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Emerging Real Estate Trends in Bangalore

Posted by Balaji on April 7, 2021
| 0

What does the year 2021 hold for Bengaluru’s real estate market? Although the year

2021 had a big effect on the real estate sector, it surprised everyone with its stability

and strong recovery potential. Bengaluru has always been a frontrunner in India’s real

estate market, which has always been characterized by rapid growth. Several new

trends have emerged as 2021 appears to be a year of recovery for the industry.  Here

are 5 emerging real estate trends in Bengaluru!

 

Adoption of new technology

This development is unsurprising, considering that virtually every industry in the world

is experiencing a major digital transformation that aims to change its practices and

products. From residential complexes to commercial properties, digital technology has

a positive effect on all real estate offerings. Smart home technology is gaining

popularity, and properties with pre-installed devices are expected to be in higher

demand. Construction practices have also changed thanks to technology, and agile

practices are likely to speed up project completion. Proptech, 3D printing, and digital

construction are only a few examples of industries changing developments.

 

The shift in preferred localities

Work-from-home has changed how people think about homeownership, and one of

those changes is a shift in their chosen areas. In a city like Bangalore, a quick

commute between one’s home and the office is often a top priority for people looking

to buy or rent a home, leading to high demand in areas like Whitefield, HSR Layout,

Electronic city, and Marathahalli until COVID. However, with the emergence of work-

from-home choices and people choosing to spend more time with their families, this

pattern is shifting. People are now looking to buy and rent properties with more

amenities and rooms, regardless of how far away they are.

 

Preferred residential formats

This year, the growing popularity of affordable and mid-segment properties is expected

to continue, with ready-to-move-in properties being the most common choice. The

extra space in 2 BHK and 3 BHK apartments can be transformed into temporary work-

from-home rooms, according to industry patterns.

 

Buying house online

The digitalization trend does not end with digital technology in homes; it also applies to

the process of buying a home. As the pandemic spread, developers built digital tools

for homebuyers to research their options. This shift is expected to become much more

common in the future. Homebuyers can now virtually tour their favorite properties

from the comfort of their own homes. Digital home buying has become a reality thanks

to features such as online payments, digital signatures, video conferences, and digital

sales.

 

Tax benefits

People will now take advantage of tax benefits on affordable housing and private

investment formats such as REITs thanks to the budget 2021. For home buyers, the

decision to extend tax exemptions and interest reductions on home loans till March

2022 is a welcome move. Furthermore, tax deductions on affordable rental housing

formats boost migrant workers’ access to housing. The finance minister also took

measures to make private investment formats like REITs fully available to the general

public by removing TDS exemptions. When this is combined with the proposal to

include foreign portfolio investors, private participation in the real estate market is

likely to expand.

 

Finally, things seem to be improving for Bangalore’s real estate sector, with the real

estate growth rate starting to increase. If you planning to buy a house it’s a good time.

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