Real Estate Trends in Bengaluru

Plots or houses are tangible assets considered among the safest and most lucrative investment options. For generations, owning a house has been the priority of every ambitious individual. Today, a piece of real estate symbolizes a person's financial well-being and a financial safety net during testing times.

The affinity towards plot or homeownership continues to fuel real estate markets across India. Among the cities, Bengaluru continues to emerge as a magnet for homebuyers. Thanks to its burgeoning commercial activities, infrastructure development, and favourable climate, the real estate market in Bengaluru is always at an all-time high. The Asia-Pacific Outlook 2023 report by Knight Frank confirms the statement by citing the market of real estate in Bengaluru as the second best out of 24 rival cities.

In this article, we will highlight the top three real estate trends in Bengaluru that will churn the interests of investors and homebuyers in the city.

Property Price

The Karnataka revenue minister's decision to revise the guidance value on 1st October 2023 prompted a spike in the property price trends in Bengaluru. It refers to a land or a house's minimum selling price designated by the government based on the neighbourhood and the apartment construction type.

An article published by CNBCTV18 stated that many areas in the city suburbs will witness up to a 50% increase in the guidance value. These localities include Sarjapur, Whitefield, KR Puram, and Electronic City. The trend will fuel investments in residential apartments in Bengaluru for their high price appreciation potential.

Rental Options

A recent publication by Mint cited Anarock property consultants stating that Bengaluru witnessed a 31% surge in residential rental value this year.

Whitefield, situated in East Bengaluru, is highly coveted thanks to its proximity to major employment centres, outstanding social and retail amenities, and the diverse array of rental properties it offers. Builders are cashing in on this trend to launch premium housing enclaves.

Brigade Sanctuary, located on Whitefield-Sarjapur Road, is an upcoming luxury real estate project. It promises a unique living experience amidst a vast expanse of greenery without being torn off by urban convenience. Fitted with upscale amenities and proximity to IT hubs, educational institutions, and medical centres, Brigade Sanctuary is a lucrative investment option for those looking to tap into the thriving rental market of East Bengaluru.

Future Investment Prospects

Investing in Bengaluru presents a lucrative opportunity, with specific locations poised to deliver even higher returns on investment. Prime investment prospects are anticipated in various city areas, such as Banashankari in the south, Devanahalli and Thanisandra in the north, and Panathur in the east.

Fueling Bengaluru's economic growth is its thriving IT industry, serving as the primary catalyst. The city has become a hub for numerous IT businesses and start-ups, recently witnessing a substantial economic upswing. This robust economic expansion has triggered an increased demand for housing, establishing Bengaluru as an ideal destination for real estate investments.

Conclusion

Fueled by a burgeoning economy and a thriving IT sector, the market of real estate in Bengaluru will continue to gain steam in the coming years. Whether you seek prime residential spaces or commercial opportunities, Bengaluru's real estate trends highlight the city's resilience and potential for long-term returns. It is an exciting and ever-evolving market for seasoned investors and those looking to embark on their real estate journey.