During the Covid-19 pandemic, India’s real estate sector had almost come to a standstill. According to experts, since then, this sector has suffered a loss of almost ₹1 lakh crore, with sales of residential properties in India’s top 7 cities dropping to 2.8 lakh units in FY 2020-21 from 4 lakh units in FY 2019-20.
However, with the world slowly going back to what we used to call “normal”, investors and property buyers have been yet again looking for lucrative opportunities in the real estate sector.
Additionally, the government has introduced several measures in the Union Budget 2023-24 to revive the real estate sector of India and bring it back to its formal glory. With Bangalore real estate transitioning towards a more affordable housing model, this might be the right time for residential property purchase.
So, if you are looking to buy apartments in Bangalore, here are some Union Budget updates that can be beneficial for you.
Highlights of 2023-24 Union Budget Announcements for the Real Estate Sector
In the 2023-24 Budget address, Finance Minister Nirmala Sitharaman made several announcements that can fast-track the growth of the country’s real estate sector. Some of them are as follows:
Focus on Affordable Housing Options
The Union Budget 2023-24 aims to allocate ₹79,000 crore under the Pradhan Mantri Awas Yojana to provide affordable housing options. This increase in funding will result in the development of new housing projects in both rural and urban sectors. Thus, it will create an attractive proposition for investors to allocate their funds.
Furthermore, it will also help people from Low-Income Groups and Economically Weaker Sections to fulfil their dreams of owning a home.
In this year’s Budget, the Government announced its plans to develop 50 additional airports to improve air connectivity between different regions. Moreover, the Infrastructure Finance Secretariat will facilitate private investments in urban infrastructure, roads, railways and power. This will enable an overall boost in infrastructural growth, thus benefiting the real estate sector as a whole.
Developing Sustainable Cities
The Government shall encourage states and cities to implement urban planning reforms in order to develop sustainable cities. This will include efficient use of urban infrastructure, land resources and transit-oriented development. Additionally, these projects will ensure the affordability and availability of opportunities for people belonging to all economic classes.
Bangalore’s Real Estate Sector – Is It Profitable to Buy Apartments in Bangalore?
Similar to other major Indian cities, Bengaluru’s real estate sales had slackened during the pandemic. However, things are now improving at a rapid pace.
The rise of the ‘work from home’ culture during the lockdowns led to people being able to divert most of their savings towards investments, thus facilitating more flats for sale in Bangalore.
Moreover, with more IT companies in Bangalore asking their employees to come back to the office, the demand for apartments in Bangalore is also rising significantly. Thus, there is ample scope for people to profit from investments in Bangalore’s real estate sector.
If you are looking to buy flat in Electronic City, you should know that the rental prices for properties in Electronic City are comparatively lower than other areas in Bangalore. Around 60% of properties in this location are flats and apartments, among which 90% belong to the 2BHK and 3BHK categories.
Moreover, real estate investments in the IT hub area have witnessed a 10% increase in average property prices in 2022. Thus, people aiming to make long-term property investments can consider purchasing apartments for sale in Electronic City.
How Mahendra Homes can help you find best apartments in Bangalore?
When you are looking for apartments for sale in Electronic City, it is crucial to buy them from an established property developer whom you can trust. With Mahendra Homes, you can rest assured knowing that your residential abode would be at par with international standards.
Keeping the timeless aesthetic of Bangalore in mind, our landmark projects are developed with attention to detail and world class amenities. Passion and perfect execution are the driving force behind our designs and we aim to develop residential spaces which are a perfect blend of aesthetics and functionality.
Thus, if you are searching for a flat for sale near me, contact us now!