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 realestate 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 250 sq. kms is now almost 900 sq. kms.
The population which was about 40 lakhs is now about 80
lakhs. 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.
All these factors have contributed to the growth of population of the city of Bangalore.
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 commercialand residential sectors.
Most of the owners of residential/commercial properties inBangalore 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 fullswing, 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 of. 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 immovable properties.
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 favourably 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 ownproperty 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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Description:
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