Why is Property in Bangalore Fuelling Greater Demand For Projects in Bangalore?
Capital of state Karnataka and one of the hottest cities in India, Bangalore is growing exponentially in every possible way. Fondly called as the Silicon Valley of India, currently Bangalore has become a significant IT hub and home to numerous fortune 500 companies. The IT boom has created a huge demand for real estate projects in Bangalore, both residential as well as commercial. Bangalore has created employment opportunities for many. Likewise, a lot of real estate investment options for property in Bangalore are in abundance to suit the budget and taste of individuals of every income group. Bagging the fourth position of holding the largest technology hub in the world after major cities like San Francisco, Boston and London, it comes as no surprise that there is a rapidly growing settlement on the rise in both commercial as well as residential properties in Bangalore. Having a highly commendable pro-active government, the city has witnessed rapid growth in the recent times which is like music to real estate developers as well as investors.
Owing to it’s flourishing Industrial and service sector, Bangalore has been the first choice for many investors who wish to invest in properties in Bangalore. Among residential properties in Bangalore, high rise flats, luxury villas, row houses, independent and penthouses are much sought after. Due to the city’s eminence as the country’s leading Information technology employer and exporter, it comes as no surprise that many diverse migrants from all over the nation, who are looking for lucrative career options, are choosing Bangalore as their base rather than their hometowns. This has also triggered the manifold demand for property in Bangalore. And not just residential, even commercial properties in Bangalore are on the rise to mark the success of real estate in Bangalore. Many new upcoming projects in Bangalore by big and small builders have been earmarked in the forthcoming years. Multiplexes, shopping malls, world-class schools and colleges, gated communities, super-speciality hospitals at par with international standards, among other projects in Bangalore have already made it’s foray into the real estate scenario of the Silicon Valley of India. Keeping in mind the demands, needs and budget of potential buyers, builders have developed projects and properties for sale in Bangalore accordingly.
The decision of owning a property in Bangalore can be extremely fruitful due to the high resale value and excellent return on investment. Whether it is for rental or lease or even reselling purpose, an investment made on hot properties in Bangalore is never futile. Since the outskirts of Bangalore are also developing rapidly, there are many investors vying to buy property in Bangalore outskirts where the current real estate rates are much more affordable than their city counterparts, and also has a high appreciation value in the near future.
Real estate giants like Godrej, Tata, Mahindra, Sobha, Prestige and Mantri group have developed many projects according to the buyer’s budget, replete with all basic modern amenities that everyone wishes to enjoy. Beautiful yet contemporary interiors, equipped with modular kitchens, large rooms, wide balconies, modern fittings and fixtures, lavish bathrooms with branded faucets are what these well-known builders have to offer in their upcoming projects. These upscale, spacious and modern Bangalore properties don’t stop at providing elegant interiors only; these high rise residential complexes are complimented by lush green landscapes, clubhouse, swimming pools, fitness centre, salon & spa, retail and grocery outlets to name a few so the residents do’nt really have to go an extra mile to enjoy these facilities. Real estate developers in Bangalore are careful while choosing project locations and after weighing the pros and cons they try to select an area that is in vicinity to the main city or at least well connected to the core of the city. Be it any kind of property in Bangalore, there is something for everyone and under every budget.
Investors planning to invest in residential property in Bangalore, Hosur Road, Whitefield and Kanakpura road in the recent times showed marginal appreciation in capital values. JP Nagar, Sarjarpur road and Bannerghatta road in the south are thriving with upcoming residential projects. The commercial hub of many schools and hospitals, as well as home to multinational software companies like Adobe, Oracle, Convergys, Accenture etc, Bannerghatta road has become one of the top rental destinations in Bangalore. Affordable rent and well connectivity to important locations like Jayanagar, Dollars Colony, Gotigere, and Anekal makes Bannerghatta road extremely viable for employment opportunities and economic growth. Whitefield has received good traction majorly because of investor and end-user activity. Well connected by road and rail, Whitefield boasts of having many IT companies which makes it a top destination for residential property investment. The proposed metro lines in Whitefield will make it all the more favourable for transportation on an everyday basis. Being closer to the airport and due to the the development of special economic zones (SEZ), North Bangalore is witnessing many new project launches. Close proximity to IT Park, Hebbal and the surrounding areas are also mushrooming with new residential projects. High-end residential projects in posh areas of Bangalore where the price per square feet are a staggering Rs 30,000/sqft or higher, are also coming up along Sadashivnagar, Vithal Mallya road and St. Mark’s road. Since these areas are hugely saturated, therefore, fewer properties are proposed there.
The city's real estate market is very stable, and depending upon the location and type of project, one can expect excellent returns on small-to-medium term investments. End users may have an advantage to negotiate prices in upcoming locations since the real estate market of Bangalore is not very self-driven. Old Madras road is an excellent option for end users who are looking for budget homes. Here affordable residential projects for as low as Rs 3000- 4500 per sqft are being launched. Investors, keen on buying villas, Whitefield and parts of South Bangalore are excellent options. Along Bellary road till Yelahanka in North Bangalore, investors can find affordable plots for constructing independent residential house or using it on commercial basis.