Since the pandemic, the luxury real estate sector has been experiencing an upward trajectory, and Bangalore has seen the highest increase in average house prices, at 10%, compared to last year. This is a testament to the growing need for premium residential spaces in the city. The pandemic also played a vital role in shifting priorities while purchasing new homes, with buyers now being more mindful and choosing developments that are sustainable and provide overall well-being.
The South of India has seen a shift in demand as buyers are now looking for self-contained residences sized 4,000sqft or more with world-class amenities, and Bangalore is contributing to more than 30% of this demand.
The upper-middle class demographic, in nuclear families, with steady incomes, is looking for contemporary developments with more open spaces that cater to complete lifestyles. With the Festival of Lights around the corner, it is an auspicious time for Indians all around the world. With a long history steeped in our nation’s rich cultural past, Indians prioritize housing when making short- and long-term plans for their future, especially during Diwali. It is a prosperous time to make big investments, pursue new endeavours and make milestone decisions. From buying a new family home to making impactful investments for the future – liquidity in the market is at its peak during this season.
This year, to our advantage, the market seems to be booming with more NRI interest in the real estate sector. With the value of the rupee dropping, international buyers see this as a golden opportunity to invest in India, especially in cities like Bangalore, which has seen an influx of foreign investment across industries.
Over the last 5-6 years, the real estate sector in India has evolved as modern developers have moved towards a more customer-centric market. RERA’s new policy initiatives & payment regulations have made the market more transparent, reliable & profitable. Due to these notable changes in the real estate sector, buyers are now far more confident while making big investments.
Sales for the ultra-premium residential real estate market continues to skyrocket, and we at MAIA Estates are setting new standards to provide for the same. Our experience shows that serious buyers are often not discouraged by a mere price tag. Instead, they see value in the overall offering in terms of amenities, community & way of living. From world-class spas to state-of-the-art sports facilities, we are selling wholesome and fulfilling lifestyles that the discerning desire.
(The author is Mr. Mayank Ruia – Founder and CEO, MAIA Estates and the views expressed in this article are his own)