Booming Real Estate Sector in Bangalore

Bangalore, the Silicon Valley of India, is the capital of Karnataka and a major economic hub of India. It is India’s fifth largest city and still growing at a rapid pace. This metro is rich in IT and software companies, telecommunication firms and other industries as well as in educational institutes, research colleges, etc. This has opened avenues for many real estate developers to build residential and commercial properties across the city.Also, the population of Bangalore has increased by 35% in last seven years and is estimated to near 10 million in next two years. It is primarily because of the boom in IT sector resulting in economy’s swift growth thus inviting job seekers from all over the country. This large scale migration has raised the need for residential complexes and housing facilities. Many leading real estate developers have now been fast developing the infrastructure in Bangalore and coming up with residential, commercial and industrial structures. The east of the city has especially been immensely developed with uplifting of the areas like Marathahalli, K.R. Puram, Sarjapur, Bannerghatta Road, J.P. Nagar, Kanakapura Road and Jayanagar.The youth culture, lucrative job opportunities and contemporary infrastructure of Bangalore makes it one of the most sought after destinations. In the phase of economic slowdown, prices of property have reduced and all the attractions added to this make it perfect to buy property in Bangalore. To bolster the demand in real estate sector, property developers are imparting discounts and freebies on buying or booking a flat. Moreover, not many people are investing in property due to slump in economy and deferring purchases making property sellers further drop the prices. One may not get the property at such low rates again as soon as economy bounces back.According to a report by the retail estate research firm, Cushman & Wakefield, Bangalore is the top real estate destination for commercial and industrial sectors. It has become third preference for residential and hospitality sectors in India for real estate investment. The report reinforces the result by adding that Bangalore may witness the demand of 34 million sq. ft. for office space in the next three years.In fact, all the property developers have commenced with their plans of expansion in Bengaluru for growing residential and commercial needs. Latest reports suggest a revival of demand in commercial real estate by corporates and multinationals after the near exit of economic slowdown. It and ITes industries are considering expansion plans and evaluating opportunities available in Bangalore property market.In today’s time, the developments in real estate sector are targeted at middle and upper middle segments. Property developers believe them to be genuine buyers and not investors looking for reputed brands. Prices had hit rock bottom last year due to slackening demand of property but according to sources it will not reduce any further now as these segments hold huge potential. Real estate builders are now developing projects for both high-end and upper middle class segments. The property market of Bangalore is expected to be vibrant by the middle of this year by most of the real estate developers.Unity Realty of Unity Infraprojects is putting in hundreds of crores to develop a mixed use housing project in Bengaluru.
Another real estate honcho, Sunil Mantri Group is planning to invest Rs 250 crores in building an integrated housing project in the city. This complex would feature 500 apartments fully equipped with all the modern amenities. They aim at creating exclusive lifestyles in natural surroundings at affordable prices.
Shriram Developers has already completed few projects in Bangalore and is now engaged in developing residential spaces across the city.With the slated departure of recession and the large scale real estate developments in Bangalore, it is just the perfect time to buy property in Bangalore.