Update from the fastest growing realty market – Bangalore.

Real Estate

Bangalore has been one of the most fast growing cities of India in the last few decades. The main driver of growth has been IT and is also responsible for the real estate development as well in the city. Because Bangalore is the major IT centre of India it has a multi-cultural population with a fairly good infrastructure, A-grade educational institutes and constantly improving physical infrastructure. At this present moment the most lucrative of the micro-markets are the places like Sarjapur road, places in North Bangalore, Whitefield and the stretches over the Outer Ring Road (ORR).

The Mid, Low and the High income Residential segment:

Bangalore is the third among the highest number of concentration of the High Net Worth Individuals (HNIs). The dollar millionaires staying in Bengaluru are estimated to be above 10,000. There are a large number of expatriates too who live and work in the city too. The residents are highly educated, cultured and well-travelled too with sophisticated tastes and preferences. Thus there is a high demand of luxury apartments as well in the Central Business Districts of the city, the Secondary Business Districts (SBD), Outer Ring Road sub-markets, Whitefield, North Bangalore and few other places. The trend watchers opine that the high end housing unit buyers are highly sensitive to factors like product quality, amenities and facilities, air and ventilation and the unit sizes.

If you talk of the mid income segment that is also driven to a great extent by the IT and the ITeS industry. The choices of the customers are driven by the factors like proximity to the work place, good physical and social infrastructure and medical and educational facilities nearby. These are the reasons why the ORR IT corridor, Whitefield, Electronic City and few select areas of the North of Bangalore are going through a steady demand for the mid income housing.

If the sector is of the affordable segment this particular sector of the residential real estate is extremely sensitive to prices. Thus the affordable segment projects are developed in the outskirts of the city and the suburbs like the Kanakapura Road, Mysore road, Hassan, etc. There is a growing high demand of residential units in the sector. In Bangalore city the concept of affordable housing has gained considerable ground and the cause has been promoted by few of the developers like Brigade, Purvankara, Shriram Properties, Ozone group, Nitesh Estates, TGS Constructions and Gruhakalyan. These developers are promoting the cause of affordable housing by focusing on the products and the pricing. Typically the projects are customized as per the prices and there is a compromise in the sizes and space in many a case. The outskirts of the city are places where these kinds of projects are found in plenty as there are large land parcels available in these areas.

Update from the fastest growing realty market – Bangalore.

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