With the reopening of physical classes in schools and colleges in the state, the real-estate business, which had seen zero due to the pandemic, has started to recover in Karnataka. Top cities are witnessing a boom in demand for homes near educational institutions.
With the onset of the pandemic, offices shifting from home and schools to work online, most people shifted to their natives leaving a huge void in the rental business of cities. Especially in cities like Bangalore, Mysore and Mangaluru, where there can be some vacant space in every residential area.
The real estate sector, which has struggled to make up for the losses caused by the pandemic in the last two years, is now recovering.
“I have around 10 vacant houses on my list since the lockdown was eased. Forget about checking people, I didn’t even get inquiry calls. But thanks to schools reopening in full, at least those around schools are occupied for now. I hope people will return to Bangalore after work from home is over. Let’s see” said Muthuswamy, a private broker in Malleswaram, Bengaluru.
“Earlier we were living in JP Nagar and my daughter’s school was 4 kms away from our house. She used to travel daily by school bus which was convenient. But after the lockdown, we shifted to our in-laws house in Hubli. Paying hefty rent every month then seemed like a waste of money. Now that her physical classes have started, we have shifted back to Bengaluru. We have now rented an apartment which is 600 meters from his school. Sharmila Savkar, a software professional, says, “I am still scared to send him by school bus, given the COVID situation.
Savarkar’s daughter now goes to her school. “Since both my husband and I continue to work from home, this seemed like a very convenient arrangement. We don’t have to worry about dropping him or picking him up from school,” she adds.
Keeping in view the demand, the rent of houses near educational institutions has also been increased.
“I was ready to give my 2 BHK house on rent for Rs 12,000 about six months back. Not being a tenant meant that it was difficult for us to pay no rent for a long time as we depend on this rent as a source of income. But with things getting back to normal, I have got rent of Rs 17,000 without any deal” Krishnamurthy S. They have four houses in Padmanabhanagar, which are all occupied due to their close proximity to various schools and colleges.
Similarly, paying guest (PG) accommodation is also back in business with the reopening of schools and colleges. I
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