COVID-19 has had an undeniable, unprecedented impact on global economic and business transactions. The entire real estate market was on the verge of collapse due to the hazardous dip in investments following the complete nationwide lockdown in March 2020.
However, since then, the real estate sector has taken some strides towards recovery and is slowly showing signs of a stable market flow once again. Bangalore’s real estate graph has shown significant signs of sustainable recovery. The Bangalore realty market is likely to get back on track much faster than other markets.
Why is Bangalore the top choice for real estate investment?
Bangalore is becoming one of the top choices for real estate investment among prospective homebuyers. This is due to its reputation for the lowest delay in handing over apartments to homebuyers. According to ASSOCHAM’s real estate report, Bangalore held the least number of unsold units across all Indian cities. Moreover, according to ANAROCK Property Consultants, Bangalore saw average property prices rise by 2% and observed an increase in unsold properties by 2% despite the pandemic. These are the major reasons why the Bangalore realty market will be quick to recover and give high returns as we speak:
Reduction in stamp duty
The reduction in stamp duty has been a wise strategic decision by the Karnataka government. The cut in property stamp duty from 5% to 2% for properties within the price range of Rs. 20 lakh and 3–5% for properties in the price range of Rs. 21–35 lakh came as a blessing in disguise for homebuyers. This reduction is bound to encourage people to invest in properties. The incentive of getting as much as Rs. 60,000 off on an apartment priced at Rs. 20 Lakh will also significantly aid homebuyers during the real estate market recovery and help pool resources towards uplifting the market.
Facilitating digital home buying
As it is located in the Silicon Valley of India, the real estate market in Bangalore has been the fastest to adapt to fluctuating marketing conditions. It proactively shifted its focus in shaping digital tactics for enhancing customer experience, like incorporating VR and 3D modeling for virtual tours and site visits. Facilitating virtual conferencing for client meets, digitizing documentation, and online payments are some reasons why Bangalore’s realty market could stay afloat and recover even during the pandemic.
Robust connectivity and infrastructure
Solid infrastructure and ease of connectivity are significant advantages for property investment in Bangalore. Property appreciation value depends on its city’s upcoming amenities. Bangalore’s proposed Outer Ring Road and metro expansion will increase convenience for intra-city travel and be a great upthrust for real estate investment. Bangalore’s solid and actionable plan towards curbing the pandemic’s impact on its real estate market has undoubtedly opened up new avenues for real estate growth. The real estate market in Bangalore has been steadily recovering without compromising on providing opportunities to home buyers to buy their dream homes. Following the perspective of a scalable graph, the city has undoubtedly sailed safely through the pandemic. This gives ample assurance to prospective buyers for their investments and optimism about attaining a favorable return on investment. So, if you’re looking for a 3 BHK apartment in Bangalore, Bollineni Astra is the way to go. Bollineni Astra offers 2, 3, and 4 BHK apartments with modern lifestyle amenities and features thoughtfully envisioned with the sole intent to cater to all your needs.