The establishment of world-class IT industries, advent of metro and good arterial roads has made Bangalore one of the most sought-after realty destination in India. Here are more details.
A study on real estate market reveals that despite market slowdown Bangalore has emerged as a strong and mature realty market in the last couple of years. Recent new launches in the low cost housing options within price range of Rs 4,000- 5,000 per sq ft have grabbed the buyer attention, with good inventories in different corridors of the city.
According to real estate consultancy firm JLL, inventories will soon dry out in 2016 and 2017 and property prices will firm up or perhaps many micro markets may go up significantly.
Especially, the IT driven micro markets of Bangalore city such as Whitefield have shown signs of strengthening in the last one year. Some locality with projects in the affordable and mid segment category have performed well in the pre-launch and resale stage itself.
In recent study of Bangalore realty market, the affordability factor is playing a decisive role during the sale of flats. The 2 BHK and 3 BHK apartments of sizes between 800 – 1300 sq ft are being offered, keeping the buyer budget in mind.
The civic infrastructural development of the city is monitored by Bangalore Development Authority (BDA). Moreover, the entire Bangalore Metropolitan Region is divided into five Area Planning Zones (APZ) and six Interstitial Zones (IZ).
Peripheral Ring Road (PRR): 65-km long – 1,920 acres – Connects Hosur Road and Tumkur Road, cutting across Old Madras Road and Ballari Road. The PRR connects major highways and city roads from Tumkur Road and Hosur Road.
Satellite Town Ring Road: This project is to connect Bangalore’s satellite towns – Ramnagar, Dobbespet, Devanahalli, Hoskote, Attibele and Magadi.
Signal-Free Corridor to the International Airport: The 22-km stretch between Hebbal flyover and the International Airport is fully developed as a signal-free corridor connecting Kempegowda International Airport, which has reduced travel time to 20 min.
Central Bangalore: MG Road, Lavelle Road, Langford Town, Vittal Mallya Road and Richmond Road
East Bangalore: Whitefield, Old Airport Road, Old Madras Road, KR Puram and Marathahalli
West Bangalore: Tumkur Road, Yeshwanthpur, Malleswaram, Rajaji Nagar and Vijay Nagar
North Bangalore: Hebbal, Bellary Road, Hennur, Jakkur, Yelahanka and Banaswadi
South Bangalore: Koramangala, Sarjapur Road, Jayanagar, JP Nagar, HSR Layout, Kanakapura Road and Bannerghatta Road
Prestige Group: The group came into real estate projects in 1986. Today, it is known as one of the trusted realty developers in South India. The Prestige group has 65 ongoing projects and around 28 under-construction projects.
Brigade Group: Brigade Group has around 35 years of industry experience with presence across several cities in South India. Sonata in Vasanth Nagar, Metropolis in Mahadevapura, Bangalore and Crescent in Frazer Town are some of the top projects by the builder.
Sobha Group: Established in the year 1995, the Sobha group brings 21 years of experience in the industry. Today, the group has done with total 114 projects and 31 ongoing projects in the Bangalore city.
Tata Value Homes: The Tata carries legacy of experience in the real estate industry too. The group ventures into real estate in 2009. In 6 years the group has done with 15 projects and 7 ongoing residential projects across the country.