Real Estate Market Trends - Bangalore
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Real Estate Market Trends - Bangalore

By siliconindia   |   Thursday, January 2, 2014   |    2 Comments
Bangalore : Bangalore is known as the Silicon Valley of India. Bangalore is perceived to be a mature market which has demonstrated fairly stable prices over the past few years. In the last decade, Bangalore has developed beyond imagination. Areas such as Whitefield, Bannerghatta Road, Marathahalli, which were once considered to be the outskirts of the city, have now joined the ranks of the almost saturated zones of Bangalore. User driven demand and realistic pricing have aided the city in sailing through. The city's residential market has proven to be quite resistant to adverse economic conditions. New launches by reputed builders will continue to charm the buyers, since there will be a balanced mix of both high-end and mid-end developments. Old Madras Road and New Airport Road have also come up as hot favourite real estate destinations. Demand is likely to be more in areas along the outer ring road, thanks to connectivity and favourable pricing. Also northern, eastern and southern suburbs are coming up as preferred localities. All the developers in Bangalore are now active in the premium vertical ' with prices in the range of rs 1.5 crore to rs 2 crore. This segment is seeing a good footing too. The upper-midscale segment is also doing well because of customers' preference for good quality and large spaces. Completion of Namma Metro in certain areas and the development of Bangalore as the educational hub of South-East Asia are reshaping the character of Bangalore and justifying the prices of real estate assets at the same time. Buyers in Bangalore today are inclined towards green concepts and prefer eco-friendly homes. As supply is higher than demand, prices remained stable owing to an abundant choice of competitively priced assets. Some of the key infrastructure projects which have become operational in the past include the Elevated Expressway, Bangalore-Mysore Infrastructure Corridor and Bangalore International Exhibition Centre. Apart from this, other ongoing infrastructure projects include Metro Rail Phase 1 & 2. All these projects jointly, are expected to significantly improve the physical characteristics of these areas. The Bangalore Metro Rail Project is seen as a major game changer for Bangalore City in terms of connecting different parts of the city and reducing traffic congestion on city roads, thus cutting down the commuting time. For the development of any area, basic infrastructural necessities continue to be water supply, connectivity in terms of roads as well as other amenities such as schools, hospitals and entertainment options. Most developers are of the opinion that North Bangalore does have the potential of becoming Greater Bangalore in the next three-five years. The arrival of the airport in North Bangalore has started to raise the stakes in property pricing, and the long-term investment potential is excellent as compared to more saturated areas. Only time will tell the future of real estate in North Bangalore. Till then, the field remains open for structured planning and development of the area. And Bangalore in the meantime, continues to shine.

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