Surging capital values in the prime localities of Bangalore have led the homebuyers to move to the suburbs of the city, as these areas are witnessing excellent growth. Read on to learn more!
In contrary to the past few years when the realty market witnessed a steep slowdown across all the metropolitan cities in India, Bangalore started to grow and pick up the pace. Though the growth has not been swift, but has certainly boosted the real estate market of the city. With the expansion of the city towards north and south regions, as well as other outskirts, housing market of Bangalore is definitely expected to nurture further. Increased demands from the end users is the reason for expansion of city and this will certainly lead to increase in the prices of property in Bangalore.
New Avenues of Growth in Bangalore
According to the market analysts, there has always been good demands for affordable properties. Although the hike in the price values of lands in the main areas of the city has made the situation out of the hands of the mid-range buyers, who now find the best options in investing in these suburbs, which are currently witnessing tremendous growth in terms of demand and supply.
Availability of spaces has made Bangalore suburbs a very lucrative option. Vacant lands have enticed the global corporate players to set up their bases. Furthermore, 4 special economic zones in the area are also planned, which are expected to shoot up the property rates in both residential and commercial segments. Take a look at some of the promising pockets of realty growth.
This IT hub of Bangalore has a cosmopolitan look and feel, and has lots of residential, commercial and retail options available. Social and civic infrastructure is quite developed considering its suburb status. Upcoming Metro rail line, construction of new flyovers and roads, Outer Ring Road (ORR), and the 8-lane Peripheral Ring Road have played a very important role in boosting realty here.
Yelahanka and Bannerghatta Road
Areas like Yelahanka and Bannerghatta Road have done well in the past because of fast developing infrastructure and proximity to the main areas of city. The Bangalore–Mysore Infrastructure Corridor which is expected to be operational in the coming few years will certainly improve the value of properties in these areas. Connectivity and availability of resources is the key for development of any area and keeping this in mind, government is taking various steps to improve both the aspects.
Another suburb of the city, Hoodi, has also showcased a remarkable growth in the residential segment because of its connectivity to other localities. The locality is well connected to the industrial and corporate areas of the city and is undergoing excellent infrastructural development. This is the reason why Hoodi ranks high on the wish list of the investors!
Hosur Road as also emerged as a prime realty destination. It is the main connecting link between Karnataka and Tamil Nadu. Proximity of Hosur Road to Electronics City has led to increase in the demands for properties.
Average price band for such properties is Rs. 3000 – 64000 per sq. ft., depending on the locality, the facilities offered by the builders, and the land area. Builders are taking care of other attributes like proximity to markets, schools and healthcare centers so that their projects attract more and more buyers.
Who are the Takers?
Demands for multistory apartments is picking up in the suburbs and the buyers here mostly belong to both middle income and high income groups. Interestingly, Bangalore has witnessed increased demands for properties from the young professionals, and this is certainly a big change. The average age of the buyers currently lies in the range of 30-40 years. These young buyers have certainly brought about some revolution here, and you can expect for action in future!