Developers bullish for another 6 quarters – Times of India

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Bengaluru: Domestic property developers in the city are confident about the real estate market for another six quarters, thanks to millennials and Gen-Z customers who are driving it.
Speaking at a panel discussion at the Times Property Expo Saturday, Ashwinder R Singh, CEO (residential) at Bhartiya Urban, an integrated urban township in Bengaluru and co-chairman at CII, Real Estate Committee, said now is one of the best phases of real estate.“Total home sales will touch 5 lakh. There is a sudden consumer urge to own a home. Before the pandemic, GenZ and millennials were quite focused on a shared economy. After that, the importance of home became a core requirement for everyone. Also, with the hybrid way of work that will stay, people will spend more time at home,” he added.
Viswa Prathap Desu, COO (residential), Brigade Group, said the current scenario is a take from the pandemic where people found it essential to buy a home, especially millennials who are looking to buy instead of renting it out.
Highlighting an interesting trend in the market, Sunil Pareek, executive director, Assetz Property Group, said the affordable segment took a beating and shrank more than 60% over the past 18 months, while luxury, ultra-luxury and uber luxury picked up. “Today’s newspapers have a front page (referring to a property advertisement) on Rs 12 crore onwards, which was never seen in Bengaluru. The launches of Rs 5 crore and Rs 6 crore have become so high…”
Sanjay Viswanathan, senior vice-president (sales & marketing), Columbia Pacific Communities, said the senior living community is a segment growing in the city with nuclearisation of families and kids living away. “Today, we have just one per cent market penetration and there is a lot of scope to grow,” he added.
Citing the Bengaluru Innovation Index report, CGM, Bangalore Circle, SBI, Krishan Sharma, said the city will be the world’s fastest-growing by 2025 and SBI’s real estate housing business unit (REHBU) portfolio of Bengaluru Circle is Rs 78,976 crore with a year-on-year growth of Rs 9,356 crore up to December 2023.
A special interest rate on home loans — 8.35% onwards — is being offered by SBI at the expo, said Sumana Dasgupta, deputy general manager (REHBU), SBI.
The two-day Times of India’s Mega Property Expo, presented by SBI Home Loan, at State Bank of India, local head office, 65, St Mark’s Road, from 10am to 7pm, will conclude Sunday. Entry is free.

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