In Bangalore the real estate
prices have shot sky high in the past decades or so. Primarily fueled by the
globalization of Indian Economy and NRI (Non-Resident Indian) investment. In
Bangalore suburbs the land used to sell as low as US $ 0.10/sq ft prior to 1991
and now you will see the price at over $200/sq ft in certain prime areas.
The booming real estate market of
Bangalore is said to have now reached its saturation point, where prices
continues to stay strong, supportive by an economy that continues to grow
despite fears of a slowdown.
From 1991 onwards, the government
began to slowly open its doors to foreign multinational companies. The real
estate market did see a downtrend around 1995, but again picked up momentum
towards the end of the nineties. Since then real estate in India has
been mostly heading upward. The speculation has played a part in inflating the
real estate bubble but several fundamental factors were also at play.
Privatization and Globalization
OD several industries led a spurt in foreign investment in India and at the
same time NRI's began to invest in real estate back home. Almost every country
in the world has NRI's, with USA, UK, Canada, Australia, South Africa, European
Countries, Singapore are some among others having the largest number of
Indians. Only US alone has over 2 million Indians, most of whom are doctors,
engineers, scientists and other professionals.
Another major factor for the soaring
real estate market is
especially in urban areas, was population growth due to which the money pumped
in by Indians living overseas. Indian being the country of over 1billion people
living here from which you can see more people migrating to cities from the
rural areas in search of better jobs and you can also see various professionals
as well migrating from parts of India as well as the world to technology hubs
like Bangalore which in future adds to the demand for residential property in
such cities.
Bangalore being the one of the
first Indian cities to position itself as a destination for foreign firms
especially those in the Information Technology sector. In terms of real estate
Bangalore is growing both horizontally and vertically the residential apartment
spurting up in every available space.
There being many residential
property in Bangalore but from these there are many luxury condos with
all sorts of world's top notch amenities including swimming pools, recreational
and sports centers, health spas and many more. Some property in Bangalore is
ultra-luxury hi-tech villas with WI-fi capability within homes and remote
access to all household appliances. The luxury condos and ultra-luxury hi-tech
villas are located in complexes or a township that also offers services like an
amphitheater, a cocktail lounge, a lake with boating facilities, club house,
even a mini zoo are some among others.
Bangalore being such apparent
affluence is not without its problems. In Bangalore infrastructure has always
been a huge issue with city struggling to accommodate its growing population of
people and also the automobiles. Buying residential property in Bangalore could
be a good investment for the long-term, but in the short-term the appreciation
might not be excessive now the real estate appears to be slowing down a bit. The
article is written by Diana, they recommend you to check out the 1
Bhk for rent in Bangalore
3 comments
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