Property market saw a boom
all over the country during the last few years, and the prices of properties made
it impossible for a common man to think of buying any property in Bangalore during
this period.Seeing this sudden boom in the real estate market,many developers entered into the real estate market in Bangalore,since Bangalore was considered
to be the fastest growing city in the country.
No doubt, Bangalore is one of the fastest growing cities
of the country as could be seen from the launch of major infrastructure projects,
like construction of flyovers,widening of major and primary roads, construction
of grade separators, under passes, Metro rail, Mono rail etc.The city has
grown not only in area but also in population. Bruhat Bangalore Municipal Corporation now has within its jurisdiction 110 villages, seven city
municipalities and one town municipality surrounding Bangalore and thereby the
area which was just 250sqkms is now almost 900sqkms.
The population which was about 40lakhs is now about 80lakhs.
The entry of a number of multinational and IT,BT companies has also contributed
to the growth of the city in the past two decades. The growth has not only attracted
the young job seekers, but many educational institutions have been established in
and around the city of Bangalore wherein students hailing from various parts of
the country and abroad seek admission in various technical and managerial academic
courses..
As the Bangalore city is now considered to be the
destination for investment in trade and industry and the increase in population
has automatically created a greater demand for accommodation both in commercial
and residential sectors.Most of the owners of residential/commercial properties in Bangalore are expanding their built up area by constructing many upper
floors to meet this greater demand.To some extent this step may meet the demand
for accommodation in the city.
When this upward trend in the real estate sector was in full
swing, then the came the global recession and the recession has greatly affected
the real estate industry, particularly the construction sector.Buyers were forced
to defer their investments strategies for various reasons.As a consequence thereof,there remained a large number of flats vacant awaiting the prospective purchasers.This trend continued till recently and the property developers were under great
strain.However,the situation is now slowly improving. The demand for accommodation,both for commercial and residential,is now much improved.Developers, who have
developed the properties and were not able to sell their end products, will now
be able to dispose them off.
To off load their finished products, the developers who
are ready with their completed projects are offering various incentives like concessions
in prices, provision of swimming pools,clubs,gyms,small markets,gardens, playgrounds, easy payment schedules, etc
within their project area. With these incentives and facilities it is expected
that the buyers will now get motivated to
invest their money in real estate market.The present situation seems to
be quite favorable for middle and higher middle class people for investment. The
demand for residential accommodation being very high the developers hope to
sell their properties.In addition to this, the authorities, though late, have realized
that the needs for basic infrastructure in all the localities have to be met
expeditiously and are now responding favorably to such demands of the people.
Now that the infrastructure development activities are in
full swing and the property developers too are providing some of the basic infrastructure
needed within their project areas, banks are offering required funds in the
form of long term housing loans,it is hoped, the prospective investor in real
estate would come forward to invest their money on the immovable property to own
property of his in the city of Bangalore.The real estate pundits also feel that
it is the appropriate time for investment in the real estate since the real
estate market seems to be steady and investor friendly.
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