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All you need to know about the Bangalore Real Estate Market

Hey, today I am going to share some deep insights with you about the Bangalore Real Estate Market. At this point, the demand for real estate properties that consist of bungalows, villas, and apartments in Bangalore is pretty much as high as the sky. The main reason for the sudden increase in the demand for property is the influx of migrants from other parts of the country to the beautiful city of Bangalore. 

Growth of Bangalore real estate market

Over the last couple of years, the growth in the industrial field of Bangalore has boomed to a great extent. Right now, there is a constant need for housing in Bangalore. The prices of the real estate properties are mostly stable but there has been a little hike in the costs of the properties in the last year, the main target audience who is looking for a place in Bangalore is driven by the end-users and not the investors. 

When we compare Bangalore’s real estate market with that of other cities in the country such as New Delhi, Mumbai, and Kolkata, then we realize that the market in Bangalore is a lot new and it is still evolving every single day. The infrastructure of properties in Bangalore is pretty as a picture.

What are the 5 characteristics of the Bangalore real estate market?

 The realty market in Bangalore is mainly end-user driven, which ends up being one of the biggest reasons why one has to stay in touch with the purchasing power of the buyers. A huge majority of the buyers in the real estate market of Bangalore are mostly the end-users who are involved in the IT sector and some of them are engaged in other industries. As of now, the market in Bangalore is not that investor is driven so that’s why there have not been any major fluctuations in the price of the real estate properties.

But let me tell you one simple thing, the prices of real estate properties in different parts of Bangalore can vary from place to place. The cost of a real estate property is determined by several factors such as the facilities the place is offering to the buyer, the view of the property whether it has a good view of an average view, the infrastructure of the property, the age of the real estate property and many more.

2. Ethical Market Conditions 

One great thing about the real estate market in Bangalore is that it has been ethical ever since I can remember, which means even before the introduction of the Real Estate Regulatory Authority (RERA) Act, the system of real estate was running pretty smoothly and fairly in Bangalore. 

RERA Act was made by the authorities for the regulation and promotion of the real estate sector and to ensure the sale of plots, and apartments. It aims to decrease the level of fraud and delay of the projects.

 So unlike metropolitan cities like Delhi and Mumbai, there has been a low number of frauds or malpractices concerning real estate in the city of Bangalore which is a pretty good sight for the future of the real estate market as well.

3. Credit-Driven Market 

This point is very significant when we talk about the real estate market in Bangalore. Many buyers depend on the credit for buying a real estate property in Bangalore, so a big portion of the population focuses on purchasing a piece of land by the means of home loans the number of investors is quite low so most buyers approach the banks and take a loan to get a hold of the property that they want.

The buyer tries/to get a token of approval from any of the nationalized banks which denotes that the property’s due diligence is done and is taken by the buyers as litigation free. In simple language, let me set the record straight for you, the real estate market in Bangalore runs on credit and in most cases, the credit finances are acquired from the side of the banks and other financial institutions. So my friend's activities like the demonetization of the currency did not make any larger than life impact on the real estate market in Bangalore as the market there works on the credit finance.

4. Projects are taken over under joint development

The development of the real estate sector in Bangalore is contingent on the joint development that includes the agreement between two parties to distribute the proceeds among themselves. The first party is the landowner, while the other one is the developer.

 The scenario of the real estate market in Bangalore is somewhat different than that of the other cities like Delhi and Mumbai. In places like Delhi, the developer purchases a piece of land, and then he/she goes on to construct buildings that end up being expensive as they are loaded in the prices of the houses and apartments.

5. IT-Driven Market

For those of you who are unaware, there are two types of sectors and they are as follows: the IT sector and the ITeS sector. They add up to the major consumers in the city of Bangalore. Throughout the years, the growth of the IT sector and the ITeS sector has been incredible along with the influx of the global IT giants who have migrated to the city. 

The people who are working in these sectors tend to buy mid-segment homes in the city of Bangalore. We are not just pondering over the sale of the houses and apartments but we are also talking about the rental market and the space for co-working and co-living segment which has also witnessed a boost in the city because of the workforce from mainly these two sectors. 

