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Bangalore’s housing market players must be doing something right, going by this recent report.
What we’re talking about
📉 Bangalore has seen the highest reduction of 23% in unsold housing inventory in Q1, 2022. All riiise because demand has clearly outstripped supply.
📈 The residential segment has grown steadily with start-ups and technology firms doing well in spite of the pandemic. Remote work, auto-increase in disposable income due to reduced transportation,
Why we’re talking
Price appreciation has already outstripped pre-COVID figures for Bangalore along with India’s other metro cities. End-users are still optimistic about the housing market and there is also more activity in the high-end category.
Big reasons for positive tidings
1️⃣ Strong Government initiatives to check raw material costs and inflation.
2️⃣ A strong Indian economy in spite of the pandemic and inflationary trends.
3️⃣ Cheaper cement and steel supplies and lower input costs for developers.
4️⃣ More new launches along with better packaging of existing projects by developers.
5️⃣ Growth in IT and ITeS sector along with start-ups, which is creating employment opportunities and housing demand in Bangalore, for instance.
Onwards and upwards
In a move that will keep the momentum going for steadily-recovering Indian real estate, Union Finance Minister Nirmala Sitharaman has already confirmed an excise duty cut of INR 8 per litre on petrol and INR 6 per litre on diesel, to check inflation.
With customs duties coming down for a few raw materials that go into manufacturing steel, the Government is also attempting to enhance cement availability via superior logistics and cost reduction initiatives.