The Indian real estate market saw four significant hurdles in the last few years. Demonetization, application of GST, the introduction of RERA, and crisis in some financial institutions impacted the real estate sector. Furthermore, the pandemic added to its woes. As lockdown brought everything to a standstill, the real estate sector struggled with oversupply in some cities. Real estate developers in Bangalore have been offering attractive options for new home buyers after the pandemic.
Real estate is now a buyer’s market After lockdown eased, people began to analyze things. Investments in other areas, except real estate, had suffered. People say that real estate is the safest investment. Evidence of this can be seen in the surge in residential projects in Bangalore. Those living in rented houses realized the importance of owning a home. Digitization helped people to find suitable homes, land, and apartments. After the pandemic, the real estate industry learned to find new business ways.
Shift towards larger and spacious homes The organized real estate sector saw a silver lining in the post-pandemic era. Reputed brands used their credibility, experience, and resources to find new prospects. Teaming up with financial partners, they made owning a home easy for those living on rent.
Luxury apartments in Bangalore have gained popularity. Financial institutions saw massive potential in new home buyers and have been offering attractive interest rates on financing real estate to help people make their dreams of owning a luxury property a reality. Buyers saw the opportunity to buy more spacious homes. Those with the budget for a 2 BHK apartment could easily afford to buy a 3 BHK apartment in Bangalore instead.
Ready-to-move-in homes back in trend The real estate business has become a buyer’s market. There was also a new trend witnessed; buyers preferred ready-to-move-in homes. Gone are the days when one would spend time, energy, and fortune buying a home.
Buyers are not willing to wait for ages to move into their new homes. With easy access to finances, buyers can pay all the money upfront to the builder who offers ready-to-move-in properties. This has accelerated the pace of construction.
Branded developers back in the game Branded real estate developers have sensed a change in the buyer’s mindset, which has given them an edge after the pandemic. They have been offering a suite of facilities, including gyms, indoor pools, and recreational zones, to fulfil buyer’s needs.
The rising popularity of community living Lockdown gave people time to revisit their neighbours and live like a community. This has spurred the popularity of community-centric living. Many home buyers are now looking for homes that offer them this, including easy access to farmer’s markets, shops, and clinics, within a small radius. They are also looking for smaller real estate projects that offer the chance to meet and mingle with Neighbours, have parks and recreational spaces, and fitness centres. This trend is likely to continue in the future.