Bangalore, also known as Bengaluru, is one of the most thriving and dynamic cities in India. It is the hub of the IT sector, the startup ecosystem, and the education and research institutions. The city attracts many people from across the country and the world for its opportunities, culture, and lifestyle. This has led to a high demand for housing and real estate in Bangalore.
The real estate market in Bangalore is constantly evolving and adapting to the changing needs and preferences of the buyers and investors. In this article, we will look at some of the key trends that are shaping the Bangalore real estate industry in 2024.
The growth of affordable housing is one of the most notable trends in the Bangalore real estate market. Affordable housing refers to housing units that are within the budget of low- and middle-income groups. According to a report, affordable housing is expected to account for 50% of the new launches in Bangalore in 2024. The government’s initiatives such as Pradhan Mantri Awas Yojana (PMAY), which provides subsidies and tax benefits for affordable housing, have boosted this segment. Moreover, the increased availability of financing options, such as lower interest rates and longer repayment periods, have made it easier for buyers to purchase affordable homes.
Another trend that is gaining momentum in the Bangalore real estate market is the demand for luxury properties like Arvind Forest Trails. Luxury properties are those that offer high-end features, amenities, design, and location. They cater to the needs of the affluent and discerning buyers who want to enjoy a lavish lifestyle. The demand for luxury properties in Bangalore is driven by several factors. One is the growth of the IT sector, which has created many high-income professionals who can afford premium homes. Another is the influx of NRIs and expatriates who prefer to invest in luxury properties in India. A third factor is the aspiration of the young and urban population who want to own a status symbol.
One of the prominent trends in Bangalore’s real estate market is the growing popularity of co-working spaces and flexible offices. Co-working spaces offer affordable and well-equipped office spaces with shared amenities, fostering professional collaboration and networking. With the rise of startups and the gig economy, there is a significant demand for flexible working environments. As a result, the city has witnessed the establishment of several co-working giants, attracting freelancers, entrepreneurs, and even established companies seeking flexibility in their workspace requirements.
Bangalore has been at the forefront of sustainable development initiatives in India. As environmental concerns grow, developers in the city are adopting eco-friendly practices and integrating green features into their projects. Some of the examples of green buildings in Bangalore are Brigade Exotica, Godrej Woodsman Estate, and Sobha Forest View. These projects use renewable energy sources, rainwater harvesting, waste management, and energy-efficient appliances to reduce their carbon footprint and enhance the quality of life of the residents.
A mixed-use development is one that combines residential, commercial, retail, hospitality, and entertainment spaces in one project. This type of property offers multiple benefits for both developers and buyers. For developers, it helps to optimize land use, diversify revenue streams, and reduce risks. For buyers, it offers convenience, comfort, and lifestyle options within a self-contained environment. Some of the examples of mixed-use developments in Bangalore are Embassy Springs, Brigade Orchards, and Prestige Lakeside Habitat.
These are some of the key trends that are influencing the real estate industry in Bangalore. The city offers a wide range of options for home buyers and investors, from affordable apartments to luxury villas, catering to different budgets and preferences.