With just two days left for the Karnataka elections, several questions loom over us.
Will these polls herald a new era of change for the state?
Will the real estate sector be impacted?
And most importantly, will the property values rise?
To capture the sentiments of the developers’ fraternity in Bangalore, we spoke to Abhishek Bhatewara, Head-Bangalore Business, Rohan Builders.
Here are the excerpts.
Karnataka elections are just around the corner. What are your expectations from the new government?
As a real estate developer, or for that matter any entrepreneur, one of the main things one expects from the government is faster approvals and ease of doing business. If the government supports businesses in this aspect, developers can take more calculated risks, which in turn will result in economic growth.
Further, considering the current infrastructure state of the city, the new government needs to be more decisive. If the same government continues, then it really needs to bring forth progressive policies in tune with the current demand.
Additionally, every government should make use of technology for sustained growth.
What are the three civic issues in Bangalore that needs immediate attention from the government?
- One of the key challenges that need immediate attention is the public stormwater drainage infrastructure. For the last couple of years, after heavy rains, the low-lying parts of the city gets heavily inundated, disrupting life, and leading to several health issues.
- The other issue that needs immediate attention is the transport infrastructure.
- Last but certainly not the least, the development of more public outdoor spaces is a necessity for healthy and holistic living.
Can Bangalore expect increased sales velocity in the coming months?
A lot of buyers have been on the sidelines waiting for the property prices to fall. However, the trend in inflation and hints by the Reserve Bank of India indicate that the interest rates seem to have bottomed out for the time being.
The economy, too, seems to have come to its natural growth path post-GST and demonetisation. The demand for homes, and hence the sales velocity is expected to be high due to these improving macroeconomic conditions.
What are some emerging areas in Bangalore for real estate development?
Interestingly, Bangalore is showing more growth in the areas surrounding the Kempegowda International Airport.
The upcoming infrastructure like the widening of Hennur Road, Metro connectivity, and new employment opportunities along Bellary Road has created demand for real estate towards North Bangalore.
There is also a lot of buyer interest towards southern parts of the city due to the arrival of the Metro on Kanakapura Road and Bannerghatta Road.
Do you think the results of the elections will impact consumer sentiments?
Well, I would say that there is some risk if there is a hung house. Otherwise, the effect of the macroeconomic conditions will far outweigh the impact of which political party comes to power.
(Note: Rohan Builders is a member of CREDAI Bangalore)
