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Bangalore City has grown rapidly in the previous few years both in the city’s infrastructure , educational institutes, physical infrastructure, as well as the real estate sector and impetus for this growth is credited to the boom in the IT industry. The venture of IT/ITeS industry and MNCs is regarded as the key reason for the vigorous growth in the real estate development of the city.
Bangalore City is regarded as the third-largest real estate hub for High Net-worth Individuals (HNIs) and also it is one of the top most cities in terms of NRIs who have planned to settle down in India in the future.
The city with diverse culture attracts more populace and now is houses around 10,000 individual dollar millionaires and as well as is a huge base for NRIs who are employed and settled down in the city.
The demand for high-end residential apartments in the city is increasing, mostly in sub-markets like Whitefield, North Bangalore, Outer Ring Road, Central Business District (CBD), and Secondary Business District (SBD).
Presently, the most hopeful and favorable residential micro-markets in the city are the North Bangalore, Outer Ring Road (ORR), Whitefield, and Sarjapur Road.
Here is a study and outlook of different residential categories in the housing segment:
High-end Category
In this category, the residential properties are priced at Rs.1.5 crore and above and the demand is likely to be stable in the coming year. Under, this category world-class and novel villa, villaments, and row house developments fall and are active in micro-markets like Whitefield, North-Bangalore, Sarjapura, and Outer Ring Road (ORR).
Mid Category
The property under this category is around Rs.75 lakh to 1.5 crore and mostly people working in IT/ITes companies fall in this category, who mainly focus on the social infrastructures in the location, nearby workplace, educational institution, medical facilities and many others. The micro-market that cover all the expectations of the customers are ORR IT Corridor, Whitefield, Electronic City, and few location in North Bangalore.
Affordable Category
Residential properties in this category are priced at Rs.50 lakh or below and most of the projects under this category is active in outskirts of the city, along with this the proposed metro rail project and the peripheral ring road (PRR) drives the demand. The active micro-markets in this category are South Bangalore, North Bangalore, West Bangalore, and East Bangalore (demand is lower compared to other micro-markets).
Reality Market Summary
The absorption in residential reality sector saw growth in the fourth quarter of 2013 when compared to the third quarter of 2013. The fourth quarter of 2013 also witnessed launch of 30 residential projects, marginal appreciation in capital value as the sales volume increased and most projects were in the stage of completion.
Observation of Bangalore Reality Market
The residential market in the Bangalore City will continue to show a stable growth in the first half of 2014 and moderate number of launches in residential properties can be seen, rents and capital values will continue to be stable and is likely to increase in second half of 2014.
Elements to boost the rental and capital value in Bangalore residential real estate segment is:
Bangalore City is regarded as the third-largest real estate hub for High Net-worth Individuals (HNIs) and also it is one of the top most cities in terms of NRIs who have planned to settle down in India in the future.
The city with diverse culture attracts more populace and now is houses around 10,000 individual dollar millionaires and as well as is a huge base for NRIs who are employed and settled down in the city.
The demand for high-end residential apartments in the city is increasing, mostly in sub-markets like Whitefield, North Bangalore, Outer Ring Road, Central Business District (CBD), and Secondary Business District (SBD).
Presently, the most hopeful and favorable residential micro-markets in the city are the North Bangalore, Outer Ring Road (ORR), Whitefield, and Sarjapur Road.
Here is a study and outlook of different residential categories in the housing segment:
High-end Category
In this category, the residential properties are priced at Rs.1.5 crore and above and the demand is likely to be stable in the coming year. Under, this category world-class and novel villa, villaments, and row house developments fall and are active in micro-markets like Whitefield, North-Bangalore, Sarjapura, and Outer Ring Road (ORR).
Mid Category
The property under this category is around Rs.75 lakh to 1.5 crore and mostly people working in IT/ITes companies fall in this category, who mainly focus on the social infrastructures in the location, nearby workplace, educational institution, medical facilities and many others. The micro-market that cover all the expectations of the customers are ORR IT Corridor, Whitefield, Electronic City, and few location in North Bangalore.
Affordable Category
Residential properties in this category are priced at Rs.50 lakh or below and most of the projects under this category is active in outskirts of the city, along with this the proposed metro rail project and the peripheral ring road (PRR) drives the demand. The active micro-markets in this category are South Bangalore, North Bangalore, West Bangalore, and East Bangalore (demand is lower compared to other micro-markets).
Reality Market Summary
The absorption in residential reality sector saw growth in the fourth quarter of 2013 when compared to the third quarter of 2013. The fourth quarter of 2013 also witnessed launch of 30 residential projects, marginal appreciation in capital value as the sales volume increased and most projects were in the stage of completion.
Observation of Bangalore Reality Market
The residential market in the Bangalore City will continue to show a stable growth in the first half of 2014 and moderate number of launches in residential properties can be seen, rents and capital values will continue to be stable and is likely to increase in second half of 2014.
Elements to boost the rental and capital value in Bangalore residential real estate segment is:
- Progress in IT sector
- More HNIs and NRIs investing in the city’s residential segment
- Planned Infrastructure projects by government like Peripheral Ring Road (PRR), Metro Rail, Elevated expressway, and many others
- Estimated SEZ and IT Parks in North Bangalore such as Aerospace SEZ, Devanahalli Business Park, ITIR in Devanahalli, Airport City and others)
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