The pandemic shook the world, worse than the deadliest earthquakes could! India with its population increase by the minute, couldn’t handle it too well either. With businesses across the country taking quite a stick, the Realty sector too faced turbulent times.
North, East and West India faced quite a bit of the brunt, but there was one precious gem around; a ray of hope of sorts. Down south, the Silicon Valley of India, Bengaluru was one of the minuscule few to have stood the test like the rock of Gibraltar.
One significant reason for this was, Bengaluru’s realty prices were hovering around the ‘sweet spot’. They were both Affordable and the projects were Ultra Luxurious. This led many an IT professional, a businessman to large institutions invest in Bengaluru’s Real Estate market.
While the games were on, property developers and builders also began floating out steeply discounted rates on their properties in other cities while Bengaluru gathered traction that was leaps and bounds ahead of other parts in India.
In Q2 of 2020, Bengaluru, compared to its counterparts in Chennai, Kolkatta and Mumbai, saw a surge up to 49% of new property launches. This gives us a clear indication as to why Bengaluru was the Blue-eyed boy of the Real Estate market in India. Also, homes in Bangalore saw a 13.2% appreciation as compared to other cities, that were quite lacklustre in their numbers!
Needless to say, Bengaluru had already become the hot favourite amongst investors due to its inclusiveness and diversity, in the 2000s and 2010s, thanks to the ever-increasing influx of IT infrastructure and eventually jobs, which led people to shift base to the city.
The first part of the Lockdown was a bloodbath for most developers and builders but with the relaxation of the lockdown restrictions, Bengaluru was quick to capitalise and was in business immediately.
Property dealers and consultants say they have been able to close deals despite the sluggishness in the market.
Another major contributing factor for the increase in sales has been, the preparedness of the realty market, having experienced a slump that came like a bolt from the blue, in the first wave of COVID -19. Builders have prepared better whether it be manpower or raw material procurement, keeping timelines in mind.
While the commercial Real Estate market continues to face challenges due to reasons that are obvious such as increased work from home culture, the residential sector has held fort.
Having visited all of the above pointers, one can conclude, the Realty market in Bengaluru has revived with a renewed freshness that otherwise could have been monotonous, to say the least.
We at Monarch Aqua on Old Madras have been following protocol and yet have managed to keep the ball rolling, with construction going all guns blazing! As they say, The show must go on! Visit us on www.monarchproperties.in for more information on our premium project, which is both affordable and luxurious!