Is Bangalore having the highest demand for luxury bungalows?
Bangalore is known as a tech city since the emergence of IT and ITes companies. Real estate property value has escalated as young techies and expatriates want to stay in apartment complexes close to their offices. With real estate prices skyrocketing, many people in Bangalore are willing to invest in properties on the city's outskirts.
The availability of villa plots on the outskirts of Bangalore, particularly Bangalore north by many reputed real estate companies has increased the interest of home buyers to go for luxury bungalows instead of apartments in a gated community.
Online searches for luxury bungalows in Bangalore
Surveys have shown that online searches for luxury homes account for almost 40% of the total searches. The top 5 most searched locations for luxury Bungalows in Bangalore are Whitefield, Malleswaram, Mallathahalli, Bagalakunte, and Nagarbhavi. The online search for luxury homes between 1 and 3 crores accounted for 33%.
There are many reasons for the shift in property buyers' taste in Bangalore of late.
- The north of Bangalore is on the outskirts of the city and close to the international airport. There is also an excellent rail, road, and metro connectivity. Property buyers find it cheaper to buy villa plots here and buil
- d their bungalows.
- With top industrial setups and IT hubs now coming up on the outskirts, the working population has also risen. This is now leading to the demand for luxury villas and bungalows.
- The outskirts of the city have a peaceful environment. The greenery and serenity around the property in the Bangalore rural area have attracted people to move away from the crowded city life.
- The price of properties is lower in the rural or outskirts area. They give a better return on investment. Building a bungalow on a plot or purchasing a readymade bungalow is cheaper than buying a residential apartment in a high-rise in the city's central area of Bangalore.
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Post-pandemic real estate outlook
The world has changed after the pandemic locked down. The new concept of working from home has resulted in many professional roles opting to work from home. A place like Bangalore as the IT hub has many roles, especially in software suitable for remote work. Techies who want peaceful surroundings at the work-from-home facility are willing to shift to the outskirts.
Another factor for people not getting overawed by the mention of luxury bungalows is because of high affordability among the business and salaried population. The availability of home loans from Banks at attractive interest rates and long home loan tenure has increased the optimism among buyers and given them the confidence to go ahead.
Final Thoughts
Bangalore’s property market is much more stable than the property market in Mumbai or Delhi. It is easier to buy a Villa as many lucrative opportunities have come up after the work-from-home concept started after the covid-19. Affordable luxury bungalows in Bangalore are the reality and no more a distant dream.
