According to a recent report by a renowned real estate research firm CREDAI, the leading Southern state of India is all set to witness a major boom in the real estate market across different cities by 2020. The report also revealed the cities like Bengaluru, Mysuru, etc. will be going to see a steep jump in the demand and supply in both residential as well as the commercial sector.
The report further stated that growth of IT/ITes companies, coworking spaces, coliving spaces, retail market, office spaces as well as affordable housing units will prove to be major drivers behind this leap.
Also, reforms from the government side like reduction in GST rates on affordable housing will also call upon homebuyers to invest in big cities of Karnataka like Bangalore, Hubli-Dharwad, Mysuru, Mangalore, etc. For instance, some of the key affordable markets that emerged as a hot favourite amongst homebuyers in Bangalore is Whitefield, Kanakpura Road, Sarjapur Road, Hoskote, Mysuru road, etc.
The state has also witnessed major investment by foreign investors in the last three months. Close to around 46,000 crores has been invested in the stock market by leading global investors. Many NRIs and HNIs have also invested in the residential and commercial market of the state particularly Bangalore.
Apart from the leading IT companies, Bangalore has also witnessed a boom in the startup culture. Many small companies have been adding a feather to the realty market of the city. Besides all this, the report also suggested that different planned and proposed infrastructure developments in terms of highways, roadways, expressways, metro corridors, foot over bridges, etc. will further going to put the real estate market of the state on the upper front than other states.