What was meant to be a remarkable year for the real estate sector, 2020 proved to be quite the damper. A series of structural readjustments coupled with the COVID-19 pandemic and the resultant lockdown has led to a standstill for several upcoming apartments in Bangalore. With the second wave, things may not appear to be bright but things are getting better due to the ongoing vaccination drive and the gradual unlock of the economy. Additionally, the low-interest rates have been quite motivating for buyers. There has been an increase in the number of people seeking a property for sale in Bangalore.
Bangalore’s residential market is slowly getting back on its feet and is all set to become one of the most sought-after destinations in the country. The cities infra projects are going to be a boon to the sector thus propelling demand. The Metro rail connecting to Silk Board has been touted to be one of the most important infrastructure projects as several areas like Electronic City would be benefitted from it. This fact has been substantiated by a recent report of Knight Frank India. According to the report, key transit infra projects including metro and railways are going to assist in the development of real estate across 24 key locations. Their recent report titled, ‘Bengaluru Urban Infrastructure Report 2020–A Comprehensive Take on Major Transit-Oriented Infrastructure Projects with Key Impact Markets’ speaks of the impact that the existing transport infrastructure projects have on the real estate sector.
It has been estimated that 127km of metro and 270km of road projects are in various stages of construction. The metro phase 2, extensions and lines are all set to be completed between 2021-2025. Major projects like the Peripheral Ring Road, Satellite Town Ring Road and Suburban Rail Network are estimated to be completed after 2025. The key impact markets include Electronic City Phase-1 and Electronic City Phase-2 which is something that you should consider if you are seeking a flat for sale in Electronic City Bangalore. The estimated project cost is 11.4 billion dollars. According to the analysis, 24 locations have been identified which would gain from these developments.
It is being expected that these projects would not just engender growth with an incremental inventory supply in the usual locations but there will be an emergence of new micro-markets in the peripheral parts of the city resulting in a demand for several upcoming projects in Bangalore. It is quite common knowledge that Bangalore is the start-up capital of the country ushering in innovation and employment opportunities. Improvement in transit infrastructure through these projects would help improve connectivity thus leading to a significant reduction in travel time.
These factors have led to a renewed demand for upcoming projects in Bangalore. If you are still wondering if it is the right time to invest, be reminded of the lesson that this pandemic has taught us. Big or small, it doesn’t matter but you must have a home of your own where no virus can harm you.