A surge in demand for new residential apartments in Bangalore
Bangalore or the Silicon Valley of India is a fast developing city that has a promising real estate industry. The city has been experiencing a realty boom since last few years due to factors like well-developed infrastructure, laterally expanding market, quality education, constantly upgrading physical infrastructure, horde of housing options available and a growth in the disposable incomes of people which makes buying a house a priority in everyone’s wish list. Bangalore real estate is a very stable market due to its vast clientele from across the globe and the multi-cultural population of the city. There is a high demand for apartments in Bangalore across all segments be it luxury, mid-housing or affordable category. Demand and pricing depends upon factors like construction quality and finesse, materials used, architectural design, facilities and amenities provided, location, approachability from prime areas, and other important specifications.
The thriving technology industry, ever-expanding commercial spaces have led to a growth in the demand for flats in Bangalore. Since more and more domestic and international companies are setting up their offices over here, there is a considerable benefit for investor as well as end-user.
The mid income housing segment of the city is mainly driven by its technology industry and factors like proximity to workplaces, developed social and physical infra-facilities, and easy accessibility of education and medical facilities. Areas having a constant demand for the same are Electronic City, ORR IT corridor, Whitefield, and few micro-markets of North Bangalore.
Talking about the affordable housing projects, this segment witnesses a demand mainly from the budget conscious people. The suburbs of the city have a constant demand for these projects as these areas offer larger land parcels at lower price points. The homes are made affordable by reducing the unit sizes and also limiting the facilities and specifications offered which were the typical differentiators between the modern housing projects. Areas like Hosur Road, Mysore Road and Kanakapura Road etc. have majority of demand coming from this segment. The Peripheral Ring Road and planned metro rail project have also accentuated the demand for these projects on the outskirts of the city. Many national and local level realty players like Tata Housing, Godrej properties, Brigade Group, Nitesh Estate, Ozone Group and Purvankara have many projects already launched and many more lined up in this category.
However due to an increased demand the ‘affordable’ housing projects have also increased their prices bringing them at par to mid-income segment residential apartment in Bangalore.
The spurt in the NRI investments in the real estate sector has gathered attention towards the high-end housing projects. The city is one of the leading investment destinations for High Net Worth Individuals. It is a home to approximate 10,000 individual dollar billionaires and has a huge base of expatriates living and working here from the nook and corners of the globe. The residents of the city are well-mannered, cultured, have travelled extensively and have sophisticated tastes.
Since last few years there is a surge in demand for luxury apartments in Bangalore specifically in the Secondary Business District (SBD), Central Business District (CBD), Whitefield, North Bangalore and ORR sub markets.. As per a recent research the city tops the chart of luxury property segment. Rapid pace of urbanization, growing number of Non Resident Indians and High net worth Individuals, plunge of rupee value and modernization of financial and technology services are some of the reasons that have led to a spur in the premium residential housing.
It is one of the most viable destinations for villa projects in India.
The downfall in the value of rupee attracted many NRI’s to make investments in their home country and this increasing interest encouraged developers to come up with new apartments in Bangalore replete with best-in-class comforts and facilities to match their styles and budget. Also these projects make potential investments options for NRI’s since they provide them with all the amenities and offer them a comfortable lifestyle they desire for.
The changing lifestyles, rising purchasing powers and improved living standards of the people in the mega metropolis have made the developers to launch some of the best apartments in Bangalore giving a new face to the city.
Localities such as Whitefield, Outer Ring Road, North Bangalore, Sarjapur Road, Richmond Road, and Sadashivnagar etc. are said to house some of the latest Bangalore apartments.
A few of the best residential apartments in Bangalore are Kolte Patil iTowers Exente, Prestige Sunrise Park, Kolte Patil Raga, Purva Westend, Salarpuria Sattva Greenage etc.
The future of property in Bangalore looks very positive as there are widespread development activities going on in every nook and corner. The modernization of Metro Rail and NICE Road has triggered the realty growth of the place. A rapidly increasing number of expatriates and HNI’s, burgeoning IT industry, the proposed infrastructure initiatives taken by the government namely the Mono Rail, Peripheral Ring Road, Elevated Expressway, Signal Free ORR and proposed IT Parks and SEZ in North Bangalore like ITIR in Devanhalli, Devanhalli Business Park, Aerospace SEZ, and Airport city have led to a positive capital appreciation value potential.
