Blessed with beautiful weather, landscapes and with so many opportunities for a peaceful living, Bangalore is the most sought-after metropolitan city for settlements in India. Bangalore is also a major technological and educational hub with the presence of multifarious IT companies, industries, and reputed educational institutions which is why there has been a rising number of population in the city. These influenced the city’s commercial and real estate market with several major establishments upcoming in Bangalore.
Here are some of the key factors and developments that shape the city’s future.
Affordable housing is the need of residential utility in the Indian realty market including Bangalore. Smartly planned residential projects in fusion with technology are in high demand amongst working professionals, the mid-segment population and the first-time homebuyers in Bangalore. To cater to people’s requirements, the real estate developers have invested hugely in multifarious affordable apartments/flats in Bangalore with a myriad of contemporary lifestyle amenities. The implementation of RERA and other such policy measures undertaken by the government related to real estate have helped the real estate market thrive in Bangalore.
Collaborative office spaces & lease extension back realty market
The increasing entrepreneurship and rising software companies in Bangalore have caused demand for more office spaces. The shared office space segment gained popularity therein boosting the leasing values in the city. Great infrastructure for a flexible work environment at low cost comes with adopting the co-working living spaces. Herewith, the expanding commercial market has favored for longer lock-in durations and lease term extensions. The occupancy right of tenants is secured while minimizing the impact of rising lease values.
Smart Homes – The next big real estate evolution
While the whole world is getting smarter with several technological innovations in this globalization era, there is no big surprise that Bangalore is an exception to it. Smart homes are nothing but the integration of home automation system in an apartment/flat at minimal costs. With this, one can take complete control of his/her house using the smart devices anytime anywhere. Luxury and convenience are provided at fingertips to residents with this technological development in residential projects in Bangalore. This is the new reality trend in Bangalore with several smart homes being established here. Immense white-collar professionals, generous high net worth individuals, and expatriates are the major beneficiaries of smart homes in Bangalore.
The co-living concept
The extensive young populace in Bangalore prefers smart choices of living that gave the rise of a new concept called ‘co-living’. It is actually a contemporary form of housing where the residents can share their living space with other people who share the same interests, intentions, and values. The flexibility of living space, lower rental costs, wide range of amenities at one place, minimal maintenance and peer collaboration drive many working professionals and students to take up the co-living concept in Bangalore. Though it is in the budding stage, this new norm is expected to gain the interest of homebuyers in Bangalore in the near future.
Though the real estate market has been sluggish since the past couple of years in Bangalore, the trend is expected to change with the new norms and living trends coming up in the city. If you are planning to invest in Bangalore, then it is the right time to buy your dream property.