Bangalore : Bangalore's residential alteration has seen major changes in the past few years. Positive effects emerging out of the remarkable presence of various MNCs have made Bangalore a searing and the most preferential high tech hub of India.So,the altering life conditions of the residents of the city have revitalized the Bangalore property and real estate sector. Bangalore was earlier known as the haven for
retirement and essentially consisted of independent houses. In the last 10 years, the city has witnessed a population outburst owing to the IT boom. It was this demand that led to a rise in residential flats in the city.
More employment opportunities were generated after the establishment of EPIP (The Export Promotion Industrial Park) zone that has driven the direction of real estate market into the demand for apartments. Bangalore's housing market has transformed from the individual houses to organized villas. Adding to this, development of ORR (Outer Ring Road) with improved connectivity also boosted the real estate market in the region. Today, self upholded IT/ITeS hub with sustained infrastructure as malls, hospitals and educational institutions has changed the scenario of the expansion.
However, there were minor setbacks in the national real estate market, which also affected the Bangalore region. "The real estate market was going through a low period in the first half of 2013 all across India but it improved post November 2013. The positive effects are also being seen in the Bangalore real estate market," says Siva Kyasa,Regional Director,RE/MAX, Bangalore. The city today has a total of around 52 million sq ft budget housing projects market and around 77 million sq ft of mid segment housing development emerging in the region.
Moving to East :
With the development of the city newer areas witnessing immense growth, East Bangalore is being heralded as the new horizon. The reason for this spurt in activity can be traced back to the time when KIADB (Karnataka Industrial Areas Development Board) developed EPIP zone to promote the growth of the IT/ITeS sector in East Bangalore. So, in 1997, ITPB and ITPL were outfitted in the area. The real estate demand became perceptible because of the arrival of several MNCs. Moreover,the real estate expansion became more probable in the peripheral areas with the development of the ORR connectivity improvement.
"The Eastern realm of the city has slowly emerged as a promising economical, residential and also a social focal point. Projects improving connectivity,transformed corridor and hi-tech zones have promoted commercial and industrial growth.Moreover, fine dining and entertainment options and presence of International schools in East Bangalore hasmade the region extremely attractive for real estate development," adds Siva Kyasa.
South East North Connectivity :
Connectivity and affordability goes hand in hand for real estate options. In the current scenario,the elevated expressway over Hosur Road gives another momentum for real estate development in the area.So,South, East and North connectivity has become possible and people commuting from various locations through Chandpura-Anekal,Attibele,Hosur,ORR and a NICE Ring Road have become convenient.
As far as future real estate enlargement projects are concerned,the planned PRR (Peripheral Ring Road) which will connect Electronic City, Whitefield and Yelahanka can offer opportunities for further real estate expansion. Similarly phase II Metro will also improve the connectivity between the Central Business District and Eastern Bangalore region.
Mid-Range Options :
The Eastern area is experiencing huge demand in the mid segment housing area as the region is home to a large number of professionals from IT/ITeS and Pharma industries in the vicinity of Bellandur, Whitefield, ITPL, Brookfields, Varthur Road,Marathahalli and Hennur Road. The price range for such homes is about Rs 3,000-5,500 per
sq ft. Similarly, other mid segment projects are also located around Varthur-Gunjur Road,CV Raman Nagar, Old Airport Road and Krishnarajpuram.Projects from groups such as Skylark and N.D.Developers are also providing various choices under the category of two bedroom houses within 50 Lakh.
As far as the real estate scenario in Bangalore is concerned, it is rapidly growing along with the overall development of the city. More people are turning towards East Bangalore as it is emerging as the new real estate haven.
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