Bangalore has been the fastest growing city in India over
the past decade, being driven by technology and software. It has become a
cosmopolitan city with people from different parts of the country living and
working there. It is a culturally rich city with very pleasant round the year
weather, which makes it an ideal location to live in. As we enter the fourth
quarter of 2016, the most viable real estate areas in Bangalore are the ORR (Outer
Ring Road), Sarjapur Road, Hebbal and Whitefield. But with the rising prices of
real estate all over the country, most people who wish to move to Bangalore,
would love to have an idea about Bangalore property prices, area wise.
Bangalore has also emerged as the fourth largest centre for
High Net worth Individuals with more than ten thousand (dollar) millionaires
making it their home. Apart from this, there are a lot of expat professionals
who have made this place their home in the past few years. They bring their own
cultures and tongues into Bangalore, making it a culturally diverse city to
live in. This influx of cash rich people has led to the demand and consequent
development of several luxury residential projects in areas like Whitefield,
Central Business District (CBD), the Secondary Business District (SBD), Mysore
Road and Koramangala. The demand for such high end residential projects is
supposed to stabilise and remain at a slow, growing pace over the next quarter.
For checking out the prices in these areas, visit any of the numerous trusted
real estate websites like Sulekha Properties.
As far as the MIG housing (Middle Income Group housing)
projects are concerned, its primary takers are the salaried professionals who
are working in the IT and software industry. The prices of these projects are
rising steadily, but at a slower pace than ever before. People from the IT
sector prefer to stay near the areas of their work, civic amenities, schools
and other educational institutions, medical and other emergency services. Because
of these trends, micro markets of the likes of Whitefield, Outer Ring Road,
Marthahalli, Hosur etc. have emerged as the potential sectors in the mid income
housing segment.
Affordable housing projects for extremely price sensitive
home buyers are coming up in several areas on the outskirts of Bangalore like
Yeshwanthpura, Kanakapura, Narsapura etc. They are being developed on the outer
stretches of the city as such areas offer larger areas of land at lower costs.