Bengaluru has witnessed a meteoric growth across segments over the last two decades and a half and has been swift to bounce back after the pandemic. The stupendous growth registered is witnessed across all segments, residential, commercial, office spaces, observed industry stalwarts at an event organised by Bangalore Realtors Association India (BRAI) to celebrate the successful completion of 25 years of its existence.
Pre-pandemic, the sales per quarter had hovered around Rs 10,000 crores. Post Covid the scene has turned very positive with the forthcoming quarter likely to touch Rs 20,000 crores. Depending on the location as well as nature of the development, the rates in the varied segments have registered a growth of 35 to 65 per cent. The residential segment alone has witnessed 50 per cent increase in growth, discussed the panel.
Lauding the good performance of the real estate sector in the city were leading industry heads, Irfan Razack, CMD, Prestige Group, Raj Menda Managing Director, RMZ, Ramani Shastri, Managing Director of Sterling Developers, Jitu Virwani, Chairman and Managing Director of Embassy Group and Farook Mahmood, Managing Director of Silverline Realty & Founder of BRAI.
Present on the occasion were Honourable Deputy Chief Minister DK Shivakumar, N Jayaram, former Minister, Roshan Baig and MLA Shantinagar, NA Harris
Addressing the august gathering Dy CM DK Shivakumar said,“Bengaluru has been and will always remain the first choice for all multi-national companies for setting up their office in India.” He assured that the government will extend all support to the builders to ensure faster government clearances.
Talking about the evolution of the skyline of Bengaluru in the last 25 years Irfan Razack, Chairman & Managing Director, Prestige Estates said,“Bengaluru has always had the best developments across asset classes- residential, commercial and retail. Mumbai has a different mindset where its all about FSI. Bengaluru on the other hand the emphasis is on quality of development. It has never been only about ROI. That is the beauty of Bengaluru. Bengaluru market has been very resilient and is doing very well post-pandemic too.”
Farook Mahmood, Managing Director of Silverline Realty & Founder of BRAI, stated, “The suburbs of Bengaluru have registered an impressive growth with all the desired services tuned in, turning them each into self-contained mini-cities. The dynamics have currently changed in the city with every suburb coming with all facilities that are on par with the CBD. The younger residents are increasingly looking to these regions to buy a home.”
With technology taking over almost every segment, real estate sector has not been far behind, the various techno solutions on offer plugging in and transforming this industry to cater to Gen Next. Recognising the key role that technology will be playing going forward in addressing the dynamics of the real estate sector, be it in transactions, in the construction and execution, a second panel discussion on “Leveraging Technology in Real Estate” was hosted.
The panel discussion had leading industry heads Zayd Noaman, Director, Prestige Estates, Aditya Virwani, Director, Embassy Group, Ravindra Pai, Managing Director, Century Real Estate and Ashish Puravankara, Managing Director, Puravankara, participating. The panel was moderated by Nirupa Shankar, Joint Managing Director, Brigade Group.
“Indian real estate has undergone significant transformation over the last few years. Technology has emerged as a pivotal force, revolutionising the property buying experience. Artificial intelligence (AI) is crucial in personalising the property search. By analysing a buyer's preferences, budget, and lifestyle, AI algorithms deliver tailored property recommendations, enhancing the efficiency and relevance of property searches,” avered Ashish Puravankara.
Blockchain technology enhances security and transparency in real estate transactions. Smart contracts and self-executing agreements coded with the terms of the deal facilitate secure and automated property transactions, ensuring a trustworthy and efficient process, discussed the panel.
As part of the 25-year celebrations, BRAI also felicitated 22 stalwarts of the real estate industry, which comprised of leading real estate developers, advocates and architects.
Bangalore Realtors Association of India (BRAI) was founded in the year 1998 and has been tirelessly working for the last 25 years to bring in transparency and fair play in real estate practices along with organised and regulated growth of the city where it has played a major role as facilitator. BRAI has been instrumental in transacting business that has aided in shaping the city to successfully meet the needs of common man. Be it office spaces, retail, warehousing, residences, BRAI has served as a key link in the chain, in the absence of which functionality of the projects as well as completion would have been impacted as a reliable source of connection is key to the success of any project.