Bangalore is one of the leading real estate destinations in India. It is poised for significant growth in the next decade. Rapid urbanization, booming IT sector, growing residential projects, and a cosmopolitan lifestyle are the key growth factors in residential real estate. The demand for commercial real estate is fueled by the growing economy and new businesses that look for offices and retail spaces. The supportive economy created by the growing IT and pharma industries is boosting demand for commercial real estate.
Let us look at some trends that are expected to take shape in the coming years for real estate in Bangalore:
Growth of luxury properties
There is a growing demand for luxury and ultra-luxury residential properties in Bangalore fuelled by the rising incomes of millennials and the growing number of high-net-worth individuals. These buyers have a high demand in terms of the luxury and aesthetic aspects of the property. They look for exclusiveness and pomp which marks their arrival as successful individuals. Mid-segment residential properties close to major IT parks and hubs will be in demand. Affordable homes that are being developed in new micro markets will rise.
Infrastructure development
The government’s emphasis on better roads and metro connectivity will boost property prices in the adjoining areas. There will be development of new projects along the metro projects which will grow and experience price appreciation. As connectivity improves, commercial development will rise. The infrastructure growth will also cause a rise in the prices of existing properties like apartments in Gunjur.
Sustainability
Green and sustainable living is the new buzz among the young generations. Due to the changing climatic conditions due to environmental degradation, home buyers are now sensitive about the construction practices adopted. Conserving non-renewable resources is something that they look for in 3 BHK flats in Gunjur. Green certifications from environmental bodies add more value to new properties. Practices like rainwater harvesting, water conservation, and use of solar panels are gaining importance, and most builders are adopting these in their new residential and commercial projects.
Smart home technology
Tech-savvy home buyers look for smart homes with the latest technology and installations. Advanced security features and remote access to electronic devices are some features that will be popular. Internet of Things and Artificial Intelligence are set to change the way homes operate. Smart homes will be automatically tuned to the preferences of the residents providing an ambience of comfort and luxury that has been pre-programmed.
The residential and commercial real estate landscape of Bangalore is transforming rapidly. These are some of the trends that will dominate the real estate sector in the next few years.