Bangalore’s Real Estate has been listed among the top five Property Markets of the country and has attracted several stake-holders and end-usage investors to make investments in various portfolios of property development domain. The city features plethora of residential, commercial, retail, hospitality and leisure ventures from leading Construction firms that are spread across various parts of the city. The Covid-19 pandemic had put a brief halt for transactions in real-estate zone during year 2020, but year 2021 has picked up substantially well and one can see that the market has been making quick recovery with several new launches particularly in the residential sector, getting lined up by top builders of the country. The addition of new projects in prime neighbourhoods of the city with attractive features and offers has enticed the interest of buyer-community. The Karnataka Government’s amendment to Stamp Act, 1957 has initiated the stamp fee reduction to 3% from 5% as applicable on primary sales or first time registrations. This would be applicable for houses and flats priced between INR 35 Lakhs to INR 45 Lakhs. The decision is seen to be a progressive step towards providing marginal boost to the real-estate sector specifically to low and mid income home buyers.
Bangalore Real Estate market is witnessing a considerable inclination for plotted developments which is marking impressive sales record in this arena. The affordable and mid income segments are also witnessing good sales. As per the reports from leading Property Consultants and Analysts, despite pandemic the city has attested property price-rises by approximately 2% - from INR 4,975 per sqft in Quarter-1 2020 to INR 5,060 per sqft in Qurater-1 2021. This is recorded as the highest price-rise amongst the top 7 cities of the country, owing significantly to the steady growth in the housing sales of the city. Bangalore also endorsed total sales of more than 9000 units in the first quarter of 2021, while its unsold inventory declined by 7% in a year – from approximately 63,000 units in Quarter-1 of 2020 to approximately 58,000 units in Quater-1 of 2021.
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