Bangalore – The Luxury, Mid-income and Affordable Housing Segment

Bangalore is among the fastest growing city in India. The Information Technology sector has played the major growth factor in the development of Bangalore realty. Bangalore is a unique city and is home to multi-cultural population that offers excellent social infrastructure and best educational institutes. The Outer Ring Road, Whitefield, Sarjapur Road and North Bangalore are some of the areas that are leading the race in the real estate market.

Luxury Market

Being the third largest region for high net worth individuals, Bangalore is easily home to thousands of millionaires. The reason is, most of the expatriates making a living in this city after their assignments in abroad. One can find well cultured people in this destination who have sophisticated taste. Lately, there has been an increased demand for luxury residential apartments in Central Business District, North Bangalore area, Whitefiled and Outer Ring Road. Moreover, the luxury market is expected to be steady on a short term basis.

Mid- Income Market

The Mid-income market is mainly driven by the techies in the IT and IT Enabled Services industry. Factors like good social infrastructure, nearby work places, physical infrastructure and access to medical and education facilities are strong driving factors to boost the mid income real estate market. There have been positive signs of growth as well as a steady demand in the mid-income segment in areas like Whitefield, Electronic city, ORR IT corridor and North Bangalore.

Affordable Housing

The affordable housing segment has been targeted at the price sensitive buyers, and is mainly developed in the suburbs of Bangalore. The suburbs such as the Mysore road and the Kanakapura road are witnessing high demand in this segment. Exclusive developers like Puravandara, Shriram Properties, Brigade group, Ozone group, Golden Gate and Nitesh Estate have ventured in this arena and meet the needs of the customers. Affordable housing is accomplished by reducing the unit sizes and compromising on certain civic amenities to fit within the budget. Further, the planned metro rail project and peripheral ring road have created demand for the outskirts projects.

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REAL ESTATE SCENARIO IN INDIA

The Real Estate scenario in India is undergoing a transformation. With lifestyles changing and nuclear families becoming the trend due to the work demands along with the fast paced life, people today prefer to buy a readymade house, villa or apartment in India.

Residential apartments in Bangalore are gaining a lot of traction in the market. The IT companies create a lot of job opportunities in Bangalore due to which it has people from all over the country and even all over the world coming and settling in Bangalore. Hyderabad is also a budding IT park along with Pune. The Hyderabad Realty has got a boost due to the coming up infrastructure in the city. Hyderabad now boasts of one of the best international airports. It is developing at a very fast pace due to which builders and even the common man considers investing in Properties in Hyderabad.

Bangalore and Hyderabad are two cities which are developing at a major pace due to the influx of opportunities from the IT sector. Major builders and real estate experts say that in Bangalore people have the capacity and the will to buy a house in Bangalore. They are able to invest in properties in Bangalore. The local residents also invest in the Bangalore realty as it gives them options for extra income by means of rent. Bangalore is surrounded by several industrial areas too which are known for the core industries. So not only does it aid in the development of the city but also the outskirts. There are many properties and villas in Bangalore that are coming up in the outskirts. Presence of industrial areas ensure that the facilities come up in the nearby areas. Since the property prices are low in the outskirts the apartments and villas are usually luxury villas as the builders can afford to invest more on the constructions. People also get more spacious houses compared to those in the city at almost the same cost. It also provides an escape from the hustle bustle of the city.

People prefer buying properties in Bangalore close to the vicinity of their workplace. The traffic in the city is a major obstacle in long distance commutation. The commute often takes hours due to slow moving traffic which results in loss of time. Hence keeping all the factors in mind people prefer residential apartments in Bangalore close to their work area.

Source: http://realtycompass.wordpress.com/2013/08/06/real-estate-scenario-in-india/