Bangalore the garden city also known as the IT Hub is growing in terms of real estate construction. The city’s construction is nearing to its extremities whereas the residential development is also on an outspread. This massive expansion is a result of a huge growth of the working population. Many of the multinational construction firms are conceptualizing projects in the city’s outskirts. The construction firms are thankful to the cities reasonable pricing in these areas. The lands within Bangalore’s outskirts are reasonably cheap and affordable.
These upcoming projects are of prime importance to the young and the first time buyers who are migrating to the city with an aim to settle and earn their bread and butter.
The concept of affordable housing has become more of a need these days. The trend has been on a rush since 2009. The peripheral areas like Anekal Main Road and Chandrapura are among the foremost locations drawing attention of the first time buyers and also these location have witnessed growth of such affordable housing projects. These areas are witnessing a massive growth due to the nearness to the industrial locations like Jigani, Bommasandra and also the Electronic City which is an IT Hub.
There has been an increase in the number of labors who are stepping up the land and also the cost of construction has been increasing. All these factors are resulting into a sheer increase in property prices which cannot be reduced by antagonism among the builders. Here is an example to clarify this rise in the year 2009 the houses which were priced 15 to 20 Lacks are now costing around 40 Lakhs.
The research carried out by JLL indicate that new housing under the affordable category is in areas like Old Madras Road, Peenya, Attibele- Anekel Road, Electronic City, Sarjapur and Hosur. The price tag of these housing located in the areas like Anekel Road, Electronic City, Kanakpura Road are expected to show a gigantic price hike in the future time. These localities offer single bedroom housing with an area around 500 to 600 sq. ft. whereas the double bedroom concept house in around 700 sq. ft. large in terms of area
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