Are you curious about the future outlook for the Bangalore real estate market? Look no further! In this article, we dive into the latest trends and predictions for the future of real estate in Bangalore.
Bangalore is known for IT and technology-based industries for several years now. As a result, it has attracted a significant influx of people across the country, leading to a high demand for real estate. The city has witnessed tremendous growth in its real estate sector in recent years, with a boom in both commercial and residential properties.
If you’re interested in investing in the Bangalore real estate market, it’s essential to understand its future outlook. In this article, we’ll discuss the current state of the market, the latest trends, and predictions for the future.
Current State of the Market:
The Bangalore real estate market is currently witnessing a period of consolidation. Due to various government regulations and the economic slowdown caused by the pandemic, the market has seen a decrease in sales and new launches. However, the demand for residential properties is expected to pick up in the coming months, as the economy recovers and people return to their workplaces.
Commercial real estate, on the other hand, is expected to remain stable due to the growth of the IT sector in Bangalore. The city has become a hub for startups, leading to the growth of coworking spaces and office complexes. This trend is expected to continue in the future, with several large companies planning to expand their presence in the city.
Trends and Predictions for the Future:
- Rise of Affordable Housing: The demand for affordable housing has been increasing in Bangalore, with developers focusing on building budget-friendly apartments. The government’s Pradhan Mantri Awas Yojana (PMAY) scheme has also played a significant role in encouraging affordable housing development in the city.
- Growth of Smart Homes: With the increase in the use of technology, the real estate market is witnessing a rise in the demand for smart homes. Developers are incorporating features such as home automation and voice-enabled devices to attract buyers.
- Expansion of Co-Living Spaces: Co-living spaces have become popular among young professionals and students. These spaces offer a comfortable and affordable living arrangement and have gained momentum in Bangalore.
- Shift towards Green Homes: The demand for eco-friendly homes has been rising in Bangalore, with developers focusing on building sustainable and energy-efficient homes. This trend is expected to continue in the future, with buyers willing to pay a premium for such properties.
Here is an example of a futuristic project.
Prestige Marigold is a premium residential plotted development that spans 50 acres and contains more than 396 individual plots, Located on Bettenahalli in North Bangalore. It includes plots ranging between 1200 and 4000 square feet in size. There are 30×40, 30×50, 60×40, and 50×80 plots available in this impeccably designed Development.