Just like many other regions, Bangalore faced significant challenges due to demonetisation, impacting the real estate sector extensively. This situation prompted the introduction of initiatives such as the Akrama Sakrama Scheme and the National Green Tribunal’s efforts to reclaim lake beds across the city. Fortunately, we're beginning to see positive changes as the effects of demonetisation have started to dissipate. With the recent Union Budget announcement, which has notably focused on bolstering affordable housing, demand in the realty market is rising once more.
Bangalore, recognized as the third largest hub accommodating High Net Worth Individuals (HNWIs), has seen a notable demand for luxury housing, especially in the form of apartments and plots. The southern and eastern zones of the city are particularly sought after due to their abundance of commercial complexes and workplaces, which significantly drive residential demand.
There's been a 4% rise in requests for ready-to-move-in homes, and I’ve gathered data to help potential buyers identify property options that align with their budgets.
For home seekers with a budget of up to 40 lakhs, there are plenty of appealing choices, especially in the thriving IT hubs like Electronic City. One-bedroom flats are the most popular option in this price bracket. Married professionals often prefer two-bedroom units located in Electronic City, Whitefield, or Bannerghatta Road.
These areas consistently lead the charts in residential demand, capturing a remarkable 40% of the overall market.
Additionally, Bangalore’s real estate scene is not neglecting the appeal of 3BHK flats and private villas. New apartments are now emerging in the price range of 60 lakh to 1 crore in well-connected regions like Hennur, offering substantial infrastructure along with quick access to the outer ring road and the international airport. Alongside Hennur, areas such as Kanakapura Road and Hebbal are also featuring ready-to-move-in flats designed to meet the expectations of luxury-seeking investors.
For entrepreneurs unwilling to compromise on their lavish lifestyles, Bangalore caters to them with plots and private villas priced between Rs 1 crore to 2 crore, particularly in developments on Sarjapur Road and Arekere. These locations have emerged as prime investment opportunities for wealthy entrepreneurs, predominantly HNWIs, who seek an air of exclusivity and luxury in their living arrangements.