Residential Real Estate India
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Update of Bangalore Residential Real Estate 2013
Since the past few decades, Bangalore real estate has been the fastest growing city of India. With the aggressive development in the IT sector, the real estate sector is booming in the city. Bangalore has a good mix of multi-cultural population with good social infrastructure. Apart from this, there are innumerable educational institutes and continuously advancing physical infrastructure. Presently, the most promising residential micro-markets are Sarjapur Road, Outer Ring Road (ORR), North Bangalore and Whitefield.
It is believed that Bangalore is the third largest center for High Net worth individuals (HNIs). The city is estimated to be home to roughly around 10,000 people dollar millionaires. It has been noticed that there has been an increase in the demand for high-end residential apartments in Bangalore. This is mainly in the Secondary Business District (SBD), Central Business District (CBD), Outer Ring Road sub-markets, North Bangalore and Whitefield.
This segment is primarily driven by people working in the ITES and IT industry. Social infrastructure, easy access to educational and medical facilities, proximity to workplace are all the factors that drive people’s interest in this segment. Owing to these reasons, micro-markets like the ORR IT corridor, Whitefield, few areas in North Bangalore, Whitefield, have been seeing a steady demand from the mid-income segment.
In this category, there exists price sensitive buyers. Areas like Hosur Road, Mysore Road, Kanakapura Road etc. have seen a high demand in this category. This segment has also witnessed high demand on the outskirts of Bangalore, in all directions. What has propelled this development is the fact that there is available large stack of land at low prices.
Overall Demand Scenario
It has been observed that there is a high demand for high-end residential units in the North of Bangalore. The closeness to the International Airport and planned physical and social infrastructure has increased the development in the area. As far as the South of Bangalore is concerned, it has been noticed that there is not much demand for high-end residential developments. There is a constant increase for luxury residential developments in the East of Bangalore. In the West of Bangalore, there has been noticed that there is not much demand for high-end residential hoses owing to the fact that there are scores of industrial developments in the area.