BENGALURU’S PROPERTY TRENDS TO WATCH OUT
Mayank Saksena MD & CEO-Land Services, Anarock Property Consultants Pvt.Ltd concurred to the popular view that Bengaluru property market has been super resilient even during the times of pandemic. “City-wise, MMR and Bengaluru are going to see maximum housing new launches in 2023. Of the total, 4.5 Mn sq. ft. new mall supply to come up in 2021 across Indian cities at least 1.22 mn sq. ft. is to come in Bengaluru. Also, the city witnessed maximum new office completions in H1 FY22 – approx. 7.3 mn sq. ft.” Preetham Mehra, Senior Executive Director, Head Government Business, CBRE India Said, “Bengaluru’s majority population is of IT professionals. They are aware of the latest trends and demand the same from the developers as well as the government in terms of city development. Also, the realty firms operating here are mostly home grown with more than 2-3 decades of experience and therefore understand the market well. Moreover, unlike other cities where development is predominantly concentrated either in one direction or in a particular corridor, here growth is occurring across multiple regions simultaneously. Lastly, the infrastructure development is offering ease of access to peripheral areas opening them as future real estate destinations.” Ashwinder Singh, CEO, Residential Bhartiya-Urban shared, “Around 60-100 units were launched in last quarter in Bengaluru which is two times year on year basis growth and 70 percent growth on quarter on quarter basis. This year around 12,700 units have been launched so definitely the momentum is back. The next decade seems to be very healthy and sustainable in terms of sales and most importantly, product design and affordability have now become critical factors.” P Ravindra Pai, Managing Director, Century Real Estate Holdings Pvt Ltd heading one of the oldest realty firms of the city commented, “Bengaluru realty market has always been more professional and organised as compared to many other property markets of the country. Given that the city is a IT hub, the customers are aware of global trends and are demanding in terms of quality and features. This also brings in more transparency in transaction, raising quality of service as well as governance.” The veteran developer of Bengaluru, Kishore Jain, Managing Director, Jain Heights sharing his 25 years journey experience said, “The transformation has been significant - from builders doing transactions with the customers in their cars to online transactions with customers, thousands of miles away in California, technology has brought a 180 degree change in real estate from digital transaction, construction processes to sales and marketing. It is quite heartening to see the current real estate status and the development which is happening in terms of volume and quality of projects.” THE FUTURE BLUEPRINT Mayank Saksena highlighted the state government’s technology initiative of creating a digital dashboard. “Infrastructure had been a pain point for Bengaluru which seems to be addressed in a right way by the government. The central digital dashboard apart from tracking and monitoring the projects will help reduce costs, pilferage and completion times for faster delivery.” Preetham Mehra agreed, “Bengaluru under Smart city mission is aiming to provide access and availability of information through this digital dashboard. The aim at is to bring in more transparency across the board and in turn build the trust between government and the citizens which is a happy situation.” Kishore Jain added, “The most ambitious project of the government of Karnataka is the IT investment region which comprises around 12,000 acres of land. Such a development is the potential driver for the economic activities along with real estate demand.” Ravindra Pai opined, “Bengaluru has seen constant supply of housing units without an oversupply which has been favourable for the market. Also, developers are putting in a lot more research before launching a project.” Ashwinder Singh on an optimistic note stated, “The interest rates are bound to increase in coming months but, I believe the impact will be minimal on homebuyer’s sentiments and they will keep propelling the market as the intent of owning a home has been accelerated by the pandemic situation.” TURNING POINT TRENDS
Tags : Mayank Saksena MD & CEO-Land Services Anarock Property Consultants Pvt.Ltd Preetham Mehra Senior Executive Director Head Government Business CBRE India Ashwinder Singh CEO Residential Bhartiya-Urban P Ravindra Pai Managing Director Century Real Estate Holdings Pvt Ltd Kishore Jain Managing Director Jain Heights