Bengaluru real-estate a good bet
Ravindra Pai, Managing Director, Century Real Estate gives his views on the real-estate market of Bengaluru and the overall realty sector of the South.
Century Real Estate headquartered in Bangalore, India was founded by Dr. P. Dayananda Pai and Mr. P. Satish Pai in the year 1973. Ravindra Pai joined the company as the Managing Director in 2003. Under a new generation of leadership, the company built on its independent development portfolio while at the same time continuing to be involved in multiple joint development projects with leading developers.
Bengaluru residential real-estate market
Realty sector in India has recently gone through a transformation, but for the better. Even though RERA & GST have raised many questions and put people in a confused state, Bangalore Real Estate market seems to have had less of an impact, mainly because of a more stable real-estate market the city is known for, compared to other cities.
In a way, residential realty sales are driven by absorption of office spaces. Also, the professionalism demonstrated by property developers in Bengaluru has been seen as a more reliable bet by investors and consumers alike.
Bengaluru’s perfect weather all through the year beckons working professionals and population across India, wishing to settle down in the garden city. And, this surge is a trend that has not changed for long and is here to stay.
Clement weather and lower vulnerability to natural calamities are additional positives for individuals and families considering buying or investing in homes in Bengaluru. Also, Bengaluru offers an entire range of ultra-luxurious homes, luxury villas, plotted development, apartments and affordable flats with greater connectivity. Affordable housing is the norm of the day and this has seen a surprising rise in demand and consumption.
The emerging micro markets across Karnataka
A rampant change across the micro markets is indicated. Mysore, Dharwad, Raichur, Shimoga, Hubli, Belgaum, Gulbarga & Bellary are swiftly progressing urban areas of Karnataka. This can significantly transform the real-estate landscape of the state and show great promise is terms of development. A robust infrastructure has been a positive factor in shaping the realty landscape across micro markets of Karnataka.
We believe, like us, everyone is now in clarity-seeking mode for RERA. We have completed filing registration for all our projects and received confirmation for most of them as well.However, we see a lot of positive vibes around the RERA act and it’s just the teething problem which is prevailing in the sector as of now.
The growth drivers of the real-estate market in South
No doubt the most predominant driver is the industrial growth with IT being the most dominant and strong driver of the real estate market, followed by biotechnology. It is a known fact that Tamil Nadu, Andhra Pradesh, Karnataka and Kerala broadly constitute to over 21% of the population of India, with these states steadily turning vigorous centers for the service industry, with a stronger focus on the manufacturing sector for industries like automobiles &textiles. One of the key factors consistently driving the real estate market is the overall health of the economy, measured by indicators like GDP, manufacturing activity, employment data etc.
Century Real Estate has plans to launch 4-5 residential projects shortly as also majorly focus on commercial development. Residential projects will consist of plotted developments, budget homes, luxury & high end apartments.