Perhaps by comparing the price of flats in Bangalore with flats in Silicon Valley we can gauge which technology hub shows the most potential to become dominant in the sphere of IT during this century. If we measure the price of property in Bangalore with that in Silicone then hands down it is far more expensive to purchase a home in Silicon Valley than it is to purchase residential projects in Bangalore. This difference is so vast that anyone who compares the property rates in Bangalore with those at Silicon Valley will be left with no doubt that the big money is in Silicon Valley, not Bangalore.
If one locality has a much higher price for real estate than another, then very likely it means that there is greater demand for homes in the locality with higher priced property. However the difference between even luxury apartments in Bangalore and mid segment homes in Silicon Valley is so great that if one were to casually glance at the rates of property at the two locations one could come away with the impression that the mid segment homes at Silicon Valley were luxury homes and luxury apartments in Bangalore were for the impoverished. Such is the gulf separating the homes in the two cities that even the least expensive homes at Silicon Valley cost more than some of the top residential real estate in Bangalore.
The regions of Bangalore and Silicon Valley seem to be separated by an unsurmountable gulf when comparing the standard of living in the two regions as well. If someone who owns flats in Bangalore were to move to Silicon Valley to live permanently on a salary that he earned at Bangalore they would find they have exhausted their supply of cash within the first week of living at the technology center of America. Even selling luxury apartments in Bangalore in order to purchase a home at Silicon Valley is an unviable option as the money accrued from the sale of such a property is unlikely to lead to enough money to purchase a livable home at Silicon Valley.
Though the professionals who live at the two locations are among the best in their fields and work equally hard, the facts bear out that Bangalore as an IT destination is a much poorer cousin or perhaps adopted family member when compared to Silicone Valley. Even homes by the best builders in Bangalore are often no match for the opulence of homes found on the other side of the globe. Whereas much of the property in Bangalore preferred by IT professionals tends to consist of apartments, at Silicon Valley nearly every IT professional lives in a standalone home.
There is also a vast difference in the quality of life in the two regions, medical services and civic services at Bangalore are no match for similar services at Bangalore’s rival in North America, as a matter of fact upon learning more about the standard of living in the two separate regions it is easy to come away with the impression that Bangalore is an also ran rather than a contender for the crown of global IT hub.
While skimming through the top real estate website in Bangalore and a similar website with listings of property at Palo Alto the wealth gap between the two regions is glaringly apparent. Nearly every home at Palo Alto costs more than the equivalent of 2 crore rupees, at the same time only the creamiest property in Bangalore is priced at this level. However with everything shared above there are certain advantages of living in Bangalore, one such advantage is the far lower cost of living at India’s technology hub. If one were to measure using the metric of Purchasing Power Parity or PPP then many of the IT workers who live in Bangalore already enjoy a standard of living close to that of professionals in California’s IT capital.