Real Estate in South India is enjoying a lot of attention
given the high valuation it receives on the domestic and international level. The
residential and commercial properties in Bangalore and Chennai have classy
designs offering amenities of international standard.The mind-boggling rise in
demand for properties in Bangalore and Chennai is mainly due to the enormous migration
of IT professionals to the city for employment, resulting in a substantial
increase in the population.Another reason for the maddening demand is
investment.
All young IT professionals drawing handsome salary
packages are eyeing the residential and commercial market in Bangalore or Chennai
for a purchase, sometimes just for the sake of investment.Property is the
safest bet after gold as far as investment is concerned. The young, energetic, profit-loving
and rich IT generation is aware of the tax benefits and advantages that accompany
the purchase of a property, be it residential or commercial, in the long run.
The simple logic applied is, a residential flat bought today is worth double
the money invested.
Increasing demand for residential flats in Bangalore or Chennai
has geared many well- known developers as well as the government to build more
residential townships offering affordable housing options.The concept of residential
flats is to utilize maximum space so that maximum number of people can be
accommodated in a single building. Multi-storied residential flats in Bangalore
solve the problem of space crunch.These residential flats are quite cost-
effective when compared with independent houses or villas.
The BBMP,BMRDA in Bangalore and CMDA in Chennai look
after the planned development and try to develop enough residential areas.Multiple residential flats in Bangalore are available for both the creamy and
the average sections of society. Location is an important factor that drives
prices, when it comes to flats. If residential apartments are located on the fringes or outskirts of the city, the prices generally tend to be lower.
Presently the residential sector is dominating the South,
West and Southwest parts of the city but the eastern part of the city is
witnessing an increased residential activity as a spin-off from IT related
commercial developments. Bangalore and Chennai are the only cities in South
India to see many residential developments.The residential market of Bangalore
has always been the market of apartments, but lately developers have started
focusing on villa and row house developments.
Presently,high-end residential developments are mainly concentrated
in the CBD and in the East and South side of the city mainly comprising luxury
apartments, villas etc. with the International Airport planned at the north,
the city is also experiencing fresh growth towards the north.
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