Bangalore, the Silicon Valley of India, is the capital of
Karnataka and a major economic hub of India. It is India's fifth largest
city and still growing at a rapid pace. This metro is rich in IT and
software companies, telecommunication firms and other industries as well
as in educational institutes, research colleges, etc. This has opened
avenues for many real estate developers to build residential and
commercial properties across the city.
Also, the population of
Bangalore has increased by 35% in last seven years and is estimated to
near 10 million in next two years. It is primarily because of the boom
in IT sector resulting in economy's swift growth thus inviting job
seekers from all over the country. This large scale migration has raised
the need for residential complexes and housing facilities. Many leading
real estate developers have now been fast developing the infrastructure
in Bangalore and coming up with residential, commercial and industrial
structures. The east of the city has especially been immensely developed
with uplifting of the areas like Marathahalli, K.R. Puram, Sarjapur,
Bannerghatta Road, J.P. Nagar, Kanakapura Road and Jayanagar.
The
youth culture, lucrative job opportunities and contemporary
infrastructure of Bangalore makes it one of the most sought after
destinations. In the phase of economic slowdown, prices of property have
reduced and all the attractions added to this make it perfect to buy
property in Bangalore. To bolster the demand in real estate sector,
property developers are imparting discounts and freebies on buying or
booking a flat. Moreover, not many people are investing in property due
to slump in economy and deferring purchases making property sellers
further drop the prices. One may not get the property at such low rates
again as soon as economy bounces back.
According to a report by
the retail estate research firm, Cushman & Wakefield, Bangalore is
the top real estate destination for commercial and industrial sectors.
It has become third preference for residential and hospitality sectors
in India for real estate investment. The report reinforces the result by
adding that Bangalore may witness the demand of 34 million sq. ft. for
office space in the next three years.
In fact, all the property
developers have commenced with their plans of expansion in Bengaluru for
growing residential and commercial needs. Latest reports suggest a
revival of demand in commercial real estate by corporates and
multinationals after the near exit of economic slowdown. It and ITes
industries are considering expansion plans and evaluating opportunities
available in Bangalore property market.
In today's time, the
developments in real estate sector are targeted at middle and upper
middle segments. Property developers believe them to be genuine buyers
and not investors looking for reputed brands. Prices had hit rock bottom
last year due to slackening demand of property but according to sources
it will not reduce any further now as these segments hold huge
potential. Real estate builders are now developing projects for both
high-end and upper middle class segments. The property market of
Bangalore is expected to be vibrant by the middle of this year by most
of the real estate developers.
Unity Realty of Unity Infraprojects is putting in hundreds of crores to develop a mixed use housing project in Bengaluru.
Another real estate honcho, Sunil Mantri Group is planning to invest Rs 250 crores in building an integrated housing project in the city. This complex would feature 500 apartments fully equipped with all the modern amenities. They aim at creating exclusive lifestyles in natural surroundings at affordable prices.
Shriram Developers has already completed few projects in Bangalore and is now engaged in developing residential spaces across the city.
Another real estate honcho, Sunil Mantri Group is planning to invest Rs 250 crores in building an integrated housing project in the city. This complex would feature 500 apartments fully equipped with all the modern amenities. They aim at creating exclusive lifestyles in natural surroundings at affordable prices.
Shriram Developers has already completed few projects in Bangalore and is now engaged in developing residential spaces across the city.
With
the slated departure of recession and the large scale real estate
developments in Bangalore, it is just the perfect time to buy property
in Bangalore.
Deepika Bansal writes on behalf of 99acres.com, which is an
internet portal dedicated to meet every aspect of the consumers needs in
the real estateindustry. It is a forum where buyers, sellers and
brokers can exchange information, quickly, effectively and
inexpensively. At 99 acres, you can advertise a property, search for a property in India, browse through Bangalore Real Estate and Properties
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