The active economy, attractive job market and youthful lifestyle clubbed with the IT sector boom has facilitated the Bangalore real estate market to grow intensely in the last two-three years.
Owing to a steady demand and restricted supply, the prime residential areas in central Bangalore continue to command premium rental values. The property prices in Bangalore's localities like Whitefield, Sarjapur road, Outer Ring Road (ORR), Bannerghatta Road, Hosur Road are sky rocketing, says Aziz, a Bangalore real estate agent.
Sarjapur Road/ ORR in south-east Bangalore continue to be a preferred residential location for IT/ITeS employees, due to the excellent connectivity to office destinations and the improved infrastructure. Moreover, many new residential projects are coming up in northern part of the city.
Traffic jam, parking issues, flagging road conditions and low vacancy rates in the main city has forced the real estate developers to look for real estate options in the suburbs of Bangalore. The suburban market is booming with new projects having lifestyle features. Since, these suburban localities have huge growth potential and good supply the rental values are comparatively low.
Besides, coming up of the new airport at Devanahalli has opened up prospects. With a number of residential projects ready to be launched in the vicinity of the newly constructed Bangalore international airport, the city is expanding it's horizon to develop into a more mature real estate industry.
What's more, the various initiatives undertaken by the government for improving the infrastructure facilities in Bangalore, including development of the peripheral ring road, the elevated highway from Silk Board Junction to Electronic City, the Marathalli ROB and re-laying of the Outer Ring Road from Hebbal to Old Madras Road will further surface as a vehicle in the overall real estate growth of Bangalore.
