Homebuyers in Bengaluru eye affordable, mid-segment properties post lockdown

Our Bureau Chennai | Updated on July 31, 2020

Five micro-markets in Bengaluru may attract homebuyers

Amid overall uncertainty in the realty market, there are top five micro-markets in Bengaluru where prospective buyers would be interested in buying a property, according to the findings by RoofandFloor, a home buying platform. They are (based on the user interests) - Whitefield, Sarjapur Road, Devanahalli, Kengeri and Electronic City.

Though the nation-wide lockdown impacted the residential market in Bengaluru, some improvements were seen in recent weeks with a significant increase in the number of user searches. With the grdual lifting of lockdown restrictions, these numbers are likely to go up in the coming months.

Ready-to-occupy properties

Demand for affordable and mid-segment properties will continue to rise in the near term. In terms of preferred stage of construction, homebuyers are most likely to opt for ready-to-occupy properties to avoid all sorts of risks, including construction delays, said the report.

Properties in the mid-segment (₹40-70 lakh) recorded the highest number of searches in Bengaluru. Nearly 63 per cent prospective home seekers in Bengaluru were looking to buy an apartment, followed by plots (24 per cent) and villas (13 per cent).

As far as Bengaluru market was concerned, East Bengaluru maintained its sheen with close to 37 per cent home seekers were looking to buy a property there. Whitefield and other areas like Budigere, KR Puram, and Sarjapur have burgeoned substantially to become hotspots for aspiring homebuyers.

In addition to the thriving presence of IT companies, East Bengaluru is also home to numerous start-ups and businesses, which have driven demand for residential projects.

In North Bengaluru, properties within ₹40 lakh are most preferred, followed by mid-segment properties. About 23 per cent of home buyers were interested in this region.

While the majority share of demand in Bengaluru was skewed towards the eastern and northern parts of the city, regions such as South, South-East, and West Bengaluru also recorded decent demand for properties. Cumulatively, these three regions recorded interest from about 39 per cent home seekers, with maximum interest for South Bengaluru.

(RoofandFloor is Hindu Group company)

Published on July 31, 2020

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