Tuesday, September 15, 2015

Bangalore Witnesses Steady Growth Across Several Real Estate Segments

Bangalore has always been a happy hunting ground for developers and there are options available in several segments.

Property Prices & Real Estate Trends in Bangalore

Bangalore has always been a flourishing property market and has somewhat beat the downturn and slump that gripped the realty sector in other metros like Mumbai, Chennai and Kolkata. Bangalore has always had healthy demand fueled by steady employment opportunities, the booming IT and startup ecosystem, influx of innumerable professionals into the city from other parts of the country and rising disposable income of professionals and businessmen alike. If you’re seeking new flats in Bangalore, there is no better time as the market is very well developed and steady now without any saturation in sight. You may have to shell out a little more than you bargained for residential flats in Bangalore owing to a healthy demand and supply equation.

You can easily buy 1 BHK flat in Bangalore across several segments depending on your particular budget. The luxury housing segment has witnessed huge growth in Bangalore and there are several dollar millionaires living in Bangalore. Conservative estimates put the number at approximately 10, 000 and more. This population includes several expatriates who have sophisticated and demanding tastes. There are several new projects in Bangalore which cater to this high net worth customer base. Several builders in Bangalore are coming up with ultra luxury projects in important areas like Secondary Business District, Central Business District, Outer Ring Road, North Bangalore and Whitefield. Sarjapur Road and North Bangalore are prominent markets and several villa and row house projects are attaining immense popularity amongst well heeled buyers. These premium projects usually come with top of the line amenities and other facilities for residents.

There are several options in Bangalore in terms of housing for the mid income segment. This segment is majorly dominated by professionals who work in the IT and ITeS sectors in addition to corporates and executives. Social infrastructure, access to amenities, physical infrastructure, proximity to offices and medical and educational facilities are the main drivers of buying decisions in this segment. The ORR IT corridor, Electronic City, Whitefield and a few parts of North Bangalore are hotbeds for such mid range housing projects and there is steady demand and supply in this segment as well.

If you’ve been looking for budget flats in Bangalore, you will find several options in Bangalore as well! There are erroneous perceptions of Bangalore having a lack of options in the entry level segment but this is not true. This segment witnesses huge demand for price sensitive buyers and there are several areas in the suburbs that are hotbeds of such development including Kanakapura Road, Hosur Road, Mysore Road and others. Affordable housing is now an established market segment in Bangalore and has been taken up by developers like Golden Gate Properties, Brigade Group, Shriram Properties and Purvankara on a large scale. There is constant demand for affordable housing in the outskirts of Bangalore and this has been witnessed in pockets along the Peripheral Ring Road and the entire metro railway network line. Affordable housing projects are also being launched in Kengeri and other areas in West and South Bangalore.
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