Will 2015 be the year of recovery for real estate market in Bengaluru?

Can 2015 be the year of recovery for real estate market in Bengaluru? 

In fact, a December-2014 Pan Indian real estate survey of Indiaproperty.com in Bengaluru, Delhi NCR, Mumbai, Chennai and Hyderabad says that “Everybody wanted a change and 2014 saw the formation of new the governments. Many impact areas such as real estate, stock markets, fuel and gold prices were buoyed by positive sentiments. These changes paved way for 2015 which is expected to be the year of recovery”.

The survey says that a major buying trend that can be seen in the real estate industry, include high proportion of end-users looking for mid-segment properties, buyers giving importance to infrastructure, presence of public transport and security before deciding the locality. Nearly 64 per cent of prospective buyers who participated in the survey in Bengaluru have expressed an increase in confidence in real estate.

The top localities that have generated a lot of interest among buyers in Bengaluru are Sarjapur, Sarjapur road, Kanakapura Road, Electronic City, Whitefield, Marathahalli - ORR Road, Close to 78 per cent of the respondents contacted in Bengaluru during the survey were looking for a property for end-use and 60 per cent of buyers are first time home buyers.

When it comes to purchasing property, apartments continue to be the most popular choice among buyers in Bengaluru and elsewhere. More and more property seekers are also looking for affordable housing. Demand for properties under Rs. 30 lakh has increased in most of the cities across India. Close to 44 per cent of the buyers in Bengaluru prefer properties below Rs. 30 lakh. Only 27 per cent of persons in the survey were looking to invest on land in Bengaluru.