Real estate in Bangalore has been signified with robust growth and a positive purchasing pattern from customers who intend to purchase plots, flats and villas in and around Bangalore. Across the world, the phenomenon of price growth has a very unique pattern and the same pattern is seen to be followed in Bangalore. Detailed studies by various real estate funds, managements and related research organizations have confirmed this pattern. This pattern means that the real estate prices in the outskirts of a city grow faster than in the inner city or Central Business District (CBD) area. The CBD area would consist largely of BBMP areas in Bangalore.
In terms of residential real estate, the best performing areas are Hebbal, Sahakar Nagar and RT Nagar in North Bangalore. These locations are witnessing the highest demand and appreciation for residential property throughout the year. The improved infrastructure in this region, its proximity to BIAL and overall enhanced connectivity is helping North Bangalore to crystallize into a much sought-after residential destination.
The other emerging destinations are Tumkur Road, Vijayanagar and Magadi Road in West Bangalore which is seeing a stable demand because of the developing Metro line, which will provide enhanced connectivity. One area which has begun seeing the Boom and benefits of Metro connectivity is Kanakapura Road. The establishment of the NICE Road (The Bangalore-Mysore Infrastructure corridor) and the availability of Carvery water in Future are further increasing its importance.
Investments in the IT industry have gone up manifold and salaries and the propensity to spend have increased. With the revision of the FDI policy in the year 2005, investments by NRIs have also fuelled this boom. This has impacted the real estate industry in Bangalore. Bangalore has started figuring on the global real estate map and, as such, the real estate industry has started to change the look and feel of the city. Commercial and retail projects are mushrooming to house IT companies that are expanding facilities in the city. The best-performing areas for commercial real estate are Outer Ring Road (specifically the KR Puram–Marathahalli–Sarjapur Road stretch) and Whitefield. Outer Ring Road, being a predominant IT growth corridor, benefits from the controlled nature of office space supply, which ensures low vacancy levels, healthy absorption rate and rental appreciation. Also, people continue to prefer ORR for its accessibility to employee residential catchments and its connectivity to the various SEZ s and IT parks along the stretch.