What is the condition of Bangalore Real Estate sector at present? It is thriving and has been able to thwart the brunt of the worldwide downturn to a great extent. Isn't this great? There is no doubt in it and the key factors behind the city's success in the realm of real estate have been economy, attractive job market and youthful lifestyle clubbed with the IT sector boom. Well, this is not a recent development and has been continuing for the last two-three years. However, this is not all. The aforesaid factors have also given rise to a steady demand and restricted supply and hence the prime residential areas in central Bangalore continue to command premium rental values.
Let's focus on the city areas where property prices are skyrocketing. These include Whitefield, Sarjapur road, Outer Ring Road (ORR), Bannerghatta Road, Hosur Road. Among these Sarjapur Road/ ORR in south-east Bangalore continues to be a favorite residential location for IT/ITeS employees, on account of the excellent connectivity to office destinations and enhanced infrastructure.
A number of new residential projects are in the offing and some have already cropped up in northern part of the city.Are multinational corporations playing good roles? Certainly and it is without a shred of doubt. The city houses copious numbers of multinational corporations like Siemens, SAP, Oracle, Wipro, Infosys, Google, Dell, and Amazon, in addition to many major Internet Service Providers. Their impressive presence has made Bangalore the epicenter of the high tech sector in India and thanks to the bonanza and changing lifestyle of inhabitants of the city, the real state sector has rejuvenated. Almost on each and every day tens of thousands of young aspirants are joining the city's corporate workforce and this is leading to the demand of more residential and business complexes.
Last of all, suburbs of Bangalore have to be mentioned. Several vital reasons including traffic jam along with parking issues, flagging road conditions and low vacancy rates have motivated many real estate developers to focus on these areas. For this reason the suburban market is booming with new projects having lifestyle features. The new airport at Devanahalli has opened up Bangalore Real Estate prospects and it is likely that Bangalore, in coming days, will surpass other leading Indian cities in this sphere.
They are basically vying to join India's growing middle class consumer population and the real gainers are the real estate developers and also the agents. This increases real estate prices and drives the market to be more expensive. What conclusion can be drawn from here? The vivacious situation has opened up the window for developers to take advantage of the situation.
Bangalore Real Estate Sector