Culmination of Start-up Culture & Luxury Real Estate in Bangalore
Bangalore has seen a tremendous expanse of entrepreneurial spirit in the last couple of years with a host of new technology start-ups coming up in the city. This has given rise an ambitious crowd of home buyers with refined tastes, a quest for better things in life and the capital to fund homes. The startup culture has added to Bangalore’s influx of immigrants and the need for quality housing has gone up by leaps and bounds.
The startup boon has not only brought in immigrant population for the short-term, but as companies are expected to take 3-5 years in the least to take off and be successful it has brought in mid-to-long term residents looking to make investments in the city’s real estate space. The high paying jobs, need for accommodation in areas close to work places, the easy availability of home loans have all contributed to the ever increasing demand for both luxury homes as well as affordable apartments.
Home buyers have been given a wide array of choices by the developers such as – 3BHK Flats, Service Apartments, Residential Apartments and Affordable Homes and so on. There is an increased competition even amongst the developers which will definitely result in better bargaining power for the customers.
The socio-economic outlook of the city has evolved tremendously in the last two decades and the fact of the matter is that it is continuing to evolve at a great pace even today. We are yet to see the full cycle of the evolution. Although, some infrastructural concerns remain on the city, it is likely that the next few years will see a tremendous activity in the real estate space in Bangalore.
Home buyer tastes are also evolving with the profile of home buyers now markedly different from the years gone by. As a young, more entrepreneurial profile of home buyers take over real estate developers are changing the product profile to suit this audience.