Property in Bangalore appears a promising realty destination
Bangalore, being a home to number of IT/ITES, blue chip companies and multinational corporations has earned the name of Silicon Valley. Spread over an area of 332 acres of land, the city enjoys an amazing cosmopolitan culture. Despite the stagnancy in the real estate sector in the recent past, property in Bangalore had shown positive signs when compared to other metropolitan cities. A great increase in purchasing power of the people can be seen.
Here are a few factors that contribute to the growth of the real estate sector in Bangalore.
The increase in luxury residential projects sprouting across parts of the city increasingly changes the face of the Bangalore. Residential projects by renowned real estate developers paved the way for high-end luxury apartments in Bangalore. With higher income and better purchasing power a lot of investment in luxury apartments has been reported in the last decade. NRI Diaspora has also been showcasing keen interest to spend in luxury segments.
The boom in the IT industry and creation of lakhs of white collar jobs has accelerated the rate of people migrating to Bangalore from other parts of India and globally, for work. This has increased the demand for luxury projects in Bangalore to offer state-of-the-art residential accommodation and top notch amenities for the growing crème populace. One of the most important factors encouraging real estate growth is the expanding of manufacturing hubs across major districts in Bangalore.
There were other developments that boosted the demand of property in Bangalore. The Metro lines that are functional or still to start across various parts of the city have added to the infrastructural strength of the city. It provides an easy commute to the residents and decongests the traffic. Bangalore hosts several reputed and acclaimed educational institutions across the city. Students move to Bangalore for further education, which is coupled with ample job opportunities in IT and other favored industry, leading to a steady demand for apartments in Bangalore. The housing provides a good return on investment especially in the posh localities like Hebbal, Indira Nagar, Hennur, Yelahanka and Whitefield areas. These places have seen the highest demand for luxury residential property and its growth.
Infrastructural growth, the mushrooming of malls and places of entertainment and areas of interest around the city has made it a preferred location for buying property. Places that are prime locations in Bangalore have seen a steady rise in top builders in the city competing to create luxury apartments in Bangalore with convenience at an arm’s length. The property prices in Bangalore have not reached their peak compared to all major metropolitans. This creates an affordability for people to invest into new and upcoming residential projects by reputed developers in Bangalore.
Bangalore remains the fastest growing metropolises in India. The state of the art infrastructural presence, spice of cosmopolitan population, plethora of entertainment choices and not to mention the amazing weather, makes it one of the most sought after realty destinations in India.