Bangalore is fast emerging as the fastest growing real
estate market in recent times, not withstanding disturbing reports of an infrastructural
breakdown that is imminent, and the recent IISC report that it will become an
unlivable city in the next five years if stringent steps to curb pollution,
rampant felling of trees and water body demolition is not taken. However, as
more investors flock to the city with the hope of cashing in on the IT boom and
the software knowledge of this city, there is demand for more real estate
business. And this is giving rise to the availability of luxurious rental flats in Bangalore for mid level and senior level employees who plan to
work here for a few years before moving base back to their hometowns.
The IT sector is mostly located in the area of Whitefield,
which is one of the most crowded areas now and was initially built by the British
Raj as an exclusively white colony for the residents and rulers of the area to
reside in full of parks and common recreations that were not so common for the
natives. Now, it is home to some of the biggest names in software and IT not
just in India but the world, along with a few banks and marketing and
advertising companies the top executives of which wish to stay close by to be
close to where they work especially because they do not wish to commute too
much. It is a fact that Bangalore traffic has been rated as the "fourth
worst in the world" by a few agencies including Reuters and that has made
commuting to and from the IT hubs of Whitefield and electronic city a nightmare
for most.
 |
| Image Courtesy : Net |
Property experts at property.sulekha.com
says that builders are cashing in on the demand for luxury homes which locals
are scooping up and then giving out for rent to the top executives of the
companies, many of whom are provided such accommodations by the companies
themselves. This has resulted in the boom of the luxury market in real estate
where as the middle class, affordable real estate lies mostly in Hebbal,
Banashankari and Marathahalli, and the nearby areas. Koramangala too is now a
luxury home destination with top notch gated communities catering to the demand
as it rises steeply as more top execs find their way into the erstwhile garden
city.