Bangalore has been the fastest-growing city in India since the past few years. The major development driver which is in charge of intense real estate development in the city is a technological surge. Being the IT hub of India, Bangalore has a multi-cultural population with good sociable infrastructure, excellent educational facilities and constantly upgrading physical infrastructure. Currently, the most promising residential micro-markets are Outer Ring Road (ORR), Sarjapur Road, Whitefield and North Bangalore. The majority of Luxury apartments in Bangalore are coming up in and around these areas.
Major Housing Segment in Bangalore
Bangalore is the third-largest hub for High Net worth People (HNIs). It is believed to be home to 10, 000 individuals who are millionaires. Bangalore has a huge base of expatriates who live and work in the city. The residents are well travelled, classy and have a sophisticated lifestyle.
There is increased demand for high-end residential apartments in the city, particularly in the Central Business District (CBD), Secondary Business District (SBD), Whitefield, Real estate in Bangalore and Outer Ring sub-markets. It is expected that consumer demand for high-end home projects in these sub-markets to be steady over the short-run.
This section is principally driven by individuals employed in the IT and ITES industry. The main driving factors for this segment are social facilities, proximity to workplaces, good physical infrastructure and gain access to medical and educational facilities.
Due to these reasons, micro-markets such as Whitefield, the ORR corridor, Electronic City and few areas in North Bangalore have witnessed a reliable demand from the mid-income segment.
The need from this segment comes from extremely price hypersensitive buyers – therefore, affordable projects are developed in the suburbs as they areas offer large land packages at lower acquisition costs. Areas such as Mysore road, Hosur road, Kanakapura road etc. have observed high demand for this segment.
The affordable real estate concept has gained surface in Bangalore City, mainly due to a few graded developers like Purvankara, Brigade Group, Shriram Real estate, Golden Gate Properties, Ozone Group and Nitesh properties that are focusing their projects on customer of this section.
In most cases, the housing units are made affordable by reduced apartment sizes, compromising on few amenities and other USPs which were typically provided as differentiators to the competing projects in the micro-market/city.
Affordable housing has seen frequent demand on the outskirts of Bangalore, in all directions. Supply of large land packages at low cost points has encouraged these developments. Likewise, the planned Metro Track and Peripheral Ring Highway have increased the demand on the outskirts of Bangalore.
Hope, our readers will get an update on the current condition of Upcoming projects in bangalore.
Post By : Shrikant Sain
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