As the rest of the world took notice, Bangalore's culture transformed from laid-back to lively and throbbing metropolis virtually overnight. Today, Bangalore is the third most populous city in the nation. The city's real estate market quickly increased as a result of the influx of wealthy, upwardly mobile residents. Real estate development companies rapidly recognised Bangalore's potential and appeal as a location for a migratory population, and they started building a number of enormous and opulent residential towers that brought new residents to the city. With the growth of the real estate industry, the city's physical infrastructure has kept up, and it now possesses top-notch infrastructure. Bangalore is poised for greatness, and the city's allure is heightened by the nice climate it enjoys throughout the year. It is now a global force that cannot be ignored.
The advent of new developments and a rebound in sales were anticipated to revitalise Bangalore real estate in 2021. Following the Q3 2020 sales result, the situation got better. The Karnataka Stamps Tax (second amendment Bill, 2020) proposed reducing stamp duty from 5 percent to 2 percent for apartments priced under 20 lakhs. This was carried out to enable the opening of a drive-in restaurant.
Due to promotions like No GST and ready-to-move-in-now-pay-later programmes, customers favoured ready-to-move-in properties. Since working from home has become the new norm, there is a great demand for 2.5 and 3.5 BHK homes with extra space that can be turned into an office.
Unsold inventory fell by 3% between the first quarters of 2020 and 2021. From Q3 of 2020 to Q1 of 2021, sales increased by over 5400 units. Localities were carefully inspected, favouring those that were close to places of employment. The amount of time spent commuting was decreased, and efforts were made to seek various forms of transportation, including a Namma Metro line.
With ready-to-move-in apartments of 1800 square feet or more, the mid-segment houses were the most popular. Apartments with 2.5 to 3 bedrooms and a price tag under one crore rupees were in demand. The most intriguing plots involved gated communities that could support themselves and low-density buildings.
Mortgage rates are predicted to peak in the not-too-distant future. The Mortgage Bankers Association projects a rate of 3.3 percent for 2021, compared to the National Association of Realtors' forecast of 3.1 percent. All of these prices housing, sales, rent, and real estate are expected to increase significantly in 2021.
Sales are anticipated to increase in the third and fourth quarters of 2021, necessitating the need for work-from-home opportunities as well as big investors such IT professionals and industrialists who want to own rather than rent. Now is a great moment to buy real estate, even if you work abroad.
The city's real estate sector would be significantly changed by Bangalore's metro.
Cities' growth is governed by their transportation systems. Many new workers are moving into cities, where they are working long shifts to fix transit infrastructure. Modern monorails and metro railroads are regarded by many as the best ways to promote economic development. The metro is the best option for a straight link because it is the area with the most serving and rising real estate prices.
The public transportation system has been proven to increase city rates in places like Delhi, Mumbai, and Bangalore by as much as 25% a year. Real estate costs for both commercial and residential properties are increasing as metro lines are constructed all over the city.
Numerous elevated highways, BMTC buses, taxi services, private automobiles, Ola/Uber, and auto-rickshaws are not enough to accommodate Bangalore's continuously expanding population, which is expected to reach 2 crores by 2031. In Bangalore, there is a strong desire for a public transportation system, and expanding the Namma Metro line is without a doubt one of those desires.
Because the metro slashed commuting times in half, employees were encouraged to live in areas where they could utilise it to go to and from work. Buyers started looking for public transportation options in order to purchase flats, plots, and villas. Bangalore real estate is still significantly impacted by the metro. The administration is currently focusing on extending lines and putting measures in place in areas where the metro is not yet operational so that development may begin. The metro expansion line is currently in phase II of construction in a few of the areas.
The value of Bangalore's real estate market started to skyrocket as a result of this effect. The second-largest and first subterranean metro in India is called Namma Metro. Project phase I was finished in 2007, and phase two is anticipated to be finished between 2023 and 2030.
Prestige Park Grove is pre-launch project by prstige group in Whitefield, east bangalore.