Bengaluru has always been a steady market for realty and, in fact, has emerged as a front runner in South India’s real estate sector, compared to other States.
When globalisation was at its zenith, the city embraced the IT boom and equipped itself for future prospects.
With further growth of ITeS, start-ups and other industries cropping up, real estate witnessed a massive infrastructure growth. Being a market driven majorly by the end user, the beauty of the city is its willingness to adapt and evolve itself, to cater to aggressive and latent demands, be it in the commercial or residential sector.
And to top it, the city’s vibrant cosmopolitan culture, has made it a favoured destination among HNIs and expats.
Post COVID-19, like all other industries, real estate is also facing challenges. Commercial real estate will continue to remain optimistic in the immediate future.
We are quite hopeful that commercial portfolio in India will see a hike post the third quarter, considering that there will be adequate demand in the industry.
During this crisis, people have also realised the importance of having their own house as an asset class in their investment basket.
With the implementation of RERA, GST, and various other norms, the industry has been benchmarked with transparency and accountability.
At present, the sector is on the path of reviving itself and is inclined towards a more sustainable future. The advent of shared economies, digital disruption and changing consumer perceptions are also, collectively, reshaping the industry, and we hope this will drive growth and better outcomes.
(Bijay Agarwal is Managing Director of Salarpuria Sattva.)
