options for the homeowners.
This trend also leads towards an increase in the need for 2 BHK and 3 BHK houses. Where an extra room can effectively be used as a work from home setup.
4) Online home buying:
Due to the COVID-19 situation, all the businesses shifted online. People are now habitual of buying things online. Be it grocery shopping, clothes, makeup or even a property. During the COVID-19 situation, People looked for the properties online on google or on different social media platforms and agents used to show the properties virtually to them. This trend is likely to grow in the future as well.
Homeowners can explore their options and virtually take a tour of the properties that they have picked. Features like digital signatures, video calling, online payments have turned this digital home purchasing dream into a reality.
Multiple benefits are involved with buying a property digitally. You can buy property from any part of the world. Foreigners can also invest in Indian properties more conveniently.
5) Tax privileges:
People can now take multiple tax privileges on affordable housing and private investment formats such as REITs. This decision to continue tax exclusions and interest discounts on home loans till march 2022 is a welcoming move for potential home buyers.
Besides this, tax discounts on affordable renting home
settings can also support the migrant workers to access the house. The finance minister also took some steps. So private finance setups like REITs are available to needy people through the TDS discounts.
6) Increase in the young workforce:
An increase in the young and energetic workforce in Bangalore is one of the most emerging trends in real estate. It could also grow the need of buying commercial properties for offices and studios for start-up businesses.
7) Sustainable housing:
With an increase in the young and energetic workforce, looking for job opportunities in Bangalore can lead to an increase in the demands of sustainable housing facilities. Research shows that young people look for environmentally friendly houses. Therefore, an increase in demand for sustainable housing opportunities in the Bangalore real estate industry is evident, and this trend will continue to grow in the following years.
8) Housing facilities for seniors and students:
Housing facilities for seniors and students is one of the biggest trends in the Bangalore real estate market.
Students look for houses near their college place, which provides them with the freedom to do things. Also, a home that is safe and gives them a homely feeling.
Most senior citizens look for houses that provide senior care and are near their children’s houses so that they can make a proper balance between their families and have privacy.
These are the emerging real estate trends in Bangalore. It shows that spending on properties in commercial areas, homes that provide co-living, allow elder care, are equipped with the newest technology etc. are worth every penny. These houses will only increase their prices as Bangalore is converting into one of the most prominent commercial centres in the country.
If you are looking for such profitable financing opportunities, then check out the projects by Subha Developments that have experience in developing dream homes. Subha offers several choices to satisfy every person’s requirements. We have the best deals waiting for you.
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