The Information Technology (IT) sector guided a major upheaval in the panorama of Bangalore. Development and conveniences were confined to certain parts of the city but the today the city has stretched out its arms and has started developing towards the suburbs and the peripheral areas. With commercial growth are on the horizons in the regions away from the main city, residential choices bounced in the area to meet the increasing demand. Market analysts elucidate this as the IT companies need commercial spaces with huge floor space to accommodate the large number of employees thus paving way for the growth of bigger office complexes specially designed to supply to their needs. These office spaces growth calls for huge piece of land and such land is available in the suburban and peripheral areas of the city. As majority of the IT companies are established in the outside peripheries, demand for residential alternatives heighten is the regions located near to these office developments. Few such new areas that are experiencing spurge in the residential and commercial growth are Koramangala, Bannerghatta Road, HSR Layout, Outer Ring Road (ORR), Sarjapur Road, and Whitefield. Growth of premium homes Conventionally, the major residential regions of Bangalore were by and large limited to Sadashivanagar, Vasant Nagar, R T Nagar, Malleswaram, Rajajinagar, Jayanagar, Vijayanagar, and Fraser Town amongst others. The residential alternatives available in these areas were typically standalone individual bungalows or houses and relatively very few apartment developments. Conversely, with the IT revolution, the city propelled as a foremost IT city in the country and the amiable climatic conditions and moderately affordable values experienced top IT organizations building their offices here. In addition to these commercial developments, an increased demand was brought about in the in the residential sector paving way for some of the major residential developments in the city across areas close to these office developments. Market analysts further added that the meaning of premium homes has witnessed a lot of changes in the precedent, and it will prolong to do so in agreement with modifications in the economy. For example, prior the premium apartments’ sizes vary from 1,600-1,800 sq ft in developing areas like Outer Ring Road and Whitefield, and villas were sized at 1,800-2,200 sq ft.
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City of Palaces…booming
Traditional old Mysore is real estate’s new hot destination in Karnataka. Just 145 KM away from the IT city Bangalore, this city is booming. Mysore has rich culture and is the second cleanest city of the country. It is almost now the most preferred destination by the software industry. This has spurred a huge demand for many projects in residential, commercial and retail segments. Also infrastructure is being improved here at a rapid rate. The doubling of railway tracks, modernization of airport, construction of highways and expressways, etc. are some of the tasks already under progress.
Mysore is an ideal real estate option as Bangalore is unable to cope with constantly increasing pressure for more property. Land price here is cheaper and there is vast scope of growth. It is noteworthy that demand for realty in Mysore is not restricted to the commercial segment but is prevalent in housing and retail sectors as well.
Builders like Sankalp, Mittal Builders, Premier Properties and others have launched various projects. Rentals here are cheaper than Bangalore. Luxury housing is on the rise as property in this city is affordable. As the population is lesser, commuting time is also less. More buyers and investors are attracted to this place because of its connectivity with Bangalore.
Dream destination…Bangalore
The IT hub of India, Bangalore, is considered to be an ideal place for working, thanks to all those booming IT companies. This fifth fastest growing city in Asia, employs nearly 30 per cent of India’s IT professionals. Rightly called as the garden city of India, this city houses large number of lakes and gardens. The pleasant climate beacons one to settle here post retirement. The young crowd loves it here because of the fast life that makes life exciting for them. All these factors have made Bangalore real estate boom beyond imagination.
Bangalore has always been NRI investors first choice. This is because investing in this city is very profitable because, FDI policies in India are among the most liberal and attractive in emerging economies.
The city is growing both horizontally and vertically. There are apartment complexes spurting up in every available space. Many of these are luxury condos with all sorts of amenities including swimming pools, recreation and sports centers, and health spas. Some are ultra-luxury hi-tech villas with wi-fi capability within homes and remote access to all household appliances. These are located in complexes or townships that offer services like specialty restaurants, an amphitheatre, a cocktail lounge, a lake with boating facilities, golf ranges, private parks, even a mini zoo!.
Property watchers say that the ‘Namma Metro’ which would be complete within a year would add the zing and there is a high chance of the price catapulting all the more. Properties in areas like Koramangala, Indira Nagar, BTM Layout, Malleshwaram, Whitefield are selling like hot cakes. A new concept of value homes and affordable housing is clicking well with those interested in buying that dream home. Several builders are already out with their value home plans, which they say have garnered a humongous interest in Bangaloreans and the NRIs.
For those interested in investing or buying homes, we have listed some good builders who give quality products at reasonable prices. They are Brigade builders, Nitesh Estates, Sriram Builders, confidant Group, Purvankara and Prestige. To sum it up all, Bangalore is the one of the hot destinations for some profitable investment.
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