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Real Estate Market in Bangalore 2022


Real Estate Market in Bangalore 2022

Bangalore is considered one of the significant skill centers in India, and it attracts many startup enthusiasts, corporate investors, skilled workers, and the migrant workforce. Therefore, rental properties in Bangalore usually have high yearly demand. Bangalore is a Smart & Shining hotspot for property investors and assured return on investment. One of the critical factors for Real Estate growth is the IT Parks, Manufacturing hubs, and SEZs across the City. Well, Bangalore is now witnessing a new reformation that started in the North Bangalore region. This region has garnered attention ever since the operation of the Kempe Gowda International Airport in the year 2008. It is the rapidly growing region in the city and is becoming the next residential and commercial hotspot. Proximity to the International Airport, Availability of Space, Upcoming Tech Parks, Excellent Connectivity and Real Estate Development are the main factors of growing demand in this region. The famous & best locations in the North Bangalore region are Devanahalli, Hebbal, Hennur, Doddaballapur Thanisandra, and Yelahanka. The city hosts more than 900 IT firms and currently employs a good per cent of India's IT professionals, and fortunately, this situation will soon change for good. Various experts have anticipated that it is the perfect time to invest in properties in North Bangalore to gain maximum returns.

The City is undoubtedly rising, with many MNCs and major global brands establishing their offices in Bangalore. Bangalore's office space absorption per household is relatively healthy at about 50 square feet. Yet, the price appreciation of real estate in the city has not been at par with the metropolitan cities like Delhi, NCR, or Mumbai. Bangalore's urban region was not as populated as today, even if you compare it with the situation a few years back. Bangalore was mainly a paradise for retirement with independent houses or villas. Still, the influx of IT companies and businesses witnessed a massive population explosion with rising demand for real estate properties. This demand, led by the IT explosion in the city, raised the need for residential apartments in Bangalore. Earlier, the real estate industry mainly catered to the higher and luxury class, with apartments rated over crores.

As the population grew with the birth of a considerable number of the middle-class group, the affordable sector gained momentum, and many builders in this segment popped up. The weighted average price per square feet today is around Rs. 4500 whereas Mumbai is Rs. 10 000 to Rs. 12 000. Research suggests that real estate prices positively correlate with GDP, domestic demand, employment rate, and share index. Leaving the share index, all the other factors of Bangalore are highly favorable. As the real estate sector is directly related to the economic development of a region, Bangalore shows a promise for investors. Bangalore registered more than 20 residential properties under Karnataka Real Estate Regulation and Development (RERA) Act, showing a growth of over 40 per cent. A 10 per cent rate cut in guidance value and the overall economic revival helped housing sales grow by over 30 per cent in Jan-Mar 2022. Nearly 14,000 housing apartments were sold in this period.

Homebuyers preferred large-sized apartments - 3 BHK units measuring 1,200-1,500 sq ft - for Rs 1.3 crore budget category in the northern and eastern regions of the city. While residential apartments remained favorites in Bangalore, a segment of homebuyers also showed affinity towards plotted developments and farmlands within Rs 60-80 lakh. The residential real estate sector of Bangalore made a huge comeback in the first quarter of 2022 on both demand and supply sides. In January 2022, property site visits recorded a hit due to the rise of the third wave of the COVID pandemic, which was followed by a short-term mobility restriction. However, the holidays came back from February 2022 onwards. The Silicon Valley city saw a remarkable improvement in sales volume in the surveyed quarter. With approximately 5,000 residential units registered under Karnataka RERA, new housing units launches kept pace with the demand. Most of which were by Category B and C builders near Attibele Road and Sarjapur Road, price starting from Rs 50 lakh. Several highly reputed builders, such as Sobha, Shriram Properties and DS Max Properties, contributed to the new inventory beginning at Rs 80 lakh. As the population grew with the birth of a significant number of the middle-class group, the affordable sector achieved momentum, and many builders in this segment came up.

The experts says that after the introduction of RERA, the homebuyers are more confident about buying homes as they are assured of their profitable returns. The real estate sector of Bangalore is currently striking, with the demand rising every month and the experts suggesting that this is the best time to invest as the prices are comparatively low and have just started to rise.

Sobha Royal Crest is a luxurious futuristic gated community by Sobha Limited. It is an elegant paradise for beautiful homes. The project is bound to create a signature address in the amazing locales of Banashankari, South Bangalore. The lavish project hosts elevated towers featuring high-rise 2- and 3-Bedroom luxury apartments. It is conceptualized to deliver a world-class ambience with upscale homes and modern amenities. Investing in Sobha royal crest will yield you a good return.

Sobha Royal Crest

Sobha Royal Crest

The premium real estate developer, Sobha, presents luxury apartments, Sobha Royal Crest in a prime location of Banashankari, adjacent to NICE Road, South Bangalore. Sobha Royal Crest is an upcoming launch of 3, and 4 bedroom sets luxury apartments available in varied sizes and layouts spread across 6.3 acres. The location of this project has excellent infra and connectivity. These abodes will be a proper tribute to the bygone regal era with eternal craftsmanship and royal splendor. With 329 elegant units, the no. of floors is 2 Basements + 4 Levels of Parking + 28 Floors. Both the 3 and 4 BHK apartments have Domestic Help’s Room. The 3 BHK Super Built-up Area range from 3121.6 - 3475.2 sq. ft., 1849.3 - 1975.8 sq. ft., 1995.5 - 2185.6 sq. ft.

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