As India rolls out the good news regarding the vaccine for Coronavirus, one can see the real estate sector shaping up in a positive manner. The Real Estate sector is quickly adapting to the changes happening post-COVID-19.
Emerging Trends in the Commercial MarketSpace
The industrial segment has seen a huge spike compared to conventional real estate classes. Due to COVID-19, there has been lockdown imposed for quite a while, and people were relegated to their house. Because of this, there has been a huge spike in the eCommerce industry.
Due to the increasing orders on a daily basis, eCommerce companies are unable to cater to the needs of the customers with a single consolidated warehouse. Hence, the supply chain managers are constantly looking out for multiple warehouses at various locations in Bangalore, to make sure that they deliver the products to customers in the shortest time.
On the other hand, Bangalore is known for its highest IT leasing in India that is powered by top talent and backed by huge investors. Post lockdown, developers are currently evaluating the opportunities for office leasing in Bangalore.
Due to the sudden shift in how businesses operate, and with the popularity of remote working has increased, there is a huge demand for flexible workspaces.
The CREDAI association has quoted that Bengaluru’s real estate is picking up as the city has witnessed many buyers serious about investing in residential properties.
Properties like Godrej NXT are aiming for sustenance by Q4 of 2021. Bangalore residential developers are planning to increase the cost of properties by 15 to 20 percent, due to the shortage of labor and also increase in the price of essential construction materials.
Though COVID-19 -19 has been a sudden impact on the real estate market, post COVID-19 the developers went aggressive marketing their properties online. As a result, there is a huge social-media related conversion and also a spike in inquiry related calls compared to Pre-Covid.
Completed projects and the projects which are in the advanced completion stage have seen huge bookings, post-Covid lockdown, in Bengaluru.
As real estate enables more than 200 industries, the Government of Karnataka is supporting the real estate sector by offering credits to the developers and builders on a large scale. The Karnataka government sees this as a faster way for economic revival.
With a lot of IT companies established in Bangalore, the younger crowd is showing more interest in investing in affordable and luxury housing.