Real Estate in Bangalore was one of the first in the country to bounce back after the Covid-19 blues. The sector was always one of the premium class investment hubs in the nation as Bangalore is both the IT Hub of the country as well as one of the top cosmopolitan residential hot spots.
The industry market definitely took a hit during the first wave of the pandemic, especially the construction segment. The industry lacked raw materials, manpower and logistical support because of the long lockdowns. The second wave in 2021, however, was better managed because of the CREDAI's unanimous decision to vaccinate the migrant labor force and providing them with better health care facilities.
Even the home buyers who were scared to commit in the first wave took up the initiative as they were too tired of waiting as well as most of them understood the value of owning a home.
The biggest challenge to the industry was that there was surplus inventory. The developers took up the challenge by launching projects with better designs, features and amenities along with better international workmanship standards. Bangalore once again proved itself as one of the top destinations for homebuyers to make their dreams come true.
Another noticeable trend during this time was that investors were scouting for "lifestyle" opportunities rather than just investing in real estate developments. Bangalore always was a hub for global lifestyle brands even before Covid-19 broke out, but now more entrepreneurs are not only finding It convenient but also economical to base themselves here rather than moving to Mumbai or Pune, which are already crowded business centers. Due to this phenomenon, many people are also choosing homes that are based on the lifestyle they lead.
At the same time, Bangalore's IT boom was firing up again, and there were new developments in this sector as well, especially after the Tel-Credor launch, which made Bangalore home to all international data transfers.
This phenomenon has also led people to choose homes that are based on their lifestyles instead of their workplaces. Many ex-pats are choosing ultra-modern ultra-progressive homes with comfort, style and luxury as their top priorities than just choosing homes based on affordability or locations. There is definitely a paradigm shift happening in the Indian real estate industry, with social status playing an important role in deciding where one lives rather than just affordability.
Different zones of Bangalore too play a major part in assessing and the appraisal of realty. For example, residential hubs of East Bangalore, such as Whitefield, Sarjapur Road etc., are some of the heavily invested areas in the city. Many premium developers too Prestige Waterford in Whitefield is one such project. More residential buildings in these areas are using the IT hubs as the main approach to attract home buyers.
One of Bangalore's best bouquets of commercial properties lies with office spaces. This industry hardly ever slumped during these two pandemic waves though some might argue that it did only because businesses were not functioning normally, but there was no decline or stagnation whatsoever. The IT boom began picking up pace again for both small, medium and large corporate houses.