The flow of viral diseases known as COVID-19 is still felt around the world and the real estate sector of Bangalore is not an exception. In recent years, since the global community has entered the ‘new normal’ adjusting to the new reality, examining the shifting of the residential, commercial, and warehouse property markets in Bangalore due to the pandemic has become imperative. This blog post aims to discuss the changes the Pandemic brought to the Bangalore real estate market post-pandemic in finding residential properties in Bangalore and the position of the consultant in the specified market.
The following points state that the residential real estate in Bangalore has undergone certain radical changes because of the pandemic: Measures of social distancing and lockdowns that were applied to avoid the spread of the virus also stimulated homeownership as people wanted to live in larger houses, which can provide the conditions for organizing work and children education from home. It therefore led to changes in tastes in that people demanded more large-sized apartments or Villas in the suburbs since there was adequate space and privacy to allow people to work in the compound.
On the other hand, the necessity for small flats in the city centre significantly declined temporarily due to the avoidance of crowded areas. However, this trend has recently begun slowly changing with the fading off of the pandemic and the city bouncing back to its normal state as it existed before the pandemic. The desire to be closer to business and learning institutions, as well as social facilities, has come up again to push people to seek urban residential units. There is now a tendency by many corporate players in the real estate field to consult with other professionals to determine new horizons and plan on acquiring the most promising houses for investment.
Several companies decided to cut down the sizes of their offices or resorted to affordable, shared offices. This situation has remained the same and with the emergence of a new norm, this has seen the preference for the dual workplace system rise even with the continuation of a cure for the virus. It has also created tremendous difficulties for office occupiers, especially in search of new strategies and finding suitable real estate consultants who can help them find flexible leasing solutions.
However, the whole situation in the commercial real estate market has been increased demand for commercial buildings that are specifically associated with such key sectors as IT and retail. The scenario of Bangalore as the IT capital of India has led to increased demand for such types of offices that are well furnished with hi-tech equipment. It is real estate consultants who are out in force in this respect to identify properties suitable to client’s needs and assist in the integration of various technologies.
The COVID-19 outbreak has also dramatically affected the nature of affordable warehouses for rent in Bangalore. The outbreak of COVID-19 led to the emergence of new/ extraordinary/ increased requirements in the form of warehousing and logistics to support the increased e-commerce activities during the lockdowns. Customer’s changing behaviour that they want to buy products online created pressure on efficient and well-placed distribution centres to deliver products at the right time. Consequently, today there is noticeable growth of new industrial warehouses that are well furnished with sophisticated technology for stock control as well as storage and distribution of products. Businesses have benefited from the services of real estate consultants, especially in issues to do with the acquisition and leasing of warehouse spaces especially in the ever-growing market.
Also, supply chain resilience and last-mile delivery systems have become critical success factors in the future world after the pandemic. As the population grows, people turn to facilities near large cities and motorways because such a location will allow for faster and more efficient shipping. Real estate consultants have been geared up to find out the best areas for establishing warehouses and helped in building optimal supply chain systems for addressing the increasing needs of the e-commerce segment.
Moreover, the trends of using mixed-use development have taken its roots in Bangalore’s real estate market. It relates the housing, business, and leisure activities within the same layout of a project, establishing compact societies that enable one to live, work, and play without having to travel long distances. This latest development only increased the demand for such compound facilities because users may engage in both required and leisure activities without leaving their compounds. Industry professionals are usually able to assess and suggest mixed-use structures and offer significant information concerning their effectiveness and profitability in the future.
Therefore, the coronavirus crisis has massively influenced the real estate market of Bangalore and initiated changes in the residential, office, and warehousing segments. The growing demand for large homes in suburban areas, the changing tendency in the choice of office space, and the need for additional storage spaces often drive the market. Such changes have been brilliantly managed by real estate consultants who provide timely advice and strategic solutions to expand clients’ base including buyers, investors and businesses. In this regard, the role and input of real estate consultants will still be vital in helping Bangalore to fully realize its recoveries boost the market and develop sustainably beyond the pandemic into the future.
