Affordability Driving Consumer Demand for Residential Real Estate in Peripheral Areas of Bengaluru: Magicbricks Data

* Home buyers are retaining size preference but reducing budgets

* Security, proximity to school, local markets and offices are key deciding  factors

* Whitefield, Sarjapur Road, Electronic City and Bellary Road most preferred localities

With India intermittently unlocking, new encouraging trends are now visible in the real estate sector after a period stagnancy. The sector is witnessing a tectonic shift and according to Magicbricks data, consumer preference in Benglauru is shifting towards peripheral areas due to affordability.

The shift in consumer demand towards Bengaluru’s peripheral areas has been accentuated by the demand-supply mismatch in the less than Rs.5000/sqft price category. Magicbricks data also suggests that Bengaluru’s consumer demand for BHKs and size hardly remain unchanged pre-COVID vis-à-vis post-COVID indicating that home buyers are retaining size preference but reducing budgets to move to the peripheries of the city in search of larger houses at lower cost.

Magicbricks data suggests that peripheral areas near employment hubs like Whitefield, Sarjapur Road, Electronic City and Bellary Road were the most preferred localities for home buyers during the April-May-June period of 2020. The consumer demand in these localities are driven by factors like affordability, better access to IT hubs and sound connectivity to the airport. The extension of metro lines from Baiyappanahalli – Whitefield and RV Road – Bommasandra is likely to boost the demand for the economic hubs of Whitefield and Electronic City in the future.

Commenting on the changing consumer behaviour, Mr. Sudhir Pai, CEO, Magicbricks, said: “We are experiencing a strong recovery in demand after searches dipped by 50% in April. Buyers are back in the market and our data suggests that Bengaluru’s recovery rate is faster than the national average. There is an emerging trend towards larger homes; but with budgets which are lower than earlier, buyers are searching more towards peripheral areas of the city. Our recent survey suggests that around 33% of home buyers in Bengaluru prefer under construction properties, which is significantly higher than the national average, reflecting their trust in branded developers. We are also witnessing an uptick in demand for plots and from NRIs.”

Bengaluru’s home buyers also displayed increasing propensity towards ready-to-move in properties with as many as 67% respondents suggesting that they want to cut down risk factors by opting for ready-to-move in units. Overall, 74% users are planning to reduce their budget preference and around 50% have cut it by 10-30%. Factors like gated community and proximity to schools and colleges remain the two main priorities for home buyers while selecting a property while amenities such as clubs, gyms and open areas have lost their sheen since COVID-19. Our survey also suggests that in Bengaluru, 55% of the respondents said that they would choose any developer (Tier 1/2) who can give the most economical option/best deal.

About Magicbricks: India's no 1 property site

Magicbricks is India’s No.1 property site. With monthly traffic exceeding 20 million visits and with an active base of over 1.4 million+ property listings, Magicbricks provides the largest platform for buyers and sellers of property to connect with each other in a clear, transparent manner.

Did an Indian surrender domain name to Google?

Internet search giant Google has won a cybersquatting case at the World Intellectual Property Organisation (WIPO) against an Indian who had tried to block the domain name 'googblog.com'.

According to the information available with the WIPO, Geneva-based WIPO Arbitration and Mediation Center has ordered the transfer of domain name to the US-based search giant after Herit Shah of Gujarat offered to surrender the disputed name to Google.

Google had challenged the registering of domain name 'googblog.com' by Shah at WIPO stating that it was confusingly similar to its trademark on which the company has rights.

Cybersquatting is an illegal activity of buying and officially recording an address on the internet that is the name of an existing company or a well-known person, with the intention of selling it to the owner in order to make money.

As per the information available with the WIPO, Google filed the complaint against Shah on March 26 this year. However, the disputed name has been registered by Shah since September 25, 2008.

WIPO is a specialised agency of the United Nations for developing a balanced and accessible international system in the field of intellectual property rights.

The California-headquartered firm has been using the name 'GOOG' as a NASDAQ financial stock ticker since 2004. The company has used the trademark GOOGLE since the inception of its business in 1997.

The search giant operates a blog service under the brand 'Blogger'.

As per the details available with WIPO, a pre-complaint correspondence between the parties (Google and Shah) failed to resolve the dispute.

However on May 2, after commencement of administrative proceedings, Shah stated before the panel that the registration of domain name was in bad faith and was an infringement of intellectual property.

"I was in a bad faith that I can legally keep the domain googblog.com ... I really did very unfair to Google. I sincerely apologise to Google for infringement, misuse of their intellectual property (GOOGBLOG.COM)," Shah stated.

The WIPO panel found in this case the consent-to-transfer request replaces the need to assess the matter under the elements of its Uniform Domain Name Dispute Resolution Policy and ordered the transfer of the domain name to Google.

Agencies

Bull run for IP professionals with 25,000 jobs

Rising awareness and growing competition will hike the Intellectual Property job opportunities in the country creating 25,000 jobs in the coming 2-3 years. Experts say, with the increased awareness about patents and trademarks due to increasing competition among companies and growing cases of infringement of IP rights, the Intellectual Property space in the country is increasing.

"We expect that over 25,000 jobs for Intellectual Property professionals will be created in the next 2-3 years. As there is an increase in the need for IP professionals in law firms, knowledge and legal process outsourcing companies and other corporate houses," said, Atulya Nath, CEO, Global Institute of Intellectual Property.

The lack of awareness of IP as a career option will gradually decrease with the need of professionals in the industry increasing and it will be seen as a lucrative career option, experts define. At present, there is shortage of IP professionals in the country as compared to the world over.

"Enforcement of IP issues is an area which would generate so many jobs in the coming days, as we all are witnessing an increase in the number of cases related with the infringement of intellectual property rights," said Rodney D Ryder, IP Expert, Kochhar & Co.

Over the last decade, IP laws in the country have been in a transition, as the country follows with its obligations under Trade Related aspects of Intellectual Property (TRIPs). The IP industry includes patents, trademarks, design, geographical indications and copyrights.

"The role of IP professionals would further increase in the coming days as the issues related with patent, trademarks, design and copyrights are becoming more vital," Ryder added.

The industry is growing at an unseen pace; experts believe it will grow much faster.

"We estimate around 4,000 people are working in different areas of IP and should double in the next 2-3 years. IP, particularly trademarks and patents are considered vital in growth strategy of businesses and this can be seen from the increase in the number of patent and trademark filings in the recent years and the increase in litigation related to IP matters," said Bhaskar Bagchi, India Head, CPA Global.

In sectors like pharmaceutical and IT where there are large, diverse and complex trademark and patent portfolios, the need for IP professionals is greater, experts said.

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