The IT capital of the country, Bangalore, is doing extremely well as far as the performance of its real-estate market is concerned. The Indian real estate sector has been witnessing a prolonged slowdown for sometime now. In fact, there are very few cities in India that can match the real estate power of Bangalore. Earlier, though the Garden City has been the most preferred destination for retirement in the country, today it has become a city of entrepreneurs and affluent individuals.
USP’s of Bangalore Real Estate Market
- The city enjoys highly favorable demographics for the boom in its real estate market. The average age of the population of Bangalore is 30 years. This has led to an upward surge in the city’s real-estate market, as the residents enjoy a higher financial clout.
- Bangalore, along with other cities like Pune and Chennai, are catering to the residential needs of the end-users, as opposed to cities like Delhi and Mumbai, where the population of investors in real estate is significantly higher.
- Another major factor for Bangalore being one of the best realty markets, is the consistency in the number of jobs created in the city, despite the slowdown in national economic growth. This figure surpasses several other major cities in India.
- Since the city created lakhs of employment opportunities, it has managed to draw professionals from all across the country. This has resulted in the growth of a large number of infrastructural and residential projects.
- The luxury residential projects in Bangalore offer an unmatched lifestyle, grandeur, and charm that is lacking in many of the other top cities in the country. Moreover, one can easily purchase a luxury apartment in localities like Koramangala or Indira Nagar, at a reasonably affordable price ranging from Rs. 9,000 to 12,000 per square feet only. None of the other major cities in the country can offer such reasonable prices in a premium location in the luxury segment.
Impact of Namma Metro Project
Namma Metro is one of the most ambitious infrastructure based projects that has been taken up in the city. The first phase of this project has been completed and this has led to a huge demand for purchase of residential properties in areas that are located in close proximity to the metro stations. As more phases get completed, the number of stations will also increase in the coming years. This will in turn lead to the increase in demand for all real estate projects surrounding these localities.
Impact of Affordable Housing Segment
The affordable housing segment enjoys the highest demand in the country. The real estate market in the city is showing an inclination towards affordability, in order to meet the high demand of residential apartments in this segment. There are several affordable housing projects in localities like Mysore Road, Kanakapura Road, and Hosur Road that are projected that are in demand by middle-income end users. Since the population of working middle-class residents is steadily increasing in the city, such projects will see a great demand in the coming days.
Demand for Boutique and Luxury Living Spaces
Bangalore’s high-income individuals demand for residential apartments that offer a world of grandeur and luxury. These luxury projects have witnessed a drastic increase in the recent years. There are localities like Whitefield, Sarjapur Road, and areas in north Bangalore where several luxury residential projects are coming up.
Bangalore International Airport has led to the growth of the real estate sector in north Bangalore, which was unexplored until very recently. There are good residential projects that are coming up in localities like Whitefield, Bellary, and Hebbal, due to excellent infrastructure facilities in the area.
Written by: Pravitha Rohit
Picture Credit: Jayanth M