With science and technology, we have been able to unlock different levels of things that have led to the betterment of the whole wide world. The city of Bangalore offers good infrastructure for the startups and it displays the potential of scope and growth of industries which helps in catching the eye of the people from other parts of the country.

What are the best areas to invest in Bangalore?

Top places to invest your money in North Bangalore When we talk about North Bangalore, the fastest growing areas in this part of the city are as follows: Hebbal, Devanahalli, Yelahanka, and Hennur Road. These places will provide you with real estate properties that will surely meet your needs and demands. You will be easily able to find properties within your budget in the areas that have been mentioned above.

From affordable housing to 2BHK and 3BHK, you will witness everything in these regions. This set of areas features metro routes and elevated flyovers that act as a link between Outer Ring Road, NH-7, Peripheral Ring Road, and bus stations.

  • Best areas in South Bangalore

Let’s move forward towards South Bangalore now. If you are thriving to find a great place in South Bangalore, then I would exhort you to put all your focus on well-known areas such as BTM Layout, Silk Board signal, Bannerghatta Road, Jayanagar, JP Nagar, etc, These regions will provide you a different perspective than other parts of the city. 

South Bangalore is home to many educational institutions, multinational companies, and recreational facilities. Electronic City tops the list of top areas in South Bangalore as it constitutes a vast variety of residential properties.

  • Excellent regions in East Bangalore

If you are an individual who is looking for a place to have a perfect balance between your personal and professional life, then you can look forward to buying a real estate property in East Bangalore. Whitefield is considered one of the finest residential hubs in East Bangalore. It is great for people who are seeking a higher standard of living.

You will get a sight of a perfect working environment and peaceful living in East Bangalore. For the working people, ITPL Tech Park is an ideal spot in East Bangalore. If you are a part of the working population, then East Bangalore might be your final destination as here you will find the offices of renowned organizations like TCS, Volvo, SAP, and IBM just a few miles away which is a plus point.

  • Great areas in West Bangalore

Now, let’s ponder over the places in West Bangalore. For those of you who don’t have a clue about West Bangalore, it is also known as the prime hub of old Bangalore. This is the go-to point for the group of investors. The costs of the real estate properties in West Bangalore are more affordable than that of North Bangalore and East Bangalore.

Nayandahalli is one of the finest regions to stay in in West Bangalore. It has great connectivity due to the availability of a metro rail network in the area. With time, the prices of real estate properties have increased at a rapid rate in this area so you can bet your money on this place.

Who are the top builders in Bangalore?

At this moment, we have many builders who have been ruling over the real estate market of Bangalore. Some of the exceptional builders are Prestige Group, Sobha Limited, Brigade Group, Godrej Properties, Salarpuria Sattva Group, and Shriram Properties.

Housing Projects in Bangalore

 There are a lot of housing projects in the pipeline for Bangalore including Adarsh Park Heights, Sobha Town Park Manhattan Towers, Sattva Signet, SLV Central Park, Godrej Park Retreat, Folium by Sumadhra Phase 1, and many more.

What is the construction cost in Bangalore?

In the year 2022, the construction cost in Bangalore varies from Rs 1650 / sq ft to Rs 1900 / sq ft; it all depends on various factors and requirements. You can also take the help of an advanced construction cost calculator to find out the approximate cost that will be required to build your dream house.

What are the stamp duty and registration charges in Bangalore?

As per the section 3 of the Indian Stamp Act 1899, a stamp fee has been described as a legal fee that is paid by the buyer to the sub-registrar of the location where he/she wants to purchase a real estate property and get it registered under their name in the records of the government. 

The stamp duty in Bangalore is influenced by many factors such as the age of the property, the age of the property owner, the purpose of the purchase, the gender of the owner of the property, the location of the property, and additional amenities. 

  • Stamp duty in case of a male owner

If the owner of a property is a male, then the stamp duty will be as follows:

1.  5% on properties>Rs 45 lakh

2. 3% on properties ranging from Rs 21 lakh to 45 lakh

3. 2% on properties< Rs 20 lakh

  • Stamp duty in case of a female owner

On the other hand, if the owner of a real estate property is a female, then the rates of stamp duty charges will be as follows:

1. 5% on properties> Rs 45 lakh

2. 3% on properties ranging from Rs 21 lakh to Rs. 45 lakh

3. 2% on properties < Rs 20 lakh

How can you calculate the stamp duty in Bangalore?

