“About 56% Bangaloreans are looking to buy a home in 2019,” revealed our latest survey. Interestingly, out of this 56%, about 49% of respondents are buying a property for self-use.
The survey also revealed that while more than half respondents were sure about their buying decision, about 23% of respondents are still unsure about their home buying decision. In simple words, they are waiting at the fence for prices to correct.
So, what are people buying? What is their preferred budget? What about property type? Questions many. But are there any answers? We dug deep into our data to find out what other homebuyers in Bangalore are searching for in 2019. After all, at times, it is better to just follow the herd.
Here’s a snapshot of the searches made on RoofandFloor in Q1 2019 (Jan-Mar).
Property type
Let’s begin with the preferred property type. As always, apartments ruled the roost in Bangalore. With a good percentage of buyers being from the service sector, the demand for apartments has always been high in the city. Why?
“I always wanted to buy an apartment because of the amenities available. Additionally, being a single woman, I wanted our space to have round-the-clock security, which is easier to find in an apartment society when compared to an independent home,” says Abhilasha Sumant, who heads a PR firm in Bangalore.
In line with the demand, the supply of apartments also outnumbered all other property types in Bangalore. Villas were the second most searched property type on our site.
Interestingly, some buyers were also looking for plotted developments in the affordable price range. Some common searches include:
- Plots for sale in Bangalore below Rs 10 Lakh
- Plots for sale in Bangalore below 15 Lakh
A plot in Bangalore within Rs 15 Lakh? You may ask, is it even possible? Well, yes. On RoofandFloor, there are over 800 plotted developments for sale in the price range of Rs 5-15 Lakh. However, these properties are located on the outskirts of the city.
Budget
Moving to budget, affordable homes dominated our search tabs in 2018. The trend seems to be continuing this year as well. Majority of the prospective homebuyers were looking for properties in Rs 40-50 Lakh range, followed by properties within Rs 25 Lakh.
It was interesting to see that about 23% homebuyers were searching for properties in the range of Rs 10-15 Lakh. This can be correlated with the fact that denizens were also looking to buy a plot in Bangalore.
Popular localities
Let’s now take a look at the five most-searched localities in Bangalore.
Whitefield
At the first spot, we have Whitefield. A self-sustaining suburb, it boasts of unprecedented connectivity and robust infrastructure. Infra upgrades such as the Metro Phase II and proposed Peripheral Ring Road (PRR) are further expected to give the area’s connectivity a shot in the arm in the times to come.
At present, the property values are in the price brackets of Rs 4,200-7,000 per sq. ft.
Electronic City
Next, we have Electronic City. Located in South Bangalore, it is one of the most popular IT hubs in the city.
While mid-segment dominates the property spectrum here, the demand for luxury units has also seen an upward graph in the recent past. At present, there are over 1,000 properties for sale on RoofandFloor.
Sarjapura Road
Sarjapura Road has clocked the third slot on our list. Why? Well, seamless road connectivity to employment centres like Whitefield, Electronic City, and Marathahalli-Outer Ring Road has helped the area climb the realty growth ladder.
The average property rates here are in the range of Rs 4,500-7,000 per sq. ft.
Hebbal
Hebbal has a range of options beginning from budget apartments to luxury villas facing the lake that command prices anywhere upward from Rs 2 crore.
Currently, the average property price in Hebbal is around Rs 5,400 per sq. ft. The locality has properties from premium builders, including Sobha, Brigade, Puravankara, and Prestige.
Yelahanka
For old residents of Bangalore, Yelahanka was the remote air-force station that aviation enthusiasts would travel to every year for the air-show. Now, it is the city’s fastest growing residential area as the land cost here is still affordable.
Top projects
- In the mid-segment, Casagrand Lorenza in Kogilu Road, Yelahanka was the most searched project. It offers apartments in 2 and 3BHK configurations starting at Rs 43 Lakh.
A RERA-approved project, it is expected to be completed by 2020.
- On the luxury front, we received good search volume for Advaitha Aksha. Located in Koramangala, it offers 3 and 4BHK apartments priced at Rs 11,000 per sq. ft. A 3BHK sized 1,948 sq. ft. would roughly cost about Rs 2.14 Crore.
It is also RERA-approved and is slated for possession by November 2019.
(Note: The post is based on actual searches made on RoofandFloor over the last three months)
