The real-estate business which had seen a void led by the pandemic has started to recover in Karnataka, thanks to the reopening of physical classes across schools and colleges in the state. Top cities are witnessing a spike in demand for houses around educational institutions.
With the onset of the pandemic, offices shifting to work from home and schools online, most people relocated to their natives and left a huge void in the rental business of the cities. Especially in cities like Bengaluru, Mysuru and Mangaluru, where one could find a couple of vacant places in every residential area.
The real estate sector that has struggled to make up for the damages caused in the past two years of the pandemic is now recovering.
“I have around 10 vacant houses in my list since the lockdown was eased. Forget about people checking them, I would not even get enquiry calls. But thanks to schools reopening full-fledged, at least the ones around schools are occupied for now. I am hopeful people will be back to Bengaluru once the work from home ends. 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 from our house. She used to go by school bus daily which was convenient. But after lockdown, we relocated to my in-laws’ house in Hubballi. Paying hefty rent every month seemed a waste of money then. Now that her physical classes began, we have shifted back to Bengaluru. We have now rented an apartment which is 600 meters from her school. I am still scared about sending her by school bus given the covid scenario,” says Sharmila Sawkar, a software professional.
Savarkar’s daughter walks to her school now. “Since both my husband and I have continued working from home, this sounded like a very convenient arrangement. We need not worry about dropping her off or picking her from school,” she adds.
Given the demand, the rents of houses around educational institutions have also increased.
“I was ready to give away my 2 BHK house on rent for a meagre Rs 12,000 about six months ago. Having no tenant which means no rent for a long time was hard on us since we are dependent on this rent as a source of income. But with things back to normal, I have got Rs 17,000 rent without a bargain” said Krishnamurthy S. He owns four houses in Padmanabhanagar which are all occupied given the close proximity to various schools and colleges.
Similarly, paying guest (PG) accommodations are also back in business with the reopening of schools and colleges.