The year 2023 is poised to introduce transformation within the residential lifestyle sector and the city is leading, yet again.
The rising demand for smart homes, increasing emphasis on sustainability, and the ever-increasing appeal of residential luxury, the real estate market is undergoing major changes. There is an evident trend towards boutique luxury residences, which offer residents distinctive and individualised living experiences.
This year realtors have witnessed a continued influx of luxury seekers, ultra-high-net-worth individuals, and those desiring exclusivity in the real estate market. Sustainability has emerged as a critical component in the homebuying process. Homebuyers are becoming increasingly conscious of energy efficiency and the environment.
There are multiple factors driving the trend towards luxury homes in Bangalore. Economic growth is a major reason why luxury real estate is experiencing high demand in the city. This growth is fuelled by the large presence of the IT sector in the city, which has created high disposable income and has prompted purchase of luxury properties by millennials and Gen-Z. The presence of HNI’s and NRI’s, their global exposure, lifestyle amenities, return on investment, moderate pricing of luxury homes in the city compared to pricing in other metros, access to physical and social infrastructure and the desire for high-quality personalized living space are factors driving demand for luxury homes in the city.
One aspect however that needs attention is the impact that the burgeoning developments in the real estate sector can have on the city’s future. In addition to the construction of residential properties, the overarching objective must be to establish an urban environment that is both sustainable and prosperous.
The stability of the economy and its growth over a period have ensured good prospects for residential real estate and owing to this conducive atmosphere, we will see a positive trajectory going forward.
Read the full story that first appeared in Our Bangalore dated Nov 3, 2023 here:
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