While it may have become a cliché that the IT boom in Bangalore paved the way for development in the years gone by, those effects can still be felt all across the city with the amount of development and revamping that it has gone through in the past few decades.
What was once known to be the haven for people post-retirement has now become the hottest property location in Asia Pacific, leaving behind real estate heavyweights like Sydney, Mumbai, and Tokyo in terms of development and investment. In fact, at the start of 2017, Bangalore was voted as the most dynamic city in the world on an index where the economic changes and a city’s ability to adapt to those changes are compared.
The done but not dusted factors
Traditionally, the winning factors for Bangalore have been the fact that it is one of the few cities in India that has favorable weather conditions throughout the year—a rarity which most people would be looking to grab with both hands. This is one of the main reasons people would settle in Bangalore after retirement. Apart from that, the city also has an abundance of greenery and local water bodies like lakes.
The newer factors
Once the IT boom happened, there was an obvious need for expansion as the city saw a huge influx in its number of residents as Bangalore suddenly became a hotspot for people to come for work and not just settle down after work. This saw a huge change in the demographics of the city, and eventually, there was a need for massive expansion for all types of real estate—residential and commercial. One of the chief reasons, Bangalore real estate, saw such a surge is because this segment is extremely end-user driven and another major reason is that Bangalore is the third cheapest city in the world to live in.
Current situation
While most of the country was reeling from the demonetization efforts of the government which was mainly aimed at the black money in real estate, Bangalore did not seem to suffer the same plight as the others. Recent stats have shown that it has India’s best office absorption rate- 50 sq. ft. per household. The investments made by the IT companies and the emergence of so many startups have ensured that Bangalore has a high number of jobs on offer. This meant that areas in Bangalore which had been previously untouched were now being considered among the most prime pieces of real estate on offer.
Currently, the previously developed major areas have reached a saturation point, and even if real estate is available in these areas, it does not come cheap at all, and not everyone can afford to pay exorbitant rates for residential purposes.
Builders and developers in Bangalore are also known to be more professional as compared to their counterparts from other parts of India. This also plays a major part in the minds of the consumers as they do not want to be associated with the usual problems in real estate like delay and non-completion of projects. Prospective clients are spoilt for choice with the number of options. Whether it is luxury villas in North Bangalore or apartments in South Bangalore, the Garden City seems to have it all in terms of living options.
Conclusion
The continuous expansion of commercial ventures in Bangalore appears to be justified as the city seems to be ticking all the correct boxes in terms of livability options. The recently introduced RERA Act will also help to smoothen out the few bumps that remain. Given the fact that Bangalore has already seen such an increase in the number of residents and the type of residents, it does not come as a surprise that the city has turned out to be one of the top real estate havens on the planet.
Aforementioned factors like cost of living have also lent a major helping hand in this. Whether it is for purely commercial purposes or for residential purposes, one does not need to look further than Bangalore when it comes to real estate in India.
Photo by vhines200 