Today’s Needs of Homebuyers In Bangalore

Pandemic has altered the mindset of consumers, and the needs of homebuyer are changing rapidly as per the new normal. The change is well apparent in the residential segment of the population.

The lockdown scenario has made people staying in rented homes look for properties that suit their budget and offer a healthy lifestyle of comfort and cleanliness. 

Buying a house for the first time is perhaps one of the most significant decisions one will make in their life. However, Covid-19 has disturbed the plan of several prospective homebuyers, who were in search of their dream home. The purchase plans were paused to relook into their needs because the pandemic has changed the way people live and work.

According to Magicbricks‘ report titled “Property Buyer Sentiment Survey,” more than 75% of home buyers have decided to decrease their budget. Around 1900 respondents of age between 24-67 were part of this online survey.

Currently, the most interesting factor for homebuyers is that the government has reduced repo rates, announced a credit-linked subsidy scheme (CLSS) for affordable housing. These measures may encourage both real estate investors and buyers to invest in the real estate market.

Real estate builders and developers are ready to embrace the changing preference of Indian homebuyers and set to customize their projects, as per the demand. The new trend is such that customers prefer investing in communities that offer healthy amenities, which helps to nurture strong immunity. Some of them are as follow:

1. Increased green cover
2. Carbon monoxide sensor basement
3. Large balconies or personal terrace
4. Charging point for electric vehicles
5. Built-in sanitization and air filters
6. Dedicated office space
7. Yoga and meditation rooms
8. Sports and fitness centre
9. Zero discharge development

 

How Covid-19 Influenced the Homebuyers’ Decision-Making Process

Digitalization:

In a rapidly changing consumer behaviour, the real estate industry has also been able to adopt digital solutions. Today’s digital technology has shown us a variety of ways to conduct human activity cost-effectively. In simple terms, the world has stepped into a zone of digitalization.

Several real estate companies have experienced the impact of digitalization in terms of property management, capital deployment, virtual tours, branding and marketing patterns. Several innovations in the field of Artificial Intelligence and Virtual Reality have also enhanced real estate customer experience and are creating more job opportunities.

Affordable Homes and Remote Working:  

Remote working has become a trend. Several multinational companies will continue working from home for a large part of their workforce. This will reduce the need to buy/rent a house close to the workplace, and professionals prefer moving to their preferred affordable locality. As a result, the walk-to-work concept will lose its grip among professionals.

According to Anarock, a property consultant, as remote working is becoming a new normal, homebuyers are preferring homes in the peripheral areas of the cities because of the availability of spacious homes at affordable rates.

Real estate developers are on the path to capitalize on the remote working trend by delivering new home decors with specially designed office spaces.

In general, it is not just about location and value proposition, but also the finer details of customer experience. Therefore, realty firms are equipped with technological offerings to meet the needs of homebuyers.

Home Ownership: 

The concept of owning a home has gained significant importance irrespective of the economic slowdown that occurred due to Covid-19. The lockdown has reinforced it effectively. After all, home is the only place, where one feels safe and secure. Those who were comfortable living in rented homes are preferring owning a home as work from home has gained prominence.

Bangalore – A Hub for Real Estate Investment

Emerging locations such as Sarjapura, Attibele, and Whitefield played the most vital role in driving real estate investment, as they offered unmatched social infrastructure. It incorporates leading educational institutions, renowned medical facilities to entertainment zones and shopping malls. Some of them are below:

Price Advantages

Buying a villa or flat in Bangalore is more affordable as compared to other capital cities in India. For instance, the amount required to buy a flat in Mumbai or Delhi is equivalent to the price of an independent home in Bangalore. Real estate developers construct huge apartments to fulfil the needs of an ever-growing population, which in turn attracts excellent physical and social infrastructure projects around them. Eventually, owning a property here will give you a good appreciation every year.

Community Living

Bangalore city has a multicultural and diverse population as several thousands of people migrated in search of jobs and business. It helps you to connect with people from all walks of life. It’s also a known fact that the city is home to a large number of foreign nationals. In order to cater to this global mindset, villas and apartment complexes have world-class amenities such as gyms, swimming pools, kids play areas, a common landscape and many more.

Safety

Safety is one of the biggest concerns in all aspects of life for everyone. Especially, while buying a home, it is the prime factor because you want you and your loved ones to be safe and secure. In terms of weather and social conditions, Bangalore is the safest place as compared to other cities in India. 

