Bengaluru has been adorned with the title of the fastest-growing city. IT-centric growth of the city has augmented the scope of the real estate industry too. Even during the tumulous covid phase, the city maintained the In fact, the city has become a trendsetter in housing – challenging Mumbai and its satellite towns like Thane and Navi Mumbai.
Naturally, the question pops up: what keeps the real estate market thriving all year round? As mentioned above, does the tech explosion in play such a vital role? Is it the sole reason… If not what are the other factors? To answer all the questions popping up, below is a detailed analysis of all the important factors involved in the process.
Every property market is influenced by three integral factors: 1. Location 2. Inventory 3. Prices. These factors determine the worth of the project and eventually the demand for properties. However, the relevance of that property is different in every city. It is important to note why the buyers incline to certain directions before a [proper analysis. Let’s look at the factors that influence buyer sentiment in the market.
1. Demography: Studying demography is vital to understand buyer sentiment in the market. The Silicon Valley of India has experienced mass migration owing to the lucrative opportunities. IT/ITes working professionals are at the top of this list. People earn more and expect a higher standard of living. The city has a large number of buyers who will be owning their first homes. But, these homebuyers have money to invest in the homes, they want special features, all kinds of comforts and at the same time be well-connected to important localities and places. These homebuyers are younger and want to enjoy the finer luxuries of life.
2. Comfort over Prices : People have varied preferences for property in Bengaluru and thus, the market has every kind of option in the book from 1RKs to Sky Villas, Bungalows to Penthouses – the list seems to not have an end. Consumer Sentiment Survey by Anarock Group shows that about 31% of respondents are willing to explore new launches which was much higher than any other city in India.
3. Homes You can Show off : The idea of residences has transformed totally in the current times. Apartments are high in demand but the elements of having a spacious little corner home are still valued by homeowners. Thus, there is a trend of homes with wide well-lit balconies, if they have a private green pocket or garden it is a cherry on the cake.
Homebuyers of the city don’t just want homes, they want an experience. And as mentioned above, the buyers are comfortable spending big bucks on a good lifestyle. The developers find homes where they have a higher budget to add smart features suitable for providing the best amenities because they are not scrunched for making use of every corner. As a result, demand for homes ranging between ₹1 – ₹1.3 crores.
4. Saving Time is a Priority : The absolute pain point of most dissatisfied homeowners is the sluggish Bangalore traffic. The city of start-ups has many visionaries striving to make a name. In the process, traffic definitely is the one common enemy. The apt solution is putting up in the area with the easiest connectivity.
Considering the above-mentioned reasons, it will be easier to see the inclination of the buyers in the direction of certain properties. With respect to the four factors mentioned above here is the conclusion for the different properties:
1. Location: The primary choice is Bennypet – a locality which offers an interesting blend of class, lifestyle and quality homes. Whitefield is the all-time top-grossing locality and HSR Layout and Bellandur follow in line. Overall East Bengaluru is on top and seconded by localities in the centre of the city. Other than these Bangalore these locations offer a desirable appreciation and rapid infrastructural growth makes living here pretty convenient.
2. Inventory: As per the report by Anarock, over one-third of residents were looking for 2BHK homes. Priced under 80 Lakhs onwards this strata of housing provides the security of a gated enclave and smart features. The investors can reap a good ROI on them, so they are suitable for rental as well.
3. Pricing : As per the current trends in the market – post-pandemic – middle-income buyers are allocating more savings for their homes. The mid-segment makes up two-thirds of the total market. The mid-segment ranges from 45 Lakhs to 1.5 crores and the maximum number of homebuyers lie in this category itself.