The scenario in Bangalore real estate market is entirely different even with the struggle of the realty sector with the country being plagued with the economic upheavals and legislative reformations. The demand for real estate, homes, villas and apartments in Bangalore is pretty high due to the influx of migrants from other parts of the country. The industrial growth in the city is pretty fair with the absorption of office space than no other city in India which signifies there is a constant demand for housing in the metropolis. The property prices also remain fairly stable with a year-on-year hike of the prices of properties with the fact that the market is primarily driven by the end-users and not the investors. Although Bangalore, unlike cities like Delhi, Mumbai, and Kolkata is fairly new as far as the demand for housing and rapid industrialisation is concerned, there are few characteristics that are a part of Bangalore too. The analysts feel they are as follows.
Did you know that Karnataka had the lowest delay in handing over the apartments and homes to buyers which stands at an average of 31 months? The industrial body ASSOCHAM published a report regarding the real estate sector that revealed that as many as 826 projects across the country have been delayed in delivery for more than four years. It also tracked the number of unsold units in the cities across India and Bangalore is at the bottom with the least number of unsold units than many.
IT-Driven Real Estate Market
IT and the ITeS sector are two of the sectors which constitute the major consumers of homes in Bangalore. The growth of IT and the ITeS sector in the city has been phenomenal along with the influx of the global IT giants who have migrated to the city. The employees of these industries are the takers of the mid-segment homes in the city. Not just the sale of homes and apartments but the rental market and the space for co-working and co-living segment is also boosted in the city due to the workforce from mainly these two sectors. The growth of industries in the city along with start-ups is also burgeoning along with the influx of industries in the metropolis. With all of these, the city provides a good infrastructure for the startups and a climate for the growth of industries which attracts the other migrants from other parts of the nation.