In most cities, home sales are increasing. Real buyers are now exploring the options and inquiries have started to increase. The preferences of homebuyers since July 2021 in 5 cities, namely Bangalore, Chennai, Hyderabad, Pune, and Coimbatore have changed.
Today villas are the most preferred property type in Bangalore, Chennai, and Coimbatore. While Bangalore and Hyderabad recorded good interest in land in July 2021. Real estate in the mid-range and affordable segments continue to attract housing seekers and regarding the BHK setup, those looking for houses in Bangalore, Chennai, and Coimbatore prefer 2BHK. Interestingly, the people of Hyderabad loved 3BHK while in Pune, 1BHK stole the show in July 2021.
Along these lines, many looked for property in Bangalore in areas such as Whitefield, JP Nagar, Electronic City, Hebbal, and Devanahalli.
Transparency and Regulations
To increase transparency, Karnataka RERA has now made the details of the project in the public domain. Housing applicants can now view information on project renewals and rejections as well as copies of orders in the “Services” tab of the website. To revive the state real estate sector, the state reduced the stamp duty on apartments priced at Rs 3.5 – 5 Lakh from 5% to 3%. The state government has also reduced the penalty fees for planning residential buildings in Bangalore. The fees were reduced by 0.5% per square meter from the guideline value to 0.2%.
To promote the implementation of rainwater harvesting in the city, the Bangalore Water Supply and Sewerage Board (BWSSB) is considering a 5% reduction on monthly water bills for facilities equipped with RWH equipment.
Property Type: Let’s start with the preferred property type. As always, apartments represent the highest proportion in Bangalore at 5%. With a good percentage of buyers coming from the service sector, the demand for apartments is still high in the city. Compared to June 2021, interest in subdivision projects increased by 13%, with a percentage of buyers still preferring land to build their homes. According to market experts, this number is likely to increase in the near term as more and more people will now prefer to have their own space.
Moving to budget, homes in midsegment were most preferred. About
3% of home seekers were looking for properties in Rs 0 – 80 Lakh price range, followed by properties in the affordable segment. It must be noted that interest for luxury (Rs. 80 Lakh 1 Crore) and ultra-luxury properties (Rs. 13 Crore) recorded cumulative interest from about 31% of home seekers.
3BHKs continue to steal the show in Bangalore even in July, with a whopping 55% of users showing interest in large spaces. This was followed by 2BHKs with 38% interest and BHKs with 5% interest.
Along these lines, a perfect property pick would be ‘The Sanctuary’ by Classic Featherlite.