Why should you buy a flat in Bangalore?
If you love to be within the hustle-bustle of the electronic city, then buying a flat in Bangalore can be the best option. But why is it that you would like to buy a flat in Bangalore? Purchasing a property remains a major investment, and before you plunge in, the purpose should be well defined. Buying a property in Bangalore is helpful as the city has experienced rich socio-economic growth in Gross Domestic Product (GDP). Mushrooming of big IT brands has created attractive job opportunities, and the demand for real estate units has been soaring in the recent past. However, buying apartments in Bangalore requires you to ponder several aspects, although such investments do give a high return in the future. Consultants from the real estate industry reveal that the purpose of purchase should be made clear before you make a valuable investment.
Bangalore Vs. Delhi: Which can be your preferred location?
Most buyers looking to buy flats in Bangalore should consider a major aspect concerning location advantages. Experts from the real estate industry reveal that purchasing a 2 BHK flat in Bangalore can be a bit costlier than buying a 2 BHK for sale in new Delhi – NCR region. On the other hand, experts state that Delhi has a lot to offer to the national capital buyer. Therefore, buying a 2 BHK flat in Delhi can have a higher selling quotient when compared to Bangalore. However, with Bangalore having a pleasant weather outlook, the destination can attract buyers from India.
Home Buying Process in Bangalore: Where should the buyer concentrate?
Once you have decided about buying a 2 bhk flat for sale in Bangalore, you should be ready to proceed further. However, real estate agents confirm to you that there are a lot of aspects to focus on once you decide on an apartment purchase concerning Bangalore. Millennials, therefore, should gear up for a quick checklist to ignite the process of apartment purchase.
Locality remains one of the significant focus areas before considering major property investments. At the same time, the price range that you are looking at is important. Real estate agents reveal that there are a few posh localities in Bangalore, such as Kanakapura, Hebbal, and Sarjapura, which can provide the buyer with the best offers. Electronic city areas and Whitefield have also become popular localities where ready-made apartments have a huge demand. Most of the ready-made flats in these areas are available for Rs 2000 – Rs 5000 per square foot.
What are some of the major advantages of buying a flat in Bangalore?
Getting a tax exemption is one of the primary reasons for buying a flat in Bangalore or any other prime destination. Most experienced real estate agents suggest that buying a 2 BHK flat in Bangalore at a prime location can serve the buyer’s purpose largely.
Therefore, ready-made apartments are more often searched by prospective buyers based on the price range that the builders offer. One of the major advantages of purchasing an apartment in Bangalore post the outbreak of the pandemic remains to be a fall in real estate prices. IT hubs post the outbreak of the pandemic have been vacated, and a majority of the population from the industry has started to work from home.
Buying Flats in Delhi and Bangalore: Issues and Challenges
Property buyers interested in purchasing apartments in Bangalore should consider the issues and challenges as well. Experienced real estate agents coupled with online property sites reveal that the cities of Delhi and Bangalore offer the buyers several apartment choices to choose from. As a matter of fact, the market of real estate across India had opened up post the outbreak of the pandemic. Site visits were almost closed during the outbreak of the pandemic, which had picked up late.
Therefore, the closing of real estate transactions has started to be facilitated. Although this is an advantage, certain developers have altered their plans of construction as well. Accommodating offices within residential complexes has become a common practice, while altered floor plans have started to dominate the relevant construction structures as well. Post the pandemic; experts reveal that a growing job market coupled with new housing structures across posh localities can spark the real estate demand in Bangalore.
What are the major trends in the Real Estate Market in Bangalore?
To consider the major trends in the Real Estate market in Bangalore, experts suggest the following:
- Buyers inspected properties are easy to deal with, and with the rising numbers of inspected properties, deals are being closed fast. Such events have been noted especially post the Covid–19 norms have been relaxed.
- Buying land plots happens to be common amongst buyers in comparison to apartments, especially in areas concerning Sarjapur, Hoskote, and Devanahalli.
- Rented properties have been in less demand post the Covid–19 outbreak.
- Co-living spaces were not being sought after post the outbreak of the Covid–19 pandemic.
- Post the pandemic outbreak; there had been a revision of values related to stamp duties etc.
- Bangalore, as a whole, had catered to 20% of the total market pie concerning the real estate market in India. (Exhibit I).
Purchasing flats in Bangalore and Delhi can easily be executed if you make a planned move. Searching options online remains to be a low-cost trend, but site visits need to be done on priority to understand the intricacies of such valuable investments. Buyers are suggested to go through the legal documents carefully before the deal is finally closed. Choosing the locality is important as connectivity and the surrounding infrastructure can be major drivers to influence your purchase decision for an apartment in Bangalore and Delhi.