Bengaluru has surfaced as the front-runner in South India’s real estate market with housing demand and supply in the city being higher than several other regions of South India. In fact, Bangalore realty market is ranked second to the Mumbai Metropolitan Region (MMR) with regards to supply and absorption for Q1. The steady increase in financial activity, infrastructural upgrades and enhanced opportunities in jobs have resulted in a subsequent upheaval in Bengaluru’s housing market. Based on recent market reports, the northern part of Bangalore has been seeing a visible expansion and rise in demand for residential complexes due to the rapid introduction of IT companies and tech parks throughout that area. The latest trends also suggest that people seeking residences in the northern belt of Bangalore are looking for valuable realty investments options that are deemed to reap higher appreciation value in the forthcoming years.
The Shift to North Bangalore
The most fitting reason for the shift towards this region is due to the rate at which start-ups, IT offices and technology-based companies are thriving. This has a direct correlation to the demand for living spaces in the area for an easier commute and comfortable living. Most of the homebuyers seeking homes in this area are ones that are looking for a luxurious lifestyle in a convenient location that caters both to their comforts and their recreational needs; all under one safe haven. Based on a survey conducted by Commonfloor, the result indicates that the purpose of luxurious home buying in Bangalore is predominantly for investment. The survey also brought forward the fact that homebuyers are looking for apartments in gated communities over individual houses or independent villas. The reason is fairly obvious, gated communities offer a range of facilities and amenities under one vicinity making it a safer, more compact living option altogether.
The Demographic
The type of people who are predominantly seeking living options in and around the stretch of North Bangalore mainly belong to the mid-range sector. This also suggests that the average homebuyer seeking residential apartments in North Bangalore are the ones who prefer 2 & 3 BHK apartments. The need to buy a home that lies slightly on a higher range is directly dependent on the strong desire of such potential homebuyers to lead a luxurious lifestyle that accommodates both their living expectations along with the recreational aspects as well. Based on the same market research, it has come to the fore that about 19% of homebuyers are ready to spend from a range of Rs.60 Lakhs to Rs.1Cr+ for luxurious living spaces.
Overall, by the rate at which things are moving, the real estate market looks extremely promising and also is likely to grow manifold in the forthcoming years, owing to the diverse improvements of infrastructure and connectivity of roads. It is giving rise to a steady demand for premium luxury apartments in the most coveted area of Bangalore – the North.