Bangalore has been one of the fastest developing cities in India, with its infrastructural development being over the charts. It has become of the leading infrastructural cities in the country with every sector, civic and social taking a huge leap. With new company launches and new residents the city is seeing new heights as the government brings out new plans to advance the infrastructure of the city. The government has recently taken up an initiative to ensure that the civic and social infrastructure stays in the best possible way. They have decided to invest Rs. 3,577 crores to ensure that there is betterment in terms to travel.
This includes repairing damaged roads and bridges, and building new roads to connect different areas in the city. The state government has also inaugurated the Metro thus offering an enhanced and smooth connectivity across the city.
Furthermore, the government has taken an initiative to build the Information Technology sector at a colossal scale. This will ensure good employment opportunities and a boost in the social infrastructure. With newer residential and commercial spaces rapidly emerging, it’s safe to say that Bangalore will be even busier in the coming days. Subsequently, Bangalore will rise to the occasion and will be counted amongst top cities on the globe.
Property trends of Bangalore
In the last decade, Property in Bangalore has seen its fair share of Realty sector booming. It has been on a steady growth path, each year. And once again it has not let it itself go down. With huge increase in infrastructural value all throughout the Bangalore which includes the north, east, west as well the south sector Bangalore is one of the leading cities when it comes to real estate. It was during the months of July and to September in 2014 than Bangalore saw the highest prices when it came to real estate.
It has flourishing projects which pulled up the prices regarding real estate in the south, east as well as west. North however suffered a setback as it fell slightly due to the metro project bringing the real estate value much higher in the other sectors. Projects like HSR layout and the BTM layout in the south Bangalore regions made the prices peak up almost 9%. The overall increase for the southern sector was 30%. This was also the case for the eastern region of Bangalore.
The development of Old airport road and ram Nagar road also made the eastern regions prices peak up. Not significantly but it did peak up. The western region also had a good amount of improvement closing in on the southern region with a price increase of 24%. These fast increases ensured that even with the marginal downfall of the north sector the prices would still be in place and stay balanced.
When is the right time to invest in real estate here?
When it comes to property in Bangalore you have keep track of a few things and you need to know which type of property you will need. Are you looking for a house? Or are you a real estate buyer looking for an office place? These things must be looked into. If you are looking for a rental you will be in for a problem as the rental aspect shot up 6% in terms of charges. This was a big increase. However if you wish to buy there are ways and closing in on the right time is what you need to know. You need to check the dates and go for the real estate deals when it’s time for the festivals because it’s during this time that you will get offered huge discounts and lowered prices on all real estate deals.
Since Bangalore is an IT hub you need to know that the maximum residential areas are filled with people who work in the IT sector so the mid level flats and housing facilities are always in demand. You will get high value returns on these when you buy them. This is another aspect of the city. With newer projects popping up every week you can surely find whatever kind of real estate you are looking for. But keep the above mentioned factors in mind and you will do fine.
Property trends in 2014
The south sector held the maximum shares of the real estate market with east following closely behind. The overall trend of the real estate market in 2014 was a balanced with the accumulative increases of the south, east and west region balancing the northern sectors small decrease. The IT sector remained a key influence in bringing up the demand of homebuyers. This resulted in a lot of sales in the eastern sector which houses a lot of IT companies. The north saw downfall due to huge repairs and ongoing constructional projects. Not to mention it has poor connectivity with the rest of the city. All in all the city of Bangalore had a balanced real estate market in 2014.
Predictions for 2015
Currently there are numerous infrastructure projects underway in Bangalore. They include the metro project which when finished will bring the price of nearby residential and other real estates’ prices upward. The growth in Bangalore’s real estate market has been steady for the past few years so it can be safely said that it will continue to do so in 2015 as well. With the IT sector spreading more and more, the mid level residential areas will be in high demand. Also many businesses will also flourish as it has in the past so other real estate’s like offices will be taken and build. With the real estate of Bangalore booming day by day it’s better to get on board as soon as you can and with high returns it is defiantly not a bad choice.