Bangalore real estate guide
Bangalore, once known as the pensioner's paradise that signified the city?s verdant serenity with pristine lakes and gardens, has revolutionized into being the second fastest growing city in all of Asia and one of the most happening global destinations. A quaint city that was quite unheard of in the West until recently, has marched itself into becoming the Country's IT Capital and consequently paving the way for sharp real estate investments in the Indian sub-continent.
Located about 3,000 ft above sea level with the dense Western Ghats on one side, Bangalore is still known as the Garden City of India. So real estate establishments, old and the new, continue to maintain the greenery around, thus giving a sylvan, clean image to the city. The actual boom in the real estate sector in Bangalore probably took place just a decade ago. So real estate investors have taken the credit of providing millions of homes and office spaces in the backdrop of clean, green landscapes.
The erstwhile ruler of Bangalore Kempegowda had demarcated Bangalore's territory with eight pillars and what a transformation of the cityscape from then to now! Bangalore has extended its borders almost tenfold and beyond. In fact the peripherals are stretching so rapidly that the Bangalore Development Authority (BDA) under which the city's properties are being governed and maintained, has but only a part of this area. The rest of land area is managed by seven city municipal councils and a town municipal council, area that is now called Greater Bangalore area. Irony is that the city has further stretched out in all corners and property developers are soon eyeing areas beyond Greater Bangalore.
So thanks to this rapid real estate development, first it was ring roads that gave connectivity to the entire city. Then outer ring roads were laid and then came peripheral ring roads. Cosmopolitan Bangalore is full of skyscrapers, flyovers, shopping malls and of course, the burgeoning traffic. People, who once loved to live in the heart of the city, now fancy a home away from the hustle and bustle.
If Koramangala and Jayanagar in the south of Bangalore were trusted choices of residence at one time, people now want to move towards HSR Layout, Bommanahalli, Kanakapura and surrounding areas. Similarly upmarket Sadashivnagar and Sanjayangar in the north have made way to homes in Yelahanka and beyond. For settlers in Vijayanagar and Rajajinagar in the west, even an area beyond Kengeri is better. Ditto with Banaswadiand Indiranagar in the east, areas along Hosur road is more welcoming.
Initially it was only the factories and multinational corporate offices which were set up in the Greater Bangalore area. Then a flurry of well planned residential layouts to suit every taste and need followed. Traditional houses/apartments at economic prices, up market penthouse residences, spartan apartment complexes with well designed club houses, swimming pools, multi-gym facilities and more are all available in these "off-Bangalore" areas.
It may be observed that most of dwellers here are either senior citizens or professionals working for multinational corporations, mostly in the famed IT and BT sectors, thanks to the IT Capital tag. Therefore, if some prefer to pick up a house away from the heart of the city in order to avoid the busy city life, some others find it convenient to have a close proximity to their workplaces. Whatever the reason, these people have arguably notched up comfortable, serene environs, much to the envy of their counterparts elsewhere in the city.
What?s more, they even got these spaces for very cheap rates as it was at one time, considered to be quite outside Bangalore. A regular comfortable two bedroom apartment which cost about INR 1,000 per square foot would have cost only INR 500 per square foot about four years ago. These areas, therefore, have very good price appreciation and resale values. It is really a wise proposition to make a real estate investment in these areas and reap rich rewards in the time to come. Property rates in vary in different areas, between INR 700 per square foot to INR 4,500 per square foot approximately. Rest assured, property is available for anybody looking for a house.
Vacant sites are ideal buy-and-sell investment options, feel property experts. Sites of any desired dimension are available mostly in the city's peripheral areas where developers are eyeing to build townships and residential complexes.Site rates vary depending upon the schemes on offer.
Several real estate investing, financing and property management firms, brokers, agencies and the like that have mushroomed in the city make easy real estate investment plans for their clients. Many local newspaper supplements and daily classifieds give an idea of the city's real estate scenario and can be a good Bangalore real estate guide to begin with.
Non-resident Indians, those with a cross-cultural background or anybody else who likes the Garden City can make confident choices of real estate investments in Bangalore and be assured of good quality accommodations. A lifestyle of no-compromise.
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