Being the capital city of the state, Bangalore has doubtlessly seen the surge in the prices of the real estate over a period, but the development of the city is also supported by many other factors. The growth rate of Bangalore in the past few decades has been huge. The real estate market of Bangalore has developed a lot from what it used to be. All the credit goes to its major growth driver, the IT sector.
Bangalore is known as the IT hub of India, its multicultural population and educational system had led to the aggressive growth of infrastructure in Bangalore. The real estate segment has been fueled by these driving sources and made Bangalore a complete developed city. In the current scenario, Sarjapur Road, Whitefield, ORR (Outer Ring Road) and North Bangalore are the most potential residential micro markets.
Bangalore is counted among the top 3 hubs for HNI’s (High Net worth Individuals). It is the base of a huge number of expatriates who live and work in Bangalore. It is the home for over ten thousand individual dollar millionaires. In the Central Business District (CBD), North Bangalore, Secondary Business District (SBD), Outer Ring Road submarket (ORR) and Whitefield there is a huge demand for high-end residential apartments. Bangalore is also a great market for Villa projects. The most active areas are ORR, Whitefield, North Bangalore and Sarjapur Road.
The mid-income housing sector belongs to individuals working in ITES and IT. In areas like Electronic City, ORR IT corridor, North Bangalore and Whitefield, the mid-income housing segment has made a good market because of the driving factors like access to medical facilities, proximity to workplace, good quality infrastructure and educational facilities.
The affordable housing sector is for buyers, who are extremely price sensitive. For such demands, affordable projects are being developed in areas like Hosur Road, Mysore Road and Kanakapura Road. These areas have lower acquisition cost for large areas of land. Land and Property developers like Brigade Group, Golden Gate Properties, Nitesh Estate and Ozone Group have laid their business foundation on developing projects for customers demanding affordable housing. In South Bangalore there is Patel Neo Town, VBHC Kengeri is in West Bangalore, North Bangalore has Sovereign Lakefront, and Provident Welworth is some of the affordable housing projects in Bangalore.
As a whole, the Bangalore real estate market is focusing on all sectors and segments of the customer requirements to fulfil their needs.
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