As per a recent research, the second wave of the COVID-19 epidemic, as well as the subsequent shutdown, reduced demand for property in Bengaluru by upwards of 25% in the April to June quarter (Q2). Despite the fact that interest has fallen, prices were static. According to the study, prices were stable and increased only by 1% between April and June of this year.
Generally, demand for two and three bedroom houses was high, accounting for 88% of all inquiries in the city. The three-bedroom layout led the residential market responsible for nearly half of all preferences. The 3 BHK in Bangalore tops the residential market, accounting for roughly half of overall demand, despite the fact that the proportion of 2 BHK in Bangalore has decreased by 4% QoQ in Q2, 2021 according to the research.
Housing interest was observed to be focused in areas such as Whitefield, Sarjapur Road and Bellary Road, which have regularly scored top in regards to searches in previous quarters. Unlike the first wave, the second wave has seen a speedier rebound in housing real estate interest. During the quarter, price adjustments ranging from 1% to 2.3 percent were seen in the housing markets of Bengaluru, Chennai, Kolkata and Delhi, which also faced growing medical expenditures and debt.
Bengaluru is among the few places in the country where the luxury sector is still doing well despite the slowing down of the real estate market. Furthermore, the state government’s aid to property owners during the lockout, which included a 5% property tax refund until June 30, boosted municipal morale.