Factors to Consider When Buying a Property in Bangalore Or In Chennai

IT growth is responsible for aggressive real estate development in Bangalore, with Whitefield, North Bangalore, Outer Ring Road (ORR) and Sarjapur Road as the most promising micro-markets in the city. Bangalore’s property market has always belonged to the end-users. They constitute around 80% of the realty clientele in the city. With increasing number of multinational companies offering exciting job opportunities, end-users from all over India are investing in the city’s realty market.

Major drivers of realty demand in the city are- establishment of IT parks, infrastructural development and increase in salaries. However, in some areas, the demand for properties is very less due to high rates. Average rate of a house in many areas of Bangalore has become unaffordable for the middle-income buyer. Real estate experts are of view that buyers who wish to own a property in Bangalore will have to wait and watch the market changes before venturing into realty investment.

Hottest property investment destination in India?

This city has turned into one of the most sought-after property investment destinations in the country. It is offering good infrastructure and property options to buyers from all over the country. HNIs and NRIs are also making heavy investments in the city’s property market and this has also pushed the demand for housing in the last few years.

According to the industry reports, majority of demand for housing units in Bangalore, especially luxury homes comes from NRIs. Properties in Bangalore are the first choice for NRI buyers and investors and working professionals. They are buying stylish apartments and row houses in the premium category, laced with world-class amenities.

If reports are to be believed, residential market in Bangalore will witness steady growth in the coming years. Supply of approximately 243,000 units is expected until 2018. It is being projected that the cumulative demand for residential units will be 438,600 by 2018 with 44% units catering to the demand in MIG and 31% in the LIG. Whether or not this supply will meet the rise in demand will be a thing to see.

Affordable Housing

Not just luxury homes but affordable housing is also available in the city. Many real estate developers are coming up with affordable 1 and 2 BHK Flats in Bangalore for the price sensitive buyers. Such projects are being developed in the suburban areas as these areas offer land parcels at low acquisition rates.

Among the three south Indian cities-Hyderabad, Chennai and Bangalore, this city continues to record the best growth in terms of property investments. The market not only has a list of discerning clients who prefer stylish, luxurious homes but also offers a nice climate and some of the best schools, colleges, hospitals and realty options.

According to the real estate reports, Bangalore has been offering one of the best rates of appreciation for housing and land assets. In the last four years, it has offered a stable 13% average annual price appreciation in the residential property market.

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