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.
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.