Authored by - Asha Mathew “Namaskaaraa Bengaluru” chants the RJ’s voice as I calmly drive on the non-choked Old Madras Road. I am on my way to work. Yes, mine is among the jobs that can’t be done completely from home. The RJ goes on to give a quick update about what’s trending and happening in the city. I’m thankful to listen to things other than COVID-updates.
“A lot of vacant property in Bengaluru as yet another wave of people leaves the city back to their hometowns due to schools that are shut and work from home options being extended,” informs the RJ. Well, I’m definitely grateful for the eased-out roads. I don’t remember the last time I could ride to work without being hassled.
I know of a lot of houses that have gone vacant in our layout because of this phenomenon. This has become typical of IT intensive cities all over, even a city like San Francisco! We, as property managers, are working around this exodus.
“Property owners are slashing rents in the hope of attracting customers,” continues the RJ. Oh yes! Tell me about that! That’s what we are dealing everyday – requests for reduction in rent due to the existing crisis. I know the number of calls I have made to property owners asking them if they would consider reducing rent for their property. Some have agreed, some haven’t. It’s all part of business.
We have also observed other patterns. People making most of the reduced rents! Certain people who love to be in the heart of the city but weren’t exploring that option due to the high prices have now started toying with the idea of getting back into the city center; where all the action is. They are looking at driving discussions and renting or leasing property within the city at never-before prices. I agree that this is the right time for Bangaloreans who love to be in the heart of the city to explore moving in right there.
Then there are those people who are getting themselves a double discount! The group that is working from home but still in the city. They have started exploring rental and lease options in the outskirts since they no longer have to worry about long travel and reaching office on time. So, they have availed reduced prices on property in the outskirts which at other times too are priced relatively low. Reduced price deals on already low-priced deals! We constantly encourage our customers to consider this option these days.
The RJ has moved on to other updates. My mind still lingers on the immediate future of property management in Bangalore. I make a mental note that we must put out an advertisement soon reaching out to Bangaloreans staying in rented spaces encouraging them to explore the options that they have now.
Let’s face it, you might never again see Bangalore roads so free or acquire property in Bangalore at these rates. It is the right time to explore!