Bangalore, India’s Silicon Valley, is the capital of Karnataka and a major economic center of India. It is the fifth largest city in India and continues to grow at a fast rate. This metro is rich in IT and software companies, telecommunication companies and other industries, as well as educational institutes, research colleges, etc. This has opened the way for many real estate developers to build residential and commercial properties throughout the city.
Furthermore, the population of Bangalore has increased by 35% in the past seven years and is estimated to be close to 10 million in the next two years. It is mainly due to the boom in the IT sector that results in the rapid growth of the economy thus inviting job seekers from all over the country. This large-scale migration has raised the need for residential complexes and housing. Many leading property developers have now been rapidly developing the infrastructure in Bangalore and introducing residential, commercial and industrial structures. The east of the city especially has developed immensely with the improvement of areas like Marathahalli, KR Puram, Sarjapur, Bannerghatta Road, JP Nagar, Kanakapura Road and Jayanagar.
The youthful culture, lucrative job opportunities and contemporary infrastructure of Bangalore make it one of the most sought after destinations. In the phase of economic slowdown, property prices have come down and all the attractions added to this make it perfect for buying property in Bangalore. To boost demand in the real estate sector, property developers are giving discounts and gifts when buying or reserving a flat. Also, not many people are investing in property due to the downturn in the economy and the postponement of purchases, causing property sellers to lower prices even further. You may not be able to get the property at such low rates again as soon as the economy picks up.
According to a report by the retail real estate research firm Cushman & Wakefield, Bangalore is the top real estate destination for the commercial and industrial sectors. It has become the third preferred residential and hospitality sectors in India for property investment. The report reinforces the result by adding that Bangalore may witness the demand for 34 million square meters. foot for office space in the next three years.
In fact, all the property developers have started their expansion plans in Bangalore for the growing residential and commercial needs. The latest reports suggest a revival in demand for commercial real estate by companies and multinationals after the near end of the economic slowdown. The IT and IT industries are considering expansion plans and evaluating the opportunities available in the Bangalore real estate market.
Currently, developments in the real estate sector are aimed at the medium and upper-middle segments. Property developers believe they are genuine buyers and not investors looking for name brands. Prices bottomed out last year due to declining demand for properties, but according to sources, it will not drop further now as these segments have great potential. Real estate builders are now developing projects for the upper-middle and upper-class segments. The Bangalore property market is expected to be vibrant in the middle of this year by most property developers.
Unity Infraprojects’ Unity Realty is investing hundreds of crores to develop a mixed-use housing project in Bangalore.
Another real estate honcho, Sunil Mantri Group, plans to invest Rs 250 crores in building an integrated housing project in the city. This complex would have 500 apartments fully equipped with all modern conveniences. Their goal is to create exclusive lifestyles in a natural environment at affordable prices.
Shriram Developers has already completed a few projects in Bangalore and is now engaged in developing residential space across the city.
With the scheduled exit from the recession and large scale real estate developments in Bangalore, it is the perfect time to buy a property in Bangalore.
