Preference for Independent Villas in Bangalore on rise

In the last few years, city of Bangalore has witnessed tremendous expansion. With the increased buying power, improving lifestyles and rising real estate rates, have resulted in unprecedented activity in the realm of Bangalore real estate. In addition the residential sector is seeing a most important change in demand towards independent villas. As per the PropIndex Report, all regions across the city have witnessed a surge in demand for the independent villas in Bangalore over the past quarter.

Independent Villas in Bangalore

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Whereas Central Bangalore seen an upsurge of 1%, South and North Bangalore seen a 10% upsurge, whereas East has seen an increase of 7%. The maximum surge (14%) of independent houses for sale in Bangalore was recorded in the eastern side of the city.

Why there is a change in demand?

There are lots of reasons! One of the chief property consultants says, with rising property values and desires, the prices of apartments have become at par with independent homes. The maintenance charge for flats is also excessive. Therefore, purchasers have a preference to buy villas for sale in Bangalore, which permits them to fix their own budget to uphold their houses.

Stating an additional aspect, buying an independent house is considered a prestigious quotient in the city. Furthermore, individuals are seeking property, which they can maintain as per their desires and their budget. Purchasing or independent houses for rental in Bangalore also bids them privacy and space which won'tget it apartment living.

This growing trend is mainly being fuelled by end users. However, flats still continue the favorite option in Bangalore. Purchasers of individual houses for sale in Bangalore are primarily the inhabitants based in the city, who do not give seriously to the entire demand for residential units in Bangalore.

So, who are the buyers? 

They are mainly belongs to the service class, employed in many industries such as IT, manufacturing,etc. These purchasers hold higher positions in companies.

Scope of appreciation:

 

It is to be known that property in Bangalore provide high capital incomes as related to multi-storey apartments. The survey also indicates that in contrast to the stock of independent houses, demand is high which might drive the property prices.

Since the city is an end-user market, the possibilities of speculation in property rates are small while related to their counterparts. Therefore, overall the realty segment is sluggish in the city for appreciation of property values. That the city's residential market remained to maintainstable with no variation in capital or rental rates. The Bangalore Metropolitan Index also continued stable, falling by just 1% throughout the quarter, according to the National Property Index. 

Purchasers looked to be on a wait and watch method for values to drop post the budget.

Localities that seen an upsurge in demand consists of Whitefield, Hennur,  Electronic City, Sarjapur Road, Ulsoor,  HSR Layout and Koramangala among others.