Villas become an increasingly preferred choice, for home buyers in Bengaluru

[ecis2016.org] The preference for premium, independent houses for both, investment and rental purposes, is on the rise, as people yearn for more open and free spaces, in the absence of being able to step out at will

There is a perceptible shift seen in the home-buying behaviour of people, particularly in Bengaluru. Industry experts are pointing out that real estate is becoming one of those essentials that people want to invest in, to create a safe haven for themselves. A large part of this change that is being witnessed now, can be attributed to the Coronavirus pandemic that remains to be overcome.

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Real estate becomes an essential need following COVID-19

While staying indoors and staying safe, home buyers are realising the importance of owning a house and more specifically, a house that will best fit their needs. “We have already been in the house for two months and with the lockdown now in the fourth phase, we certainly could have done with more space,” says Jyoti Iyer, a resident of MG Road, staying in a 2-BHK standalone apartment.

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Iyer’s sentiments are echoed by many other people, who have been house-hunting for some months now. Owing to the COVID-19 pandemic, work from home has become the new normal across the country. The preference towards premium homes, especially independent ones for both, investment and rental purposes, is on the rise as people yearn for more open and free spaces, in the absence of being able to step out at will. “With my husband and me both working from home and the children’s online school lessons going on, there is a need for a bigger space that is less chaotic and more accommodative. Additionally, a little greenery and a small garden with the apartment, will help to fight the blues that this pandemic has brought along, as it is impossible to go out on leisure trips for some time now. While we were previously scouting for apartments in gated communities, this pandemic has also drawn our interests towards checking out independent houses,” says Meenakshi Roy, a media professional.

Home buyers seek luxury and safety

Luxury living and safe living are the chief reasons for this change in trend. “People have become more cautious and have started opting for individual villas over apartments, to maintain social distancing. They prefer more independent luxury living spaces, rather than sharing the lobby and floor amenities with others on the same floor,” says architect Tripat Girdhar, co-founder, The Design Studio. Additionally, a villa offers other facilities like excellent security, large, green open spaces, car parking, house-keeping services, electricity back-up services, etc., among others.

Villas’ pricing at par with apartments

The trend of high-rise apartments in Bangalore is just a decade old, with the city predominantly being home to independent spacious villas and some people continuing to live in such units. With the rise in the IT segment and expats settling here, buyers started preferring apartments. “This was mainly because of budget, saturation of land spaces, proximity to work places and the presence of amenities. However, the trend has taken a U-turn, with people again enquiring about independent houses across the city as per their budget, as independent houses are now competing with apartments in price points,” says Jay Arora, a property consultant.

COCO Villa: An attractive investment option

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A case in point is NG Developers’ COCO Villa (coconut villa) project that is located at Horamavu, north Bangalore. “There are 62 premium residential units developed around coconut trees in this project, with the pricing of each at par with that of a 4-BHK apartment in the city. The project has features conceived for people across all age groups (children, working people and senior citizens), making it a self-sufficient independent abode. Additionally, one would be enjoying far more luxury, in terms of green spaces and liveability, as compared to any apartment in the city,” says an NG Developers’ spokesperson. Moreover, with demand coming in largely from people working at tech-hubs located in the city’s periphery, lavish configurations have come up at north Bangalore, thus, decluttering the city, which is not possible in any other tier-1 city.

However, all this does not mean that one has to compromise on location and connectivity. This project enjoys excellent connectivity with tech parks like Manyata Tech Park, entertainment options like Phoenix Market City, healthcare institutions like Narayana Multi-speciality Hospital and Manipal Hospital and prominent city hubs like MG Road and Indira Nagar. Additionally, the Kempegowda International Airport is just 20 kms from this project.

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Category: Lifestyle