Bangalore has been one of the happening real estate hubs in the country. The realty sector here is experiencing good times. While the northern markets are facing a decline in sales volumes, this city is showing great signs of growth. End users and investors are showing great faith in this market and are buying up homes in good numbers.
One of the most important factors that is driving growth in the city as far as real estate is concerned is the strong presence of the Information Technology and Information Technology Enabled Services sectors. The economy of the city is driven to a large extent by these two sectors. So when the IT sector slumps, the realty sector here will also slump. But if it is on the growth path, the real estate sector will also growth. This is a trend that is witnessed across cities whose economy is dependent on one employment driver.
Areas which have a strong presence of IT/ITeS are doing well in terms of real estate. The areas which surround these areas have also received the resultant benefits of the real estate boom. The walk to work concept has really caught in the metros and people are generally preferring to stay close to their place of work. This is one of the reasons why properties in Bangalore which are located in the areas such as Marathahalli, Hebbal, and Electronic City are popular among buyers. They are good rental hubs as well for those who work in these sectors but are unable to purchase properties there.
Electronic City is one the more well-known IT hubs in the city and the entire country. The going rate for apartments in Electronic City stands at INR 3400 per square feet on average. This makes this micro market one of the more affordable areas in the city. The going rate for villas located stands at INR 6000 per square feet on average. Plots in this micro market can cost around 1500 per square feet on average.
In the year 2014 there was maximum demand for 2 BHK apartments in Bangalore. But there was a sharp decline in demand when compared to the previous year. The drop was about 33 percent when compared to 2013. The drop has been seen across all configurations but not as drastic as the one for the 2 BHKs. The demand for 3 BHKs dropped by 14% and the demand for 1 BHKs dropped by 9%.
There is a strong presence of about 300 plus companies in this locality. There is a size demand for properties which fall within the affordable and mid segment categories. There is also demand for villas in this micro market. Properties in Bangalore which are situated in this micro market are sought after by those who are working in the IT sector. Prices have been going up to the tune of nearly 30% here. So the time is right to invest in properties in this micro market and reap rich rewards later.
One of the most important factors that is driving growth in the city as far as real estate is concerned is the strong presence of the Information Technology and Information Technology Enabled Services sectors. The economy of the city is driven to a large extent by these two sectors. So when the IT sector slumps, the realty sector here will also slump. But if it is on the growth path, the real estate sector will also growth. This is a trend that is witnessed across cities whose economy is dependent on one employment driver.
Areas which have a strong presence of IT/ITeS are doing well in terms of real estate. The areas which surround these areas have also received the resultant benefits of the real estate boom. The walk to work concept has really caught in the metros and people are generally preferring to stay close to their place of work. This is one of the reasons why properties in Bangalore which are located in the areas such as Marathahalli, Hebbal, and Electronic City are popular among buyers. They are good rental hubs as well for those who work in these sectors but are unable to purchase properties there.
Electronic City is one the more well-known IT hubs in the city and the entire country. The going rate for apartments in Electronic City stands at INR 3400 per square feet on average. This makes this micro market one of the more affordable areas in the city. The going rate for villas located stands at INR 6000 per square feet on average. Plots in this micro market can cost around 1500 per square feet on average.
In the year 2014 there was maximum demand for 2 BHK apartments in Bangalore. But there was a sharp decline in demand when compared to the previous year. The drop was about 33 percent when compared to 2013. The drop has been seen across all configurations but not as drastic as the one for the 2 BHKs. The demand for 3 BHKs dropped by 14% and the demand for 1 BHKs dropped by 9%.
There is a strong presence of about 300 plus companies in this locality. There is a size demand for properties which fall within the affordable and mid segment categories. There is also demand for villas in this micro market. Properties in Bangalore which are situated in this micro market are sought after by those who are working in the IT sector. Prices have been going up to the tune of nearly 30% here. So the time is right to invest in properties in this micro market and reap rich rewards later.
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