The COVID-19 pandemic has transformed the world in many ways. One of the most significant changes has been the widespread adoption of remote work. Work-from-home, or WFH, has become the norm for millions of people worldwide. In Bangalore, a city known for its IT industry, this change has had a massive impact on the real estate market. This article explores the impact of work-from-home culture on real estate demand in Bangalore.
Introduction
The Prestige Southern Star residential township project at Begur Road, South-East Bengaluru, is a massive undertaking. This development is the newest of the city’s “Prestige” projects. In this township, you may get high-end rentals in a variety of sizes and pricing ranges. Luxury 1, 2, 2.5, as well as 3 BHK apartments, are available in the complex’s tall towers. All of the towering apartment buildings are surrounded by expansive, verdant green spaces, which are infused with the spirit of the location. Luxurious mansions and posh services line this exclusive street.
With work-from-home culture becoming prevalent in Bangalore, the real estate industry is witnessing a significant shift in demand. Let’s explore the impact of this change in more detail.
Changes in Housing Needs
With remote work, many people no longer need to live close to their offices. This change has led to an increase in demand for larger apartments and villas with additional features such as home offices, balconies, terraces, and gardens. Additionally, the need for spacious homes with separate workspaces has also increased.
Increase in Demand for Suburban Areas
With work-from-home culture, people are no longer bound to live near their offices. This change has resulted in increased demand for suburban areas that offer a better quality of life. Bangalore’s outskirts, such as Sarjapur Road, Whitefield, and Outer Ring Road, have seen a surge in demand for residential properties.
Decrease in Demand for Commercial Real Estate
With remote work becoming more common, businesses no longer need to rent or purchase large office spaces in central business districts. As a result, there has been a decrease in demand for commercial real estate in Bangalore’s CBD. This trend is expected to continue, resulting in a shift in focus towards suburban areas.
Shift in Real Estate Investment Strategies
The pandemic has led to a change in real estate investment strategies. Investors are now focusing more on long-term investments in properties that offer better returns. The focus is on properties that offer a better quality of life, such as villas, townhouses, and apartments in suburban areas.
Impact on Pricing
The increase in demand for larger homes and suburban properties has led to a rise in prices. On the other hand, the decrease in demand for commercial properties has resulted in a decrease in prices in the CBD. However, this trend is expected to change as the demand for residential properties continues to rise.
The Advantages of Living in Prestige Southern Star Township
The Prestige Southern Star residential township project has several advantages for people working from home. The township comprises luxurious apartments that are perfect for a home office. Moreover, the expansive, verdant green spaces that surround the township provide a conducive environment for work and relaxation. The township also has posh services that cater to the needs of people working from home, such as high-speed internet connectivity and round-the-clock security.
Conclusion
The work-from-home culture has had a significant impact on the real estate market in Bangalore. The shift towards suburban areas and larger homes with additional features has changed the dynamics of the market. Additionally, the decrease in demand for commercial properties has resulted in a shift in investment strategies. While the impact of work-from-home culture on real estate demand is still evolving, it is clear that it will have a lasting impact on the industry.
