577 views 3 mins 0 comments

Bengaluru Real Estate Shows Resilience, Rapid Growth Post Pandemic

In Real Estate
December 11, 2023

BENGALURU:
Bengaluru has witnessed a meteoric growth across segments over the last two decades and a half and has been swift to bounce back after the pandemic. The stupendous growth registered is witnessed across all segments, residential, commercial, office spaces, observed industry stalwarts at a panel discussion organised by Bangalore Realtors Association India (BRAI) to celebrate the successful completion of 25 years of its existence.

Pre-pandemic, the sales per quarter had hovered around Rs 10,000 crores. Post Covid the scene has turned very positive with the forthcoming quarter likely to touch Rs 20,000 crores. Depending on the location as well as nature of the development, the rates in the varied segments have registered a growth of 35 to 65 per cent. The residential segment alone has witnessed 50 per cent increase in growth, discussed the panel

Lauding the good performance of the real estate sector in the city were leading industry heads, Irfan Razack, CMD, Prestige Group, Raj Menda Managing Director, RMZ, CN Govindaraju, CMD, Vaishnavi Group, Ramani Shastri, Managing Director of Sterling Developers, Jitu Virwani, Chairman and Managing Director of Embassy Group, Pavithra Shankar, Managing Director Brigade Group and Farook Mahmood, Managing Director of Silverline Realty & Founder of BRAI who participated in the panel discussion “Tracing Bengaluru’s skyline over the last 25 years and its resilience post the pandemic”. The panel was moderated by Ayub Khan, President, BRAI.

Present on the occasion were Honourable Deputy Chief Minister DK Shivakumar, N Jayaram, BDA Commissioner and HC Kishore Chandra, Chairman of Karnataka RERA.

Farook Mahmood, Managing Director of Silverline Realty & Founder of BRAI, who represented the realtors in the panel, stated, “The suburbs of Bengaluru have registered an impressive growth with all the desired services tuned in, turning them each into self-contained mini-cities. The dynamics have currently changed in the city with every suburb coming with all facilities that are on par with the CBD. The younger residents are increasingly looking to these regions to buy a home.”

Catering to Gen Next
With technology taking over almost every segment, real estate sector has not been far behind, the various techno solutions on offer plugging in and transforming this industry to cater to Gen Next. Recognising the key role that technology will be playing going forward in addressing the dynamics of the real estate sector, be it in transactions, in the construction and execution, a second panel discussion on “Leveraging Technology in Real Estate” was hosted.

The panel discussion had leading industry heads NA Zayd Noaman, Director, Prestige Estates, Aditya Virwani, Director, Embassy Group, Ravindra Pai, Managing Director, Century Real Estate and Ashish Puravankara, Managing Director, Puravankara, participating. The panel was moderated by Nirupa Shankar, Joint Managing Director, Brigade Group.

As part of the 25-year celebrations, BRAI also felicitated 22 stalwarts of the real estate industry, which comprised of leading real estate developers, advocates and architects.