The real estate market in Bangalore and other tier-1 cities has been unpredictable due to the pandemic and the lockdown. The real estate market had good reasons to lose hope that it would likely collapse. However, things have changed for the better, and Bangalore real estate growth is slowing, seeing some recovery.
Experts recorded that the real estate market had started to pick up pace despite the pandemic in the latter half of 2021. It is likely and safe to assume that the Bangalore realty market will see much growth in 2022. It is expected to grow at a much faster rate compared to real estate markets in other cities.
Bangalore: the best choice for real estate investment
Bangalore is considered as one of the best choices to invest in real estate. Many reports point out that homebuyers and investors in Bangalore get the least amount of delay while being handed over the apartments. Other reports suggest that Bangalore also has the least number of unsold properties compared to other tier-1 cities like Mumbai, Delhi, and Hyderabad. Moreover, Bangalore also recorded a rise in property prices despite the pandemic. There was a 2% rise in the average property price and a 2% rise even in the unsold properties.
These are only a few reasons why the real estate market is expected to boom in Bangalore in 2022.
Besides these, following are a few other reasons why the real estate market in Bangalore will be booming in 2022.
Reduced Stamp Duty
The reduction in stamp duty also plays a significant part for investors and homebuyers. The decrease in stamp duty will likely encourage homebuyers and investors to buy real estate in Bangalore more. The government of Karnataka has cut down on stamp duty, which will enable homebuyers to invest in the remaining unsold properties. Stamp reduction is a boon for future homebuyers since stamp duty has been reduced to 2% from 5 % for properties priced at around INR 20,00,000 and 3% for properties priced at around INR 35,00,000.
However, home buyers and investors should know that the reduction in stamp duty will only apply to houses that fall in the affordable housing segment. Nonetheless, reduction in stamp duty will encourage investors and homebuyers.
Digital home buying
Bangalore has stepped up its game in an intelligent world where everything is online by incorporating digitalized methods, even in the real estate market. Bangalore has proved its super adaptable qualities even though the market did not look good.
Through digital methods, the real estate market in Bangalore gained more popularity and much ground. The customer experience was enhanced through digital tactics such as VR and 3D modelling for virtual tours and site visits. The clients could depend on digital advancements such as virtual meetings or conferences, online payments, and digitization of documents to gain more easy access, save time and much energy.
Making digital advancements that make it easier and more comfortable for homebuyers and investors is another reason why the real estate market in Bangalore is likely to see much growth. It is adaptable and flexible.
Infrastructure and connectivity
It is evident that homebuyers and investors invest or buy homes in areas with good communication and connectivity. It is more advantageous for them to see more upcoming and developing amenities in and around the city.
It is unlikely for buyers to invest in a property with no suitable infrastructure and communications.
The metro lines in Bangalore are likely to expand throughout the city, creating a more connected and more accessible communication/travel. It is another reason why Bangalore has become one of the best choices to invest in real estate.