Tuesday 29 September 2015

A Look At Bangalore’s Real Estate Market

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.

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