· You can simply visit the official website of the Kaveri Online Services (karnataka.gov.in). 

· Then, you will be asked to put your details to determine the stamp duty, the rest of the job will be done by the stamp duty calculator. 

· The last step is to calculate to fill out all the details about the property like region type, Municipal Corporation, gram panchayat, City Corporation, town panchayat, etc in the form.

What are the registration charges of the property in Bangalore?

Over the last few years, there have been no huge amendments in the property registration charges, a buyer of a property has to pay 1% of the property value as the registration charges along with the stamp duty rates and if you are purchasing a property for the first time then you can also obtain a rebate on your registration charges. 

Best Residential areas in Bangalore

1. Basavanagudi 

It is one of the posh areas in Southern Bangalore. It is a residential cum commercial space. It is one of the oldest towns in the city. It is a very developed area. It is a luxurious area with elite institutions, busy markets, ample parks with ancient trees, tiny lakes, and a host of distinctive restaurants. 

2. Indira Nagar

It is an established residential and commercial locality. It consists of prime localities such as Jeevanbheemanagar, CV Raman Nagar, Kodihalli, Koramangala, Domlur, HAL Layout, Murugeshpalya, and Ulsoor. It is noted as one of the posh neighborhoods. 

3. Jayanagar

Jayanagar is located in Southern Bangalore. It is an affluent residential region that has both commercial and institutional institutions. It is one of the greatest places with upscale neighborhoods, consisting mostly of independent houses and multi-storey apartments. 

Top Commercial areas in Bangalore

1. Whitefield

This is one of the finest spots in Bangalore. It has seen major growth over the years. It is on its way to becoming a Special Economic Zone (an independent area that aims at increasing trade balance, employment, job creation, and investment). 

2. Electronic City

It is segregated into two by NH7, Electronic City happens to have a large IT concentration in the city. It is situated along Hosur road, this part of the city is well-connected to other parts of Bangalore and the neighboring state of Tamil Nadu.

What is the cost of living in Bangalore?

The cost of living in Bangalore is influenced by several factors like accommodation, transport, groceries, utilities, leisure & entertainment and childcare. At the end of the day, we must tell you that Bangalore is a great city to reside in.

For a 1BHK flat, the rent is estimated to be between Rs. 11,000/- to Rs. 18,000/. However, when we think about a 2BHK flat, the cost of rent for that can be between Rs. 12,000/- to Rs. 25,000/-. The rental price of a 3BHK flat is somewhat between the lines of Rs. 27,000/- to Rs. 44,000/-. The cost of a monthly bus pass is netted to be around Rs. 1000 – Rs. 1500. 

Price Trends In Bangalore 

Locality

Price Per Square Feet in INR(Rupees)

Rent Per Month (Approx) 2 BHK Flat

Whitefield

4952

23-26 K

HSR Layout

5361

24-28 K

Rajaji Nagar

6541

16-22 K

Electronic City

4967

15 - 23 K

J.P Nagar

4823

19 - 23 K

Marathahalli

4327

21 - 27 K

Indira Nagar

8679

28 - 36 K

BMT Layout

5734

18 - 25 K

Sarjapur Road

4963

26 - 34 K

Hosur Road

4687

26 - 35 K

Yelahanka

4629

16 - 22 K

Bannerghatta Road

4793

19 - 26 K

Koramangala

8997

25- 35 K

Hebbal

5997

18 - 38 K

Conclusion

In the future, the real estate market in Bangalore will only expand and continue to grow. So get yourself a good real estate property in the magnificent city of Bangalore and you will be amazed as it will be of great use to you in the long run. 

In today’s date if you are planning to buy a good property then just make it a point to jot down all your needs and demands on a piece of paper regarding the real estate property and then you can see which place fulfils all your expectations. This way, you will save your time and effort.

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