To own a home is a pivotal decision that an individual can make and one that symbolizes stability and security. The pandemic did cause a slump in the Indian residential real estate market; however, this is now on the upswing. Post the pandemic, large numbers of home investors, and especially first-time buyers, are moving into investing in residential real estate.
COVID and its subsequent lockdowns brought people’s attention to staying safe indoors and to the importance of owning their homes. This has triggered increased interest in owning homes and a resultant resurgence in the residential real estate market in India. Favorable schemes and supportive measures by the government, as well as lowered rates on home loans, have strengthened buyer confidence.
The residential real estate industry in South India is seeing rapid growth, more than in other locations in the country. Q3 of 2020 revealed that only Bangalore and Hyderabad had registered a year-on-year increment in prices of 3% and 4%. South India has always been innovative in terms of launches and is well known for the timely consolidation of developments.
A prime factor contributing to the residential real estate growth of South Indian cities is their thriving and progressive economies. The rapid growth of the IT/ITeS industry in these locations has fuelled a rapid influx of professionals into the cities. This, in turn, has led to an increased demand for housing solutions and, subsequently, the growth of residential real estate.
Southern cities are also well known for having excellent and developing physical infrastructure in place with great connectivity and accessibility. These cities also have well-established social infrastructure amenities and modern technology, factors that are attracting ever-increasing numbers of new residents. These locations are also known for being peaceful and stable, with pleasant weather all year round and a multicultural vibe.
The Prestige City new launch township at Sarjapur Road, East Bangalore.