Bangalore is experiencing a 45% hike in villa buying especially costing over Rs 1.5 crore. The city ranks third in the real estate space only after Chennai and Hyderabad. In other parts of India, the luxury living space is stagnant and Bangalore is the only city that has seen a spike in the recent years. The Central Business District is steady and luxury constructions have dropped since 2016 in cities like Mumbai. The implementation of RERA Real Estate Regulation and Development Act 2016 along with GST and the festival season has raised the hope of the real estate market in the coming months.
Bangalore is a young city with the average age is 34 years and the city dwellers buy their first home in their late 20s. For young couple a home is an investment priority. Singles always prefer shared accommodation. The city is experiencing a boom with the 42 km metro corridor. Due to this the capital prices have risen by 150% approximately over the last five years in locations near the metro. The prices are expected to rise in the coming years.
The trends in the real estate market in Bangalore include:
Tips for new buyers
The zones that are experiencing rise include Koramangala to Electronic City in the South, Whitefield in the east and New Airport stretch in the North.
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