Bangalore has been one of the fastest growing cities in India since the
past few decades in terms of real estate. It has highly been increasing in the
number of units constructed every year. There have been around 2000 units built
from 2014 to 2015. The sales have also increased by 15% as compared to last
year. All this has been due to the enormous growth in the IT sector. Bangalore
being the IT hub of India has great infrastructure, excellent education and
multi-cultured population.
 |
| A Look At Bangalore’s Real Estate Market |
South Bangalore
The demand for residential properties in south Bangalore increased after
Electronic City was established as an IT hub. Top areas in south Bangalore
include Whitefield, Kanakapura, Hosur, Bannerghatta, Sarjapur and JP Nagar,
which have seen a rise in construction values ranging between 3.4 to 4.3%. The
prices here now range between Rs. 5000 to 8100 per square feet.
North Bangalore
The newly constructed Bangalore International Airport, the Elevated
Expressway, Metro Rail and proximity to IT parks have resulted in great gains
for construction in areas like Jakkur, Navagar, Thanisandra, Hebbal and Bellary
Road. The ITIR, Aerospace SEZ and Devanahalli Business PArk are also the
reasons behind the residential development in North Bangalore. The prices of
properties here range between Rs. 5500 to 7500 per square feet. With more of
luxury properties launched here, the price ranges between Rs. 70 lakhs to 1.5
crores. The demand for such high-end residential properties remains high in
these areas.
East Bangalore
East Bangalore also sees a high demand for luxury projects because of the
IT sectors, good social infrastructure and developing physical infrastructure.
West Bangalore
West Bangalore fails in terms of social infrastructure and is dominated by
industrial developments. This is the reason why it fails to develop in the
residential sector and hence, has been unable to attract real estate
developers. Future developments of the Metro in this area might seem to boost
the development of residential properties here but, not for now atleast.
Let us have a look at the different kinds of properties you can see in
different areas of Bangalore.
Luxurious properties
Bangalore's population is estimated to have around 10,000 millionaires.
These people are sophisticated and well-cultured. Thus, the tastes they have
for real estate are also sophisticated. Due to this high-end population, there
has been a rise in demand for high-end residential properties too. These millionaires
mainly reside in Whitefield, Outer Ring Road, Central Business District and
Secondary Business District. Thus, these areas have been increasing in
supplying luxurious properties. These properties mainly include villas that are
big in size and have excellent quality amenities.
Mid-Income properties
As the name suggests, these properties are in demand by those working in
the IT industries. Properties in this segment have good infrastructure and are
in close proximity to workplaces of the people residing here. Access to
hospitals, medical stores, market and educational institutes is also provided
in these areas so that it becomes convenient for mid-income residents to live
here. Areas providing such mid-income homes include Whitefield, Outer Ring Road
and Electronic City.
Affordable properties
These properties are in demand by those individuals who are extremely price
sensitive. These kind of properties are seen where large lands can be acquired
at lower costs. Hence, you will be able to find affordable housing in the
suburbs like Mysore Road, Hosur Road and Kanakappura Road. These properties are
reduced in size and have only the basic amenities installed. The Metro Rail and
Peripheral Ring Road have increased the demand of such properties in the suburbs.
You can check the amazing 2BHK and 3BHK homes in MJR Platina, located at
Hosur Road. Built by the prestigious MJR Builders, with amenities including
club house, swimming pool, gymnasium and other outdoor amenities, you can ask
for nothing more at great affordable rates! MJR Builders is coming up with more
projects in Whitefield and Electronic City too with luxurious amenitites and
great infrastructure.
