Bangalore real estate prices
The real estate in Bangalore has been thorough a roller coaster ride in the past few years. The rising home loan interest rates, High cost factor, congestion etc has pushed the reality market to a lull. Many experts call this the lull before the storm. Reality market has such a lot of undercurrents that once surface out would trigger the markets to new heights. The factors that will affect the reality market of Bangalore are given below.
2. Master Plan 2015
.The Buzz word in the Real Estate circles of Bangalore is "Master Plan 2015". This is the latest addition to action plan in Bangalore Development Authority?s Comprehensive Development Plan.The catch in the Master Planis vertical growth in the city. This would translate to taller and sky hugging buildings with in the city. The government plan is in two folds. The first one being to drive the growth and development to the city's out skirts to decongest the city centre and the second is two throw open space in the heart of the city and in residential areas with broad roads, to commercial activity.3. Home Loan Interest Rates
.The rising interest rates had many worried. House hold budgets were affected in cases where people bought a house based on the outflow in low interest rate regime. With the steady rise in interest rates, the house hold budget came under a strain. But things are set for a change.With the inflation under control there are some indications that the floating rates could see some decrease in the in coming months. With the decrease in interest rates and the eligibility of the people on the increase the real estate graph is slated to grow to new heights.4. IT and BT Sector
.Bangalore is number one in IT and BT, the affluence and job opportunity that this sector has created have changed the dynamics of the city. The government has at last understood that this is the sector generates employment, drives the demand for housing and adds to the economic development of the region. The government has allocated Special Economic zones for the development of the IT and BT sector. While the city's first IT belt Bangalore south and East Pushed the city on the world map , west and Bangalore Mysore belt are now set to open up. The Master plan has ear marked spaces for IT development in the western sector of the city between Magadi Road and Mysore Road.5.FAR and CBD
.The additional floor area ratio (FAR) being opened up in the Central Business District (CBD) creates opportunities for the IT and other commercial ventures in the city centre. The high density growth that the plan aims at especially near the metro stations would mean more space opened up for commercial development. This along with the existing transfer of Development rights scheme, throws up new real estate business prospects. Adjacent properties can be developed together to form large commercial spaces for lucrative returns. The additional FAR increases the yield from given spaces now that more built is area is possible.6. Conclusion
With the International Airport, the Metro Rail project, expressways, flyover , skywalk and integratedtownships on the anvil , the city will soon wear new look changing the way we live , the way we commute to work and the way we shop. The changing landscape of Bangalore will bring with it a sense of change of what was and what has been, paving the way for a fast developing metropolis. What will emerge is a new Bangalore with a Metro Rail network that promises to drive the city ahead, an airport that has an million passenger capacity and a high speed corridor to the airport that promises to take you there in 15 minutes from the city centre.All these are factors that will push the real estate prices to newer heights.
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