Market report of real estate Bangalore

It was a slow recovery post the covid-19 lockdown. But, the average property prices did not alter in this period.

The residential market of Bangalore recovered a dip in its site visits and inquiries. This happened during the catastrophic second wave of covid 19.

There was a massive decrease in project registrations and sales.

The developers wanted to wait to launch new residential projects. The city saw a dip in supply by about 70%.

Only 15 new residential projects were registered under K RERA. These were also new phases of ongoing projects. The southern zone had only 50 percent of the shares.

The demand for plotted developments was within one cr. It remained high amongst price-sensitive buyers. There was also an upsurge in inquiries for big houses. The homes such as 3 BHKS and villas were seen more in demand.

The developers have various schemes and discounts. So there was a dip in the city's sales volume in 2021.

The residential rental market remained low and grew. It was after the second wave of covid 19.

The residential real estate in Bangalore came to a standstill from April to June 2021. The rise in COVID-19 cases forced buyers to stop purchasing. The site visits were also reduced because of the restriction of movement and lockdown.

Developers concentrated on attracting potential buyers to buy construction homes. They offered them significant discounts and schemes. Some of them are:

20:80 payment plan
Flexible booking amount
Zero cancellation fee
Free car parking or interiors
EMI waiver

These incentives could have done more to attract home buyers. The city recorded a decline in sales volume this quarter. The sub-registrar offices were also closed during the lockdown. It led to a reduction in property registrations in the city. Only 15 new projects were registered under the Karnataka Real Estate Regulation and Development Act. There was restricted cash flow in a delay in the project registration.

The state permitted inside construction. But the developers were cashless. So they needed help with new construction and raw material cost. Most people were working with half the workforce. So the projects are expected to see inordinate delays. The peak of the COVID-19 pandemic and anticipation of the third wave has kept home buyers from finalizing their deals.

In 2023, the residential boom is expected in Bengaluru. There have been many years of stagnation. But the market saw healthy rent increases in 2022. This rise will increase in 2023. Trends will be driven in 2023 by rising demand from the manufacturing sector. It is anticipated to take speed by eCommerce businesses.

Conclusion

The city of Bangalore had a 45% hike in its sales volume in October December 2020 versus July September 2020. Bengaluru's realty shows a significant improvement in property sales and inquiries at the end of the year 2020. In 2023, the residential boom is expected in Bengaluru. There have been many years of stagnation. Most people were working with half the workforce. So the projects are expected to see inordinate delays. The peak of the COVID-19 pandemic and anticipation of the third wave has kept home buyers from finalizing their deals. It is anticipated to take speed by eCommerce businesses.

Prestige Lavender Fields is a prelaunch apartment by Prestige Group.