No other city in the world has been able to match up to the development rate of the Silicon Valley of India. Bangalore is the hub for almost anything that exists. Aside of the IT development, there has been massive progress in the field of arts, fine arts, commerce and it is also the startup capital of the country. While all of this is underway, there has also been a solid improvement in the real estate in Bangalore as well.
There is a different between the flats for sale in Bangalore 10 years ago and the same now. Here are a few areas that have shown development and improvement in the real estate market of Bangalore.
– Builder approach:
When you looked at apartments that have been constructed 10 years ago, you will see that they are not equipped with all the amenities that they are now. This is because the builders who made these luxury apartments were not investing in Bangalore then.
Now the city is host to many multi-million rupee projects by builders who are famous across the country. This also makes the smaller builders and real estate developers a lot more competitive and alert. They try to give their customers everything that they need at competitive prices and also match up to the bigger fish in the sea.
– Geography of the city:
This basically means that the city has developed on all ends. The North, South, East and West all seem to be pushing boundaries at the same time. This makes it a little tough for house-hunters to get the house in the locality they find suitable. The center of the city seems to be changing gradually.
Town Hall and KR Market used to be the hubs of the city, now it is MG Road. This clearly indicates that the people are moving constantly to the areas that are on the North and East. But then again, Rajarajeshwari Nagar and Vijaynagar seem to be developing at the same pace.
Now people do not understand where to place their money.
– Attitude of the people:
Considering Bangalore is full of the IT crowd, there is no way that the people are going to settle for anything lesser than luxury apartments. In the past decade it has been observed that the people are all the more inclined towards to the facilities rather than cheap prices. They are now willing to pay a little extra and attain a better quality of life. This has led to generation of funds in the real estate in Bangalore.
This attitude of the people has made sure that the developers are making better properties.
– Bank/Loan Facilities:
This is an important factor that has played a part in the development of the real estate in Bangalore. With the betterment of banking facilities and the deduction of interest on loans, people are now able to buy better. As discussed above, they are also willing to pay a little more for the luxury: there is no reason to hold back either.
There are many plans and packages that are availed from banks to buy property and the loan amount is returned with interest in installments.
– Development as a whole:
This is maybe the most important factor. It is not just the IT but also the commercialization of localities that has led to the boom in the real estate market of Bangalore. It is the developer’s paradise. Considering the development is unstoppable, he only need to pick a locality that he can buy for a price that is less. By the time he finishes the project, he will see that the appreciation would have taken the project to a different level altogether.
The past decade has seen a great progress in the real estate market of Bangalore and this is expected to last for a long time as there is no way to stop the overall development in the city.