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Overview of Bangalore Real Estate Growth in 2021 in Bangalore


Overview of Bangalore Real Estate Growth in 2021 in Bangalore


The COVID-19 pandemic did result in a momentary slump in real estate sales countrywide; however, it also did bring to the forefront the importance of owning your own home. With the fears of the pandemic beginning to recede and things slowly moving back into their normal pace, the real estate market in Bangalore is expected to be revitalised in 2021. Multiple new launches of residential projects by all the major real estate development companies are in process, and this is expected to rejuvenate the industry greatly. A majority of these launches were located in East Bangalore, followed closely by South Bangalore. There is an expectation that sales will recover significantly. Sales of real estate in the third quarter of 2020 did indicate that the real estate market in Bangalore in 2021 is set to recover and grow. Another initiative that will definitely boost sales is the Karnataka Stamps Bill 2020 which proposes a 5% to 2% reduction in stamp duty for apartment units priced under rupees 20 lakhs. This will give a much-needed fillip to the market. The offers of move in now and pay later that are being offered by builders has piqued buyer interest in ready to move in homes. Also, mid-segment 2.5 BHK to 3 BHK properties in the price range of rupees 1 crore are more attractive to potential investors. There is a shift in the trend of living close to work spaces with more and more buyers opting for homes that are on the outskirts of the city or in low population density areas, probably as a result of the pandemic and the need for social distancing. While earlier localities such as HSR layout, Marathahalli, and Whitefield were high on the list of desirable locations for investment in real estate, the trend now is moving towards areas such as Yelahanka, Horamavu, Hebbal, and RT Nagar.

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