Bangalore’s real estate landscape continues to depict a journey of innovation, growth, and transformative development. Over the past few years, the city has witnessed a remarkable transformation, reshaping the landscape of urban living. It has been a resilient force, bouncing back with vigour after the global pandemic that had temporarily dimmed its shine. As we look towards 2024, SPA Group, one of the best real estate developers Bangalore, sheds light on the emerging trends that are set to define the future of this bustling metropolis.
- The Evolution of Urban Living
- Peoples’ Move towards Peripheral Areas
- The Need for a Bigger, Better Home
- Awareness Towards Sustainable Homes
- Rising Commercial Interest from Foreign Investors
- The Preference to Belong to a Community
Urban living in Bangalore is undergoing a significant overhaul. The city’s skyline is no longer just a cluster of high-rises but a blend of innovation, luxury, and functionality. The focus has shifted towards creating spaces that cater to the changing lifestyle needs of the urban populace. From smart homes equipped with the latest technology to amenities that promote work-life balance, developers are reimagining urban living with a futuristic lens.
As the city centre becomes saturated, there’s a noticeable migration towards the outskirts. Approximately 58% of the 149,000 homes launched during 2020-21 are situated in the peripheral regions of the leading seven property markets, as per data from Anarock research. These numbers have only grown in the last two years. The peripheral areas, like Hosur, Koramangala, and Electronic City, are now being developed with the same zeal as the central regions, with a range of residential and commercial projects that offer a slice of tranquillity without compromising on urban conveniences.
Anarock’s “Consumer Sentiment Survey” for the first half of 2023 unveils that despite the surge in residential prices, 59% of Indians are inclined towards purchasing larger and more luxurious homes. Compared to the first six months of 2020, there is a 10% increase this year in individuals expressing interest in mid and high-range homes. Since the pandemic, homes are no longer places to unwind after a long day but multifunctional hubs where we live, work, and play. This has led to a growing demand for larger homes that can accommodate home offices, personal gyms, and recreational zones.
Sustainability is no longer just a buzzword but a crucial consideration for homebuyers. There’s a rising consciousness about the environmental impact of our living choices, and it is reflected in the statistics. According to a report by KPMG and Colliers, the footprint of green-certified office buildings in India has seen a remarkable increase, nearly doubling since 2016 to reach 421 million sq ft. This constitutes over 60%. Among India’s major cities, Bengaluru leads with the highest volume of green-certified buildings, closely followed by Hyderabad, Mumbai, Chennai, and Pune. To fulfil the growing demand, developers in Bangalore are incorporating green building practices, such as rainwater harvesting, solar energy utilization, and waste management systems, to create eco-friendly and energy-efficient homes. At present, GRIHA and LEED programs lead the industry standards as the topmost certifications in sustainable development.
Bangalore’s status as a global tech hub is attracting significant international attention. Foreign investors are keen on tapping into the city’s commercial potential, leading to a surge in investments in office spaces, retail outlets, and hospitality projects. A recent survey conducted by Knight Frank in May 2023 across eight Indian markets reveals that Bengaluru offers an unparalleled shopping experience, with four of its markets ranking in the top ten. The influx of global capital is not only a testament to Bangalore’s economic resilience but also propels the city’s infrastructure development and job creation, fuelling the real estate sector further.
In the age of social distancing, the intrinsic human need for connection has become more pronounced. People are seeking more than just a home; they are looking for a sense of belonging. Gated communities with shared amenities like parks, clubhouses, and sports facilities are gaining popularity. These communities offer a safe environment to interact, engage, and build relationships, redefining the concept of neighbourhood living.
SPA Group – Way Ahead of Contemporary Trends
As we advance into 2024, the real estate landscape of Bangalore stands at the cusp of a new era. The trends highlighted by SPA Group reflect a city that is not only adapting to change but is at the helm of it. The group is ahead of all these developments, and its residential environments, SPA Ecocity, and Frangipani Estates off Sarjapur road are all that homebuyers seek to live a fulfilled life in the coming years.
These developments are meticulously crafted to meet the aspirations of a modern lifestyle, promising a harmonious blend of comfort, sustainability, and luxury that is in sync with the forward-looking spirit of Bangalore.