Bangalore: Affordable Option for First Time Home Buyers

Steady Raise of Residential unit in Bangalore:

Presently, Housing projects show a steady growth in Bangalore. The IT professionals are the driven factors. Bangalore city has recorded the highest number of project launches among the eight cities in India.

Murthy stated that “Many developers are looking at this segment seriously by launching their projects at marginal locations of Bangalore they choose this unit to provide all the amenities at affordable cost of Rs 15 Lakhs to 20 Lakhs. Due to increase of land cost, construction cost and labor cost now it is going up, although the projects are continuing to focus because of demand.

Factors for increase in demand:

The following are the factors for the increase in demand of Residential property in Bangalore.

High impact of IT/ITES: Growth of Information technology, rising number of HNI’s (High Net worth individuals).

Proposed physical infrastructure by the Government such as Peripheral Outer ring Road, Metro railways, elevated express way, Signal free ORR, Mono Rail and High speed Rail link.

Proposed Business SEZ and IT parks in North Bangalore.

Bangalore International Airport

In Affordable housing segment which is below Rs 50 Lakh, we are observing a steady demand on the outskirts of Bangalore city. Availability of large spaces at lower costs is encouraging the affordable housing projects in Bangalore city.