Property has always been a fine option for
investment since long, the next option being only the gold.Both property i.e.,
lands and buildings and gold prices have appreciated considerably in the past
few years.The gold price has since reached almost its peak and perhaps also
saturation point.Now, property is the main option or only attraction for
investment.Properties in some areas attract more and more investors,
particularly the non residents Indians(NRI).The NRIs are showing more and more
interest in the immovable properties ie lands and buildings.This has attracted
many property developers to the realty market in major cities and
metros.
For the past two to three years the property market in Bangalore has shown quite an upward trend. With the entry of property
developers from other cities to Bangalore, the demand for land has gone up
tremendously. Various new projects are launched and are being launched, almost
on regular basis giving a boost to the land prices all around Bangalore.The
Demand for residential space has gone up immensely, particularly in the neighborhood,of IT industries in the north
and south Bangalore.Consequently the level land prices and apartments have
gone up in those areas.
The demand for medium class spaces like for 2 BHK
(Bedroom- Hall –Kitchen) flats is said to be quite high. The present pricing
however of such flats seems to be very high and the builders are indifferent
towards the buyers of such medium class spaces.The abnormal prices of developed flats is keeping the people away who look for such accommodation.The
developers have been taking up more and more high end projects eyeing mostly NRIs. The cost of flats in such
projects starts from a crore and goes beyond 5.6 Crores.
Number of property developers are now coming up with
projects for development of plots for
independent bungalows and villas on the outskirts of Bangalore all along the
outer ring road. The plots and villas developers are said to be with all
possible luxuries and costing crores of rupees .It seems there is no limit for
luxuries and the price. With all such new projects coming up all over, the
skyline of Bangalore is changing totally. The greenery that was seen once is
now almost lost and it is replaced with
the multistory building and bunglows.The city has grown beyond imagination of
planners, unfortunately the infrastructure that is necessary has not been
developed simultaneously and the basic needs like proper roads, water supply,
street lighting and public transport etc are denied to the areas where huge
Layouts, Shopping complexes, commercial and residential spaces are coming up.
With the rapid growth in population of the city due
to large scale migration and lack of proper and adequate connectivity people
are living in far off places and have to depend on their own vehicles for
commuting resulting in increase of vehicles population, now stated to be around
Five millon. If no action is taken to develop the infrastructure projects, proper
connectivity and required public transport, the situation will further worsen
in the next few years beyond one’s
imagination.
So far as the real estate market of Bangalore is
concerued, there is a great demand for commercial and residential spaces,
particularly the middle class people are
interested in buying spaces for residential purposes. The property developers
may have to consider coming up with more projects, with one and two BHK flats or row houses to meet the demand, which is ever increasing for residential
accommodation in particular.
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