Tech Belt gives a PUSH to the Real Estate sector in North and South Bangalore Creating Demands for New Condominiums !
In this ever-growing city, a home is one of the necessities thus increasing the demand for space. As more people fall into the fray of grabbing the opportunities that this IT – hub of India is providing , the demand for property is increasing at quite an impressive pace. At the same time, the up gradation and development of the civic amenities such as roads and highways leading to the erstwhile suburbs have transformed them into extensions of the core city. The dynamics of the city is changing day in and day out all because of the metro rail connectivity; Phase I is nearing towards its completion with Phase II starting off gradually. Several road augmentation projects are also in the pipeline and are currently proceeding at a fast rate. The city’s real estate market is red hot and is currently at an immensely attractive position. Purchasing a property now is going to be a jackpot, both from the investment as well as from the self- usage perspective.
North Bangalore is the upcoming hot-spot in town for investment in the real estate sector of Bangalore. This region is surfacing as a premium residential hub mainly because of the planned growth of infrastructure and metro rail connectivity. Localities like Thanisandra, Horamavu, Hennur Road, Yelahanka are the developing at an incredible rate. Another reason due to which properties in this region are selling like hot cakes is because of their proximity to the Kempegowda International Airport and the Outer Ring Road(ORR). Currently, around 60,000 units of Grade – A residential apartments already exist or are launched in this micro-market. And it has a potential of another 50,000 units in the next 5 years. With the increasing focus on infrastructure development, the areas in North Bangalore are sure to witness a lot of fresh demands to cater to the needs of young buyers. The proposal of construction of a new terminal near the old airport terminal has fueled the urge of home-buyers to focus in this region with a very positive intent. The icing on the cake for home buyers, who are planning to purchase property here, is that they have a vast spectrum of floor plans to choose from, whether it is spectacular villas or budget homes.
South Bangalore is fundamentally famous because of its serene tree-line avenues with neatly nestled bungalows one after the other. The locales of South Bangalore basically consist of few well-known areas such as Kanakpura Road, Bannerghatta Road, Hosur Road and Sarjapur Road. These areas have developed significantly after diligent efforts by the civic bodies. Numerous builders have forayed into this belt to capitalise on the upcoming Metro Rail Network and the Bangalore-Mysore Infrastructure Corridor. A total of 75,000 residential units by Grade – A developers are currently in existence, and there is a potential demand for another 40,000 – 50,000 units in the upcoming 4-5 years. Additionally, the presence of malls, hospitals, educational institutions coupled with IT firms has made it a go-to location for several homebuyers. The key office markets like – Chandapura-Anekal Road, Attibele Road, Sarjapur Road, Hosur Road are driving the demand in the real estate market as the casual home-buyers who are currently in search of homes around this locality are gunning for properties on the Bellandur and Sarjapur road up to Electronic City. The development of offices along this stretch has increased the demand for residential home buyers. A serious growth in the real estate sector in this region is evident as social infrastructure is taking its shape, thus pushing the demand up in this belt.
The current trends indicate slight appreciation in the value of residential apartments by more or less 70%, whereas the price of land will increase by above 100% in particular areas of the city. The main reason for the rise in the value of a property is the ever-increasing investment in the IT – Industry by top notch builders. Furthermore, with the amendment in FDI policy in the year, 2005 boosted the investments by NRIs and builders, drawing a great impact on the real estate industry in Bangalore. The scenario of the real estate market of Bangalore seems to attract a lot of investment from the NRI’s and PIO’s as high amounts of monetary gains are observed while renting out these properties. For a person having taste for modern amenities, lots of open spaces and beautiful designer landscaping, projects in Bangalore are offering their best with immense varieties to spoil one. The latest real estate market news in Bangalore, projects numerous affordable housing schemes coming up of late, therefore one can avail as per your requirement and the budget. Real Estate Scenario in Bangalore is very influencing for the builders, developers, and buyers. The growth here is optimistic i.e. profit is guaranteed when investment is well planned. The prices of land & plots in Bangalore can generate high returns in the near future as it is captivating 100 % FDI investment in this sector.