“Ongoing infrastructure projects, coupled with quality offerings by industry players, will continue to position Bangalore as a lucrative market for investment in 2021,” believes Anjana Sastri, Director – Marketing, Sterling Developers
In an exclusive interview with RoofandFloor, she spoke about Bangalore’s realty market, upcoming infrastructure projects, and much more.
Here are the excerpts.
How is Bangalore’s real estate market positioned currently?
Bangalore continues to maintain momentum in real estate, building itself up to be one of the most sought-after destinations in the country. It is expected to revive with an impressive flourish in 2021 with the addition of new projects, better sales, and unsold inventory registering a decrease in the recent past.
The sector is witnessing a measured revival and will be on the positive side in the forthcoming quarters, buoyed by the gradual opening of the economy and ongoing vaccine drive instilling confidence in the market. Buyers also consider ‘now’ to be an ideal time to buy a home as they can benefit from home loans at low interest rates.
There is also an emerging trend of settling into well-designed projects due to the availability of a plethora of amenities without compromising on the presence of greenery, open spaces, safety, and hygiene.
Which region is stealing the show in 2021, and why?
Bellandur and Sarjapur in the Southeast region and Whitefield in the East are among the real estate hotspots of Bangalore. These regions are home to the mammoth IT/ITeS sector, which employs several young professionals. Given the high number of people working in this region, many professionals are opting for residential projects in these areas.
The availability of social infrastructure like medical facilities, educational institutions, shopping, and entertainment are also important factors that make these locations desirable for residential living and work.
What are some of the ongoing infrastructure projects in Bangalore that are likely to impact residential real estate positively?
The Metro rail connection to the Silk Board junction in Bangalore is the most important infrastructure project in South Bangalore. This will be a gateway to Bellandur, Koramangala, HSR Layout, and Electronic City, which constitute a major spectrum of the technology industry in that region.
Whitefield, too, will gain momentum as a metro rail link is being extended right into the industrial zone area from the heart of the city. The metro link to the international airport will also give a boost to real estate in North Bangalore.
Additionally, the upcoming broader Peripheral Ring Road (PRR) will connect the entire region from Kanakapura Road to Whitefield in East Bangalore. Flyovers and underpasses that are expected to come up around the Bellandur-Whitefield belt will make the commute easier between the two locations and give a substantial boost to residential real estate.
Moving on to the micro-markets, tell us your top picks.
Among the micro-markets, my top picks are Whitefield, Bellandur, and Koramangala.
Are you noticing any changes in homebuyers’ preferences post-Covid?
Yes. Post-Covid, locations have gained a greater significance in home-buying decisions. Locations that comprise a good mix of physical and social infrastructure and are relatively better priced in comparison to expensive markets have witnessed a higher demand recently.
Homebuyers now prefer buying spacious apartments in self-sustained developments. There has also been a keen interest in villas, as this serves the purpose of a standalone home but at the same time is within a community with a host of amenities. Serious buyers are showing greater affinity towards ready-to-move-in and projects nearing possession.
How do you expect the second half of 2021 to be?
Well, this year has begun on a positive note though Covid-19 has resulted in economic disturbance across the globe. Most homebuyers have gauged the pulse of the market and understood the favourable condition of home loan rates being at their lowest. All investment assets including, the stock market, gold have been impacted due to the virus scare. Amidst such circumstances, real estate, which remains immune to instant economic instability, seems to be a safe bet for investment and will prove to be a frontrunner in volatile conditions.
The trend of working from home that started during the 2020 pandemic will continue into the latter half of 2021. The current situation will push homeownership as living in an owned home is much safer and secure than the uncertainty faced in a rented home. This will be a boon for real estate in select suburbs and high-growth markets. Real estate players with a strong track record in the industry would benefit in the current scenario.
Lastly, your advice for our readers.
Now is the time to invest in residential real estate as the pandemic has certainly taught us the value of having your own space. Home loan interest rates are also currently at their lowest. Real estate is, definitely, an asset class that one must remain invested in today and in the long term.
