Will property prices in Bangalore come down this fourth quarter?

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.

The Increasing Demand for Rental Flats near to IT Companies in Bangalore

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.