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If you are considering investing in Bengaluru's real estate market in 2023, you are joining a rapidly growing group of individuals. Bengaluru allures many with its vibrant economy, heterogeneous culture, and copious prospects.
Renowned for its flourishing tech industry, Bengaluru has emerged as one of the most critical innovation hubs globally, attracting corporate giants such as IBM, Microsoft, and Google, who have established expansive offices in the city. Furthermore, Bengaluru's start-up culture and entrepreneurial spirit have contributed significantly to its economic growth and development.
Several factors underpin the trends in Bengaluru's real estate market, including population growth, economic development, and shifting demographics. For instance, as an increasing number of people relocate to Bengaluru, the demand for housing is surging, resulting in a rise in construction and development. This has given rise to a broad spectrum of real estate trends in Bengaluru, encompassing opulent high-rise apartments to cost-effective starter homes, catering to diverse segments of the market.
Let’s look at the key drivers of real estate growth in Bengaluru :
Simplifying the digital home-buying process
As the Silicon Valley of India and a major center for skilled workers, Bengaluru attracts a diverse range of professionals, including start-up enthusiasts, corporate investors, and migrant workers. In response to this dynamic environment, Bengaluru has aggressively developed digital techniques to enhance customer experiences, such as virtual reality and 3D modeling, guided reality, and walk-throughs. The implementation of digital conferences for client meetings, digitized paperwork, and online payment acceptance has further strengthened the real estate sector in Bengaluru. Consequently, the adoption of digital technologies is expected to contribute to an increase in Bengaluru's real estate growth rate.
According to a recent report, Bengaluru has been identified as the second-best market in APAC cities to watch out for in 2023 in terms of residential outlook. As a real estate investment advisor, it is important to closely monitor such updates. The report further predicts that residential pricing in Bengaluru, the largest of the top three Indian cities surveyed, will likely increase by up to 5% YoY in 2023, indicating a positive trend for real estate prices in Bengaluru.
Why is there a demand for affordable housing in Bengaluru?
The demand for accessible and affordable housing options in Bengaluru is being fueled by the city's growing population and the increasing cost of living. According to current Bengaluru real estate trends, home prices are expected to rise in the near term as demand outstrips supply. Furthermore, with members of Generation Y now legally permitted to make their first real estate investment, there is an upward trend in demand for both residential and commercial buildings.
As a result of these factors, a seller's market is likely to prevail in the future of Bengaluru's real estate industry, driven by limited supply and increasing demand. It is imperative for real estate professionals to remain aware of these trends to make informed decisions and maximize opportunities in this dynamic market.
Mixed-Use Development Properties - A rising trend
Bengaluru real estate trends have witnessed a significant shift towards mixed-use developments, which provide an all-in-one solution for residential, commercial, and recreational needs. These developments offer unparalleled convenience, bringing together various amenities and services within a single project. Moreover, they foster a sense of community, as residents can interact with each other in shared spaces, making them an ideal choice for those seeking a holistic lifestyle in Bengaluru.
The Indian commercial real estate market is expected to continue its stable growth from 2022 to 2023, with Bengaluru predicted to have the highest growth rate in prime office leasing among 24 APAC cities studied at 5% to 7% YoY in 2023. This growth is driven by the increasing millennial workforce in Bengaluru, leading to greater demand for commercial spaces such as offices, co-working spaces, and start-up studios. However, not everyone can invest in massive commercial spaces that require substantial investments.
Nonetheless, India's commercial real estate market is undeniably expanding, with a projected CAGR of almost 13% from the fiscal year 2022 to 2027, according to the Mordor Intelligence study. The report suggests that commercial space is growing rapidly, providing India with the necessary infrastructure to meet its evolving needs. Furthermore, significant institutional investments in the coming years are expected to boost growth in India's commercial real estate sector.
The demand for commercial real estate is being fueled by India's economic expansion, while governmental initiatives and policies related to urban development, such as Smart City and AMRUT, are anticipated to influence the demand for real estate infrastructure. Given these favorable conditions, the future of India's commercial real estate market appears optimistic.
Article authored by: Team Propfynd
Date: 03rd March, 2023