Bangalore has grown to be among the top destinations for the residential real estate market due to various factors like its robust economic sector mainly due to IT (Information Technology), its many options in good educational institutions, and a multi-cultural cosmopolitan milieu. Many industry experts have described the real estate market in Bangalore as diverse – that is in terms of the housing market it mostly caters to mid and high-income groups.
The popularity of 3 BHK apartments in Bangalore is due to the two main factors highlighted by industry experts. These factors include the need for expansive living spaces which is due to the flexible and hybrid work culture that has become prevalent after COVID. The other factor is that the affordability of 3 BHKs makes it an enticing option for the real estate investor and a home buyer.
According to the Economic Times, the prominent builders in Bangalore namely Prestige, Mantri and Sattva have prioritized building 3 BHK apartments as they yield a higher revenue share than the 2 BHK accommodations. It has been noted that nuclear families with two children opt for such a 3 BHK accommodation. Therefore, Bangalore is consistently looking to accentuate the 3BHK real estate market with its diversity and its urban charm.
Some of the main factors that yield to the popularity of 3BHKs in Bangalore are as follows:
- The pandemic has greatly altered residential real estate market conditions, as most real estate buyers and investors are looking to invest in 3 BHK apartments. The booming IT Industry has made Bangalore a haven for working professionals from around the country to folk into the city. Thus making it an ideal destination for young professionals opting for 3 BHK accommodations in Bangalore to suit their flexible and hybrid work culture.
- As Bangalore is the hub for young working professionals it is also home to young nuclear families. These families with two children often opt for a 3 BHK apartment to meet the growing demands of their growing children.
- As stated publicly by most renowned builders three-bedroom accommodations yield a higher market share in the real estate market in Bangalore. Therefore, most home buyers and real estate investors look to invest in 3BHK apartments as they arrive at a more economical rate than 2 BHKs in Bangalore.
These are a few of the important factors that are behind the rise of 3 BHK apartments in Bangalore – the city that attracts working professionals from across the country with its urban charm and enticing growth-oriented work culture.
