The global COVID-19 pandemic has had a significant influence on a number of businesses, including the residential real estate market in Bangalore. The real estate market saw substantial upheavals and changes when the city was placed under lockdown, confining individuals to their houses. We will examine the effects of COVID-19 on Bangalore’s residential real estate market in this blog post, as well as how the sector is adjusting to the new normal.
Shift in Buyer Preferences:
The epidemic of COVID-19 has caused buyers’ preferences in Bangalore’s residential real estate market to shift. There has been a discernible change in customer preferences as remote work becomes the new standard. Larger homes with designated workstations are becoming more and more desirable to buyers. There is a growing desire for large flats or villas with extra rooms for study spaces or home offices. This shift in desire is a reflection of the demand for cosy and effective work-from-home settings.
Furthermore, there is an increasing focus on properties with outdoor spaces such as balconies or gardens. The pandemic has heightened the importance of fresh air and open areas within residential properties. Buyers are seeking homes that provide them with the opportunity to enjoy outdoor activities and create a serene environment. Balconies or gardens have become valuable features that allow residents to relax, exercise, or engage in hobbies without leaving their homes.
Rise in Virtual Property Tours:
To cater to these changing preferences and adapt to social distancing measures, real estate developers have embraced technology, leading to a rise in virtual property tours. Virtual tours offer potential buyers the opportunity to explore properties remotely and make informed decisions without physically visiting multiple locations. Real estate developers now provide virtual tours, 3D walkthroughs, and live video consultations, allowing buyers to experience the property as if they were there in person. These virtual tours not only offer a safe alternative but also save time and effort for both buyers and sellers. Virtual property tours provide a comprehensive view of the property, allowing buyers to examine the layout, finishes, and overall ambiance. They can virtually walk through each room, visualise the flow of space, and assess if it meets their requirements.
Buyers may digitally measure dimensions and inspect properties from various angles thanks to innovative technology. With this much information available and the ability to interact with the property, purchasers may make well-informed judgements without ever setting foot in the house. To provide an immersive experience, real estate developers are using more technical tools than only virtual tours, like 3D modelling and augmented reality. Purchasers have the ability to visually decorate the property, try out various interior ideas, and see how their furniture will fit into the available space. With the aid of these technologies, buyers can more easily picture themselves living in the property and make customised decisions.
Increased Emphasis on Hygiene and Sanitization:
Bangalore’s residential real estate market now places more value on sanitation and hygiene as a result of the COVID-19 outbreak. Purchasers are now more aware of the elements that go into creating a clean and safe home. Consequently, real estate developers are adjusting to these evolving demands by introducing cutting-edge sanitation techniques and endorsing features that put hygiene first. The emphasis on ventilation systems is one facet of this hygiene-focused approach. These days, prospective buyers seek out homes with well constructed ventilation systems that permit the flow of fresh air. In order to lower the danger of viruses spreading via the air and preserve a healthy living environment, proper ventilation and airflow are considered essential. Not only has ventilation increased in favour, but so have touchless fixtures.
Buyers prefer properties with touchless technologies such as automated faucets, motion-sensor lights, and voice-activated controls. These features minimize physical contact with commonly touched surfaces, reducing the potential spread of germs and bacteria. Real estate developers are also incorporating advanced sanitation measures into their projects. They are implementing UV sanitization systems that utilize ultraviolet light to disinfect surfaces and air in common areas. This technology has been proven effective in killing pathogens and providing an added layer of protection for residents. Antimicrobial surfaces are another feature being promoted in residential properties. Developers are using materials and coatings that have antimicrobial properties, which inhibit the growth of bacteria and viruses on surfaces. This helps maintain a cleaner and more hygienic environment, giving residents peace of mind.
Temporary Slowdown in Sales and Construction:
The temporary slowdown in sales and construction activities in the initial months of the pandemic was a result of uncertainty and caution among potential buyers. With the economy facing challenges and job security concerns, many buyers adopted a wait-and-watch approach before making any property purchases. This led to a dip in real estate transactions as buyers postponed their decisions. Construction projects also faced challenges during this period. Labour shortages and disruptions in the supply chain due to lockdown measures affected the progress of construction activities. These factors contributed to delays in project completion and the handover of properties to buyers.
However, as the situation gradually stabilised and safety protocols were put in place, the real estate market started to regain momentum. Buyers adapted to the new normal and resumed their property search, while developers implemented safety measures to ensure a secure and hygienic environment for residents. The market has seen a gradual recovery, with an increase in sales and a resumption of construction activities.
Attractive Pricing and Offers:
The COVID-19 pandemic has had a significant impact on the pricing strategies and property preferences in Bangalore’s residential real estate market. Real estate developers have responded by introducing attractive pricing schemes and offers to stimulate demand amidst the challenging economic conditions. To attract buyers, developers have introduced discounts and reduced prices on residential properties. These pricing schemes aim to make properties more affordable and attractive to potential buyers who may be hesitant due to the economic uncertainties brought about by the pandemic.
Furthermore, various payment plans have been created, giving customers the choice to give instalment alternatives that work with their budget or to spread out their payments over a longer time frame. Additionally, incentives are provided to entice customers even more. Freebies like appliances, furniture bundles, or even paying for the costs of stamp duty or registration fees could be included in these incentives. In a competitive market, developers are eager to make their goods more enticing by adding value and sweetening the deal for prospective purchasers.
Rise in Demand for Gated Communities and Integrated Townships:
The pandemic has emphasised the importance of self-contained and self-sufficient communities. Gated communities and integrated townships have seen a rise in demand as buyers seek properties that provide a range of amenities and facilities within the premises. These developments often include parks, jogging tracks, healthcare facilities, grocery stores, and other essential amenities. The presence of these amenities creates a self-sustaining ecosystem within the community, allowing residents to meet their daily needs without having to leave the premises. Buyers are increasingly valuing the convenience and safety offered by these self-contained communities, as they provide a sense of security and reduce the need for external travel. The availability of amenities within the community also promotes a healthier and more active lifestyle, which has become a priority for many buyers during the pandemic.
Long-term Investment Opportunities:
Bangalore’s residential real estate market still offers long-term investment potential, despite the immediate difficulties. Bangalore is a desirable market for real estate investments because of its standing as a top IT hub, robust infrastructure, and expanding population. The demand for residential real estate is anticipated to increase as the city recovers from the pandemic, which could result in an increase in property values.
The COVID-19 pandemic has had a significant impact on Bangalore’s residential real estate market. The shift in buyer preferences, the rise in virtual property tours, the emphasis on hygiene and sanitation, and attractive pricing schemes reflect the industry’s adaptability to the changing environment. As the situation evolves, the industry continues to navigate the challenges posed by the pandemic while presenting long-term investment potential in Bangalore’s residential real estate sector. For further details or the best of any kind of services in the real estate sector in Bangalore, contact us at Jones Asset Management and enjoy a seamless experience.
