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Customer preferences in Bangalore’s real estate market

Customer preferences in Bangalore’s real estate market are driven by factors like location, infrastructure, safety, amenities, green spaces, construction quality, affordability, lifestyle, developer reputation, and legal compliance. These factors collectively shape buyers’ decisions, impacting the demand for properties across various segments. Understanding these preferences is crucial for developers and real estate professionals to align their offerings with the needs and aspirations of customers, thereby ensuring market competitiveness and customer satisfaction.

Preferences By the Customers For Residential

    •    Type of property:Customer Preferences

The majority (59%) prefer Ready-To-Move-In properties for immediate occupancy.21% accept Under Construction properties, possibly for cost savings or customization.20% prefer properties less than 5 years old for modern amenities and construction quality without immediate occupancy needs.

    Primary Vs Resale Property:customer preferencesThe customer preference outlook indicates a preference for Primary properties at 58%, suggesting a demand for new or recently constructed homes. Re-Sale properties, accounting for 42%, showcase a significant interest in older homes, possibly driven by unique characteristics or lower initial costs.

    • Preferred type of property format:customer preferences

These figures suggest a slight increase in preference for Gated Communities in the second half of 2023, while the preference for Independent Floors has decreased proportionally. This information is valuable for developers and real estate professionals in understanding shifting trends and adapting their offerings accordingly. The customer preference outlook indicates a preference for Primary properties at 58%, suggesting a demand for new or recently constructed homes. Re-Sale properties, accounting for 42%, showcase a significant interest in older homes, possibly driven by unique characteristics or lower initial costs.

    • Stage of purchase
Customer Preferences

In the property search journey, 6% are in the final negotiation stage, 28% have just started exploring options, and 13% have completed multiple site visits, showing deeper engagement.

    • The type of housing the buyers intended to purchase:Customer Preferences

Customers have diverse preferences in residences: 52% prefer apartments for urban living, 35% favor villas for spaciousness, 8% opt for penthouses for luxury, and 5% choose rowhouses for a unique housing option. Offering a variety of choices is crucial to meet the varied needs and desires of customers in the real estate market.

    • The preferred number of bedrooms:customer preferences

The majority (55%) prefer three-bedroom homes, suggesting a balance between space and practicality for most customers.

    • The preferred apartment size: Customer Preferences

Customers show varied preferences in property sizes: 13.5% prefer 1000-1200 sqft, 32.7% opt for 1200-1400 sqft, and 17.3% prefer 1400-1600 sqft. The majority leans towards the 1200-1400 sqft range, suggesting a balance between space and practicality is a key consideration.

    • The preferred budget for purchasing housing:Customer Preferences

Customers show varied preferences in property sizes: 13.5% prefer 1000-1200 sqft, 32.7% opt for 1200-1400 sqft, and 17.3% prefer 1400-1600 sqft. The majority leans towards the 1200-1400 sqft range, suggesting a balance between space and practicality is a key consideration.

    • The primary purchase criteria: Customer Preferences

Customers place a premium on connectivity (40%), emphasizing seamless accessibility. A peaceful environment (27%) is sought for serenity, while quality (12%) is prioritized for a premium living experience. This trifecta of connectivity, tranquility, and quality illustrates the nuanced preferences shaping the real estate landscape.

    • Preferred By Residents :Customer Preferences

By this visual we can see that most of the people in Bangalore are interested to stay near the metro connected area this leads to demand in the real estate market of that areas for residential.

  • Some Of The Developers Preferred By The Customers:
  • Prestige Estates Projects Ltd.
  • SOBHA Ltd.
  • Godrej Properties
  • Puravankara Ltd.
  • Brigade Enterprises Ltd.
  • Sattva
  • Mantri Developers Pvt. Ltd.

NRI Preference’s

NRI Preferred Cities To Buy Properties In India:Customer Preferences

These percentages highlight the diverse choices NRIs make when considering property investments in these prominent Indian cities. Understanding these preferences is essential for developers and real estate professionals catering to the needs of the NRI market.

Diverse NRI Interests:Customer Preferences

Purpose of Purchase: The intent of buying a new property is of integral value as it establishes why the investment is flowing in. Statistics show that 57% of NRIs aim to acquire property for personal use, while 43% intend it for their families in India.

Preferences By the Customers For Commercial

Buy Over Rent: Changing PerspectivesCUSTOMER PREFERENCES

In Bengaluru a striking 42% of prospective buyers express a keen interest in purchasing a house due to the exorbitant rise in rental costs.

The Most Preferred For IT Hubs And Their RentsCUSTOMER PREFERENCES

Bengaluru Office Rentals Surge:CUSTOMER PREFERENCES

The upward trajectory reflects a consistent 7% annual growth in the city’s commercial real estate sector.

Preferred areas for shopping in Bangalore And Their Rentals:CUSTOMER PREFERENCES

Preferred By Commercial Tenants:CUSTOMER PREFERENCES

 

This figure shows the interest of tenants based on the areas .We can see that most of the tenants for commercial purpose are very much interested in metro connected areas.

    • People Preferences for InvestmentCUSTOMER-PREFERENCES

This visuals shows a strong inclination towards real estate, followed by moderate allocations to the stock market and fixed deposits, with a smaller preference for gold.

Conclusion:

In conclusion, customer preferences in the Bangalore real estate market are shaped by a range of factors including location, infrastructure, safety, amenities, green spaces, construction quality, affordability, lifestyle, developer reputation, and legal compliance. These preferences vary among buyers, with some prioritizing proximity to essential services and others valuing amenities and lifestyle offerings. Understanding and catering to these diverse preferences is crucial for industry stakeholders to meet the needs of buyers effectively and ensure competitiveness in the dynamic Bangalore real estate market.

****A gratified customer is one who acquires their desired dwelling.****

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