Two metros of the country Delhi NCR and Mumbai are under immense pressure of unsold real estate inventory; interestingly Bangalore has surfaced as a clear winner in comparison to other cities of India. The city has basic infrastructure and well developed IT/ITes industry that is also attracting the homebuyers here. The need for the real estate property in Bangalore is increasing. Another thing that is playing a major factor in the growth of the city is the affordable apartments in Bangalore. In fact, luxury apartments in Bangalore are also available in the luxury segment as well.
Let us examine the dynamics, which have that have defined the Real estate in Bangalore:
- There has been significant decrease in the average built up area in Bangalore. This has lead to a sharp decline in the prices of the residential properties
- In cheap housing category, there is less scope of bargaining as compared to the high-end projects
- The developers do not need to offer freebies to the homebuyers of the mid-income group
- The Silicon Valley of the India has expanded topographically in the suburban areas, which is providing huge opportunity to the market
- Adequate land availability at an affordable price has been a boosting factor
- The infrastructure is also developing at a faster pace in Bengaluru. The connectivity is also getting better. This is stimulating the developers to launch residential properties in the affordable category
- There are several localities, which are offering ready-to-move-in properties in affordable category in Bangalore.
- Areas such as Bannerghatta and Arekere are delivering return of investment of 7 to 9 %
These show that Bengaluru is developing real estate market and there is a huge opportunity of growth. The city is growing due to its infrastructure, connectivity and real estate.