Bangalore is fast emerging as one
of the hottest property markets in India. It’s the burgeoning rise of the
middle-class population that is making this real estate boom possible. Adding
to the existing population, many professionals from other states are taking up
jobs in Bangalore and settling in the city.
The rise of the urban population
is fuelling more demand for apartments, villas and luxury condominium in
Bangalore. Besides that, the urbanization of Bangalore is touching suburb areas
like Kanakapura Road, Mysore Road, Hosur Road and North Bangalore.
When we study the preferences of
home buyers in Bangalore, a few trends stand out. In a survey conducted by a
rating agency, it was found that an overwhelming majority (73%) of home buyers
are buying property for their own use.
In the same survey, results show
that 14% of home buyers are buying properties for investment. Most people in
this segment already own residential properties in Bangalore, and they are
building up their assets by investing in new apartments.
At the same time, home buyer
preferences in Bangalore are changing with the times. Most buyers in Bangalore
prefer apartments instead of standalone properties. The reasons include
additional convenience, security, facilities and some frills.
Another determinant while
purchasing an apartment is obviously the budget. Bangalore offers home for all
categories. For instance, affordable housing (under 20 lakhs), mid-income
housing (above 20 lakhs and under 1 crore) and luxury residences (for people looking
homes in the more expensive category) are all available.
Bangalore is seeing a surge in
the number of projects in North Bangalore. The areas in and around Hebbal,
Yelanka and Manyata Tech Park are becoming increasingly popular for luxury
apartments.
Besides, the increased
connectivity in Bangalore is heralding newer developments in the city. As a
home buyer here, a few additional things to take care of include…
1. Planning
well ahead before your get to the buying stage. Ideally you should conduct research,
visit real estate forums, or consult a real estate advisor before you
venture into buying
2. Visit
real estate projects and have face-to-face meetings with builders. This will
give you a clear understanding of prices and help you pick the right property.
3. Compare
the interest charged by banks. Avoid making commitments that seem beyond your
means.
4. Choose
the right location or neighbourhood with your preference.
Do not postpone your purchase
thinking that price will come down. Such wishful thinking without any
substantial evidence will only defer your purchase indefinitely.
About The Author
Hi I am Ravi Chauhan. The Digital
Marketing Executive for Ori Group, that began with an
aim of redefining real estate and creating benchmarks for others to follow.
