5 Key Trends in Bangalore's Real Estate Industry for FY 2020
The real estate sector in India has seen massive growth over the past few years. Reports say that India is all set to become a USD $5 trillion economy by 2024-25.
Though real estate has been one of the fast-growing sectors in India, this industry has also faced a lot of challenges from the financial status of companies to demand-supply ratio, especially after the 2008 global financial crisis.
Bangalore, the Silicon Valley of India has been one of the fastest-growing cities in India leaving behind Delhi and Mumbai. The IT hub with a population of 8.5 million is turning out to be the focal point for the Indian economy.
Here is a glimpse of what more is there for Bangalore’s real estate industry in the coming years.
1. Thriving Workforce
The increasing workforce in the IT city had been one of the main reasons for the significant real estate growth in this area. Being more active on the residential front, Bangalore has also seen a rising demand for commercial space. 2018NASSCOM reports say that Bangalore has close to 7,700 registered startup firms with approximately 1,200 registered in 2018 alone.
2. Fast-growing Real Estate
2018 was a year that brought back the real estate potential back to the Silicon Valley of India. The city saw a massive absorption of office spaces in the first nine months of the year.
Residential projects were also not behind. There was a launch of approximately 870 projecsts in 2018. People looking to buy their homes have unique and trending requirements which may define the future trends.
3. Government Amendments
Introduction to GST and RERA has made some significant improvements in the real estate industry. This city has something for every business. From startups to large enterprises, every company sees future growth when it comes to operating in the garden city. This is why Bangalore attracts a larger ratio of highly-skilled professionals.
4. ‘The’ Destination for Investment
Bangalore tops the list when it comes to investment. Luxury villas are turning out to be the main attraction for NRIs. With luxurious residential projects coming up almost every day and offering various amenities, the number of home buyers is increasing at a rapid rate. Places like Whitefield, Sarjapur, Kanakpura, Mysore Road, and Electronic City are the areas gaining maximum traction.
5. New Trends in the Market
Coworking, co-living, student housing are some of the trends that are buzzing around. This is a major breakthrough for the real estate market. These are trends that are slowly gaining their pace and will probably be one of the reasons for the real estate industry to grow by leaps and bounds.
Overall the real estate industry is seeing an upswing and is getting ready to witness more of it by the year 2020.
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