In the aftermath of Covid-19 and the global shutdown, you may be rethinking your decision to buy your dream home in Bengaluru. Life has been significantly altered in the aftermath, with people confined at home, with all work and study taking place from home almost exclusively. There are masks everywhere, words like social distancing, quarantine and stay at home are part of your vocabulary and generally, everyone is suffering the negative consequences of this pandemic. However, pushing your house investment plans may not be advisable yet.
If you had planned on a home in the Garden City, here are some reasons to not give up on that dream.
Decreased Guidance Value
The Karnataka government plans to cut property guidance values by 5-10%, in addition to reducing home loan interest rates. This comes after a sharp increase in guidance values in January. The guidance value refers to the base price of properties in an area fixed by the government and is the minimum amount at which a property can be sold or transferred. Registration cannot take place at an amount lower than the guidance value and it varies from area to area in a city.
Positive Buyer Sentiment
The changes in Guidance Values reduces property registration and stamp duty costs, further boosting buyer sentiment. Multiple surveys show that Bengaluru’s real estate market has remained strong even in the last six months, driven mainly by high-end property sales. They also state that most potential home buyers have not changed their intentions post-pandemic.
Expected Upcoming Price Surge
A report predicts that the property prices may increase in the coming quarters by 15-20% as demand for affordable and luxury segment is already picking up in Bengaluru. The quality of site visits has improved and buyers incline towards purchasing a mid-segment or luxurious property. In fact, with work from home predicted for a longer time, more buyers plan to buy a spacious and well-equipped apartment. The demand for villa-style homes is also on the rise as people feel the need for more space, greenery, and amenities in safe and gated communities.
If you’re looking for the right kind of villa to settle down in, take a look at our latest project in Gunjur Road. Woodsong – Around the Mangoes is our villa project nestled in the heart of a mango orchard and surrounded by the best of nature, including a 50,000 sq.ft water body and several amenities that ensure you’ll never want to leave the property.
