The Magnificence of Real Estate in the Vibrant City of Bangalore

Some real estate builders in the region have already achieved higher sales than the previous year and there has been a notable hike in property prices in the past few months. An upsurge in the demand for housing products and the supply for the same has also been observed. However one of the major concerns for state government authorities has been the enormous gaps between the demand and supply that were recorded.
What has factored into the soaring demand? There can be a plethora of reasons. Unlike various other markets which rely deeply on cash transactions, The real estate market in Bangalore has primarily been transparent with relatively lesser cash transactions. Steered mainly by the remunerated class of the IT industry, the Bangalore market is far more customer centric than any other market and transacts mainly through online and offline financial channels. This perhaps is the foremost reason behind the cheerful mood of consumers.
An estimation of over 70 percent of the demand for residential flats in Bangalore is coming from first-time buyers currently living in rental housing. Real estate builders have started offering additional concessions to boost the market demand and this move will go on to clear the prevailing catalog of housing products, aiding the proposition of Furthermore real estate projects in the region.
The upsurge in supply has been supported by several government initiatives such as prohibiting the development of any commercial spaces in central areas of the garden city and moving employment districts to the suburbs located on the outskirts. This will further feed the growing demand by expanding the city limits that would help the real estate developers through the provision of more land to build on.
The Karnataka state government has contributed to the cheering vibe of the city touted as the silicon valley of the east through various efforts like the Akrama-Sakarama Scheme. In addition to the scheme, the state regulators have also pledged to take remedial action to counter the 1.53 lakh unauthorized buildings across the city. The regulatory body will evaluate the degree of construction bylaws and other kinds of violations across the city.
The city’s realty landscape seems healthy and it would be fitting to conclude by saying that the following few years could bring the much-needed optimism to both the real estate developers and potential buyers.
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