Bengaluru: While the pandemic has a negative impact on most of the business sectors, contrary to general perceptions, the housing sector in Bengaluru does not suffer, economic surveys 2021-22 revealed.
The survey stated that housing prices increased during the first and second Covid-19 waves, contrary to the expectations that they would fall.
It was said to be 2.
7% and 5.
3% increased housing prices during the first financial quarter of 2020 and 2021 respectively, at the Pre-Pandemic level from the first financial quarter of 2019.
Data from the Housing Price Index (HPI) National Housing Bank (NHB) agree with this positive trend for Bengaluru, where the composite index for June 2019 was pegged in 113, June 2020 in 116, and June 2019 in 119.
The upward mobility in prices was also reflected in improving.
In housing transactions, which surged more than 40% in the second Covid-19 wave (April-June 2021) on the pre-pandemic level of the first financial quarter of 2019.
This report showed the demand for pentup and increased affordability in response to the steps taken by the government such as Reducing interest rates, reduction in circles, and cut stamp duty, making homes affordable to buyers despite the enactment of the Dahsyat Covid-19 in the Indian economy.
Nasir Sharif, owner of the MN Realtors and Joint Secretary, the Australian Realtors Association (Brai), said the school and work from home was an important reason for people to buy a larger living room.
“The key is actually a busy time for us,” he said.
“There is an increase in a business of 5% -10% but the availability of good housing options is low in the area near the metro or technology park.” Sharif said the market ‘Rs 1 Crore Plus did it well, but not so many budget-friendly housing options.
However, Anthony Raj, owners of friendly realtors and property management, did not agree, said the housing market did not “develop”.
“Desperate sellers sell property so far less than intended,” he said.
“Builder supplies are getting stale, so they buy their own property to avoid decreasing prices.” But others warn the future in which affordable housing will be increasingly rare and a house will no longer be categorized as a need.
“Developers in Bengaluru began to utilize the most elite segments of the housing market, there were buyers,” said Sudeshna partners, tin-academics and research, Indian institutions for human settlements.
“This is borne by increasing the average price of transactions.
But Realtors do not learn how to meet the upper middle income demand.
There is an internal crisis that needs to be improved because this sector is too focused on the high end of the price segment.
Immediately, the formal sector may not have the capacity to provide Basic house.
“Speaking of rental transactions, Swastik Harish, an independent researcher, said that more than Rs 1.
2 Lakh Crore (about 1% of Indian GDP) transactions took place in the urban rental market that was informative and large.
The property is still controlled by traditional land ownership classes holding their land and assets until the price they requested matches.
“Transactions, as recorded in the economic survey come from the formal market.
Housing rents most of the poor market.
Bengaluru is still a new real estate market emerging because there are still urban land to develop, unlike Mumbai or Delhi who are saturated and their requests are absorbed by peripheral cities.
“He said.
Mitra said this was a global problem in the housing market financed, because the financing industry was mainly looking for projects with high returns.
The main theme that underlies uptick in a housing transaction seems to be a lot of houses purchased or sold in new land located on the outskirts of BBMP boundaries, but there is also a scarcity of good housing for the middle class, partner said.
The housing sector in B’luru performs well despite a pandemic
