Even I heard that according to some studies Bangalore has beaten NCR and has become the second most favored investment destination after Mumbai. Cheers :)
The main factor that is driving the real estate market in Bangalore is the proposed changes in law for housing societies. The second month of the year saw initiatives for regulating activities of House Building Cooperative Societies (HBCS) across Karnataka. According to sources, the changes include limitations in the membership of the cooperative and making the Registrar of Cooperative Societies responsible for allocating land for HBCS. This will make HBCS to end the discrimination in the enrollment of members.
Adding to what Kaushik said, ascend of the commercial space in Bangalore is another factor which worked for the residential market. Increased commercial activity in Outer Ring Road and Whitefield has had a great impact on the growth of the nearby residential property markets. Whitefield has recorded close to 40% growth quarter on quarter in transaction activity.
I agreed with all the comments posted here but the demand for affordable housing is increasing in Bangalore. Bangalore developers have focused on developing affordable housing to provide housing for mid level segment professionals
There are more than 40,000 flats in Bangalore which are unsold. Home buyers having low income are not able to afford properties. Developers are not ready to clear the inventories by reducing the property prices. The Garden City houses million people, due to the space shortage in prime localities, developers are increasing the property price at their own wish.
The average property price in Bangalore is touching the sky costing between of Rs 1.8-2 Cr, Bangalore is slowly becoming an unfortunate place for middle income people. Compared to other top metro cities in India, Bangalore witnessed a high demand supply gap.
I heard that the demand of new residential units has been on the decline since mid 2014 due to overprice. It is also noticed that for the first time Bangalore city registered a drop from the sentiment.
Ans: Project to be considered in North Bangalore are:
1) Purva Palm Beach on Hennur Main Road. The project is available at an attractive price of 4,644 per sq ft.
2) Bhartiya Nikoo Homes, 125 acres Township, The township will have a SEZ, 5 star hotel as well as a big brand retailer, catering to every need of the residents. Properties are available at a basic sale price of 4,770 per sq ft.
3) Sobha City on Thanisandra Main Road is a 36 acres Township Project based on a Mediterranean concept. The rate per sqft going on in this project is Rs 5,455.
Project to be considered in East Bangalore are:
1) VBHC Serene Town on Whitefield is an affordable housing which is spread over 2.2 acres of land and offers all the baisc amenities.
2) Shriram Chirping Woods on Sarjapur road is spread over 16 acres of land. The project will have 820 apartments and the rate per sqft going on is Rs 5200.
Project to be considered in South Bangalore by home buyers are
1) Sobha Silicon Oasis on Hosa Road near Bosch Campus. The project will have 918 units in 11 towers. The rate per sqft going on in this project is Rs 5184
2) Queensgate by Hiranandani is a large township containing projects like Edenhall, Kinston and Club Meadows with 400 flats and the basic price going on is Rs 5,200.
3) Purva Westend by Purvankara which will be developed on 8 acres of land with 700 units. The rate per sqft going on is Rs 5184 with unique amenities like open air cinema, children's musical outdoor plau ground etc.
In West Bangalore as the launched are less, you can consider ParkWest by Shapoorji in Chamarajpet near Kempegowda Nagar and the price they are quoting is Rs 6,450 per sqft.
Key micro markets in North Bangalore contribution to residential supply are Hebbal, Hennur, Jakkur, Sahkar Nagar, Thanisandra Road, Kalyan Nagar, Sanjay Nagar, Yelahanka and Devanahalli. Average prices in these markets range from 4,300 per sq ft in Thanisandra to 7,400 per sq ft in Hebbal. Multiple infrastructure projects such as completion of an expressway, the extension of Namma Metro, widening of Bellary roads are going to impact the real estate market of North Bangalore.
Key micro market contributing to residential supply in East Bangalore including Marathahalli, KR Puram, Whitefield, ORR stretch from Marathahalli to Sarjapur Main Road, Varthur- Sarjapur Link Road and Sarjapur Main Road. The average prices in these areas are 3,840 per sq ft in K.R. Puram, 4,200 per sq ft in Whitefield, 5,200 per sq ft in Marathahalli and 5,131 per sq ft for Sarjapur Road. STRR and Peripherial Ring Road are the much awaited infrastructural projects in East Bangalore. Once the projects get completed the connectivity of East Bangalore with North Bangalore will improve.
Key micro markets in South Bangalore are Electronic City, Bannerghatta Road, Hosur Road, Kanakpura road, JP Nagar, BTM Layout and Begur Road. Prices in South Bangalore range from 3,600 per sq ft in Electronic City to 5,900 per sq ft on Kanakpura Road. The infrastructure project coming up in South Bangalore is Phase 2 of Namma Bangalore
Key micro market contributing to residential supply in West Bangalore including Rajaji Nagar, nYeshwantgpur, Peenya and Malleshwaram. West Bangalore witnessed the least number of new units launched. The average price of a new project in Rajaji nagar is Rs 10,300 per sqft and rs 7,080 in Yeshwantpur
Bangalore real estate market turned out to be the second largest market in 2013, with a launch of 1.23 lakh units. The real estate market in Bangalore is divided into four geographical markets namely North, South, East and West.
For the potential and aspiring home buyers, now is the time to take a breath of relief, since it may be the ideal time to make investments in property markets. The realty sector, which has been experiencing a serious absence of buyers, can now build hopes.
As per market reports, the July- Sept 2013 quarter recorded a decrease in sales by 1.2 percent. In addition to it, major cities such as Bangalore, Delhi and Hyderabad witnessing a decrease trend in MPI for the last three months, has further worked in favor of the buyers.
Risk, has always been categorized as a crucial and unavoidable part of the investment portfolio, with regard to real estate in India. The recession, in recent times has injected this fact, with even more rigidity, into the minds of low key investors who are not laced with million to invest.
Though, investment in real estate involves a higher risk degree of hefty sums, returns are much more steadfast in comparison to other offerings of the financial market.
Investing in real estate helps an individual own a property that has an appreciation value in the days to come, is primarily one of the foremost reasons. Coupled with it, investment in real estate guarantees stability, relative simplicity along with mouth-watering returns.
Real estate investment in India has taken major shift and buyers feel encouraged with the lowered prices. Speculation-based investment pattern is active and growing in major residential markets across the world and the Indian real estate market is no exception.