The collectiveness of a cosmopolitan crowd, burgeoning population and affordable price have turned the city into a real estate hub. And no other city offers as many conveniences as Bangalore with affordable ranges. Post Covid-19 the real estate market is transforming to cater to the needs of Indian homebuyers. 

Here are Few Emerging Locations in Bangalore for Homebuyers

While 2020 has been the year of a pandemic for Bangalore real estate, the year 2021 is going to be an upward trend in terms of property demand and values. The key factors that drive the Bangalore realty sectors in 2021 are the enhanced connectivity, lower capital values, growth in affordable housing and various government relaxation for homebuyers. Few emerging locations such as Attibele, Seeegehalli, Nallurhalli, Abdigere also play the most vital role in altering the reality game in Bangalore.

Attibele

Attibele is close to Electronic City, South part of Bangalore, which is the base for several IT and Biotech companies. The rental housing market has benefited immensely on account of its proximity to several IT parks such as Electronic city (14.1 km), Hosur IT Park (13 km), Haita IT park (16.9 km), JP IT park (15.8 km), and a well-known institute, The Azim Premji University (17 km) has brought huge demand from the student community. Attibele is well connected to Candapura, Sarjapur and NICE road via Electronic city.

Seegehalli

Seegehalli is the east part of Bangalore, a budding locality in close proximity to ITPL(6 km), KR Puram(2km) and the National Highway(NH) 44. The IT part of Electronic City is also along NH 44, and it ensures direct connectivity to the state of Tamil Nadu with several industrial corridors alongside. In general, Seegehalli is located near key employment hubs with affordable property values as compared to neighbouring locations.

Nallurhalli

Nallurhalli has gained most prominence due to its robust connectivity to Old Madras Road (OMR) and Old Airport Road with its green cover and commercial expansion. Nallurhalli is just 2km away from Whitefield, one of the most reputed IT destinations of Bangalore. Property investment around this locality offers a higher return in future. And infrastructure expansion, commercial growth and competitive price around this location drive the demand. It is close to International Tech Park and Sigma Tech Park, which incorporates several telecom giants and automobile technology companies.

Conveniences of Owning a Home in Bangalore

Bangalore being one of India’s most well-known cities, stands out for an influx of people from all over the country migrating every year. The city has created an enormous number of jobs, business opportunities and uplifted the quality of people’s lives. As a result, it gave rise to more apartments, villas and independent houses across luxury, mid-range and affordable.

Educational Institutions

Indian parents are increasingly encouraging their children to be independent and self-sufficient. It is surprising that more parents are enrolling their children to professional courses, which guarantees a placement in several top reputed companies. In support of this, educational institutions are transforming themselves to meet the skill gap that exists in engineering, science, art, commerce and medical fields. Some of the well-known educational institutions are:

1. Vydehi School of Excellence, Whitefield
2. National Public School, Whitefield
3. The Deens  Academy, Whitefield
4. Oxford College of Engineering, Bommanahalli
5. St.John’s Medical College, Sarjapur road
6. St. Thomas Educational Institute
7. Narayana Institute of Cardiac Sciences, Bommasandra 

Multispecialty Hospitals

The renowned IT hub of Bengaluru has good connectivity through the major road networks of Whitefield Main Road, ORR and Old Madras Road. The place, where several well-known multispecialty hospitals located are Whitefield, Varthur, ITPL, Hoodi, Kadugodi and Kundalahalli. Some of them are as follows:

1. Sri Sathya Sai Specialty Hospital, Whitefield
2. Vydehi Hospital, Whitefield
3. Manipal Hospital, HAL Airport road
4. Columbia Asia, Kadugodi

Shopping Malls

Shopping malls are as significant as various other social infrastructure for a homebuyer. Bangalore is a city, which satisfies the needs of homebuyers.  Besides popular hospitals, schools and colleges, the city has several famous shopping malls:

1. Forum Value Mall, Whitefield
2. Phoenix Market City, Mahadevapura,
3. Bangalore Central Mall, Bellandur
4. Inorbit Mall, Whitefield
5. VR Bengaluru, Krishnarajapura

Check out a few Villa projects near Whitefield and Sarjapura from NVT Quality Lifestyle.