BENGALURU: Bengaluru's youth segment is buying residential property early in life. Each residential property expo hosted by The Times of India has revealed a consistent increase in footfall from this segment. The city's real estate sector is also seeing a trend in genuine homebuyers for whom owning their prized home in a preferred locality is much more than a lifestyle statement.
Irfan Razack, CMD, Prestige Group, says, "The residential sector witnessed a strong demand across all segments in 2014 and is continuing to do so this year too. Testimony to this is the fact that Prestige recorded the highest ever pre-sales in the residential segment in Q2 FY15."
Confident Group's co-founder and director Gaffar P Kandy says the Bengaluru market is dominated by end-users, with only a few investors. "There is no bubble. The city's market is very steady and the payments are safe. There are more first-home buyers too," he points out.
Ashish Purvankara, MD, Puravankara Group, says the modern homebuyer wants value for money, finishes with finesse, and top-of-the-line amenities. "He is looking for an 'intelligent' home with all the conveniences of home automation, and digital technology," he says.
Girish Purvankara, CMD, LGCL, agrees. The globally travelled Bengalurean, he says, wants a home with all the frills and will settle for nothing else than 'clean' property with good specifications. "Typically, those who already own an apartment want to upgrade to a villa and live in luxury. They want large activity zones for their children to play in. They want the best of international brands in fixtures and accoutrements," he says.
The suburban areas are the new city centres, with schools, retail facilities and good connectivity. "The suburbs offer more affordable options to those making their first home," Kandy points out.
The Times of India's Home Affairs Expo on residential property is on May 30 and 31 at the Phoenix Market City Mall, Whitefield from 10 am to 8 pm.