Bangalore Realty Market continues to outperform in Q1 2018
I have been, for as long as I can remember, quite disposed
towards tales and anecdotes. Like little pieces of pearl wound in a loose
necklace, history tries to bring together a string of events and in the austere
attempt, dips and rises on so many occasions. What otherwise would have been a
prosaic day back in the 11th century, today holds so much relevance
for the Bangalore city.
Wondering why? The apocryphal tale below holds your answer.
The Apocryphal Tale of Bangalore
So one fine day, King Veera Ballala II decided to go hunting
and while on his expedition, seemingly lost his way in the forest. Starving and
exhausted, he came across an old woman who generously offered him boiled lady’s
fingers to satiate his hunger. Pleased, the King christened the place as ‘benda
kaal-ooru’, which literally translates to town of boiled beans. Later, this has
been colloquialised to Bengaluru. Fascinating, right?
What I am trying to say is; Bangalore has had an affluent
history. Heroes, forts, leaders and now Silicon Valley, Bangalore has absorbed
so miraculously all the vagaries and it is no surprise that it is, as of today,
the most sought after real estate location for investors and buyers. The rich
historical relevance goes a long way in lending an almost royalty-like leverage
which is not offered to the other cities of similar origins.
It’s time for a round of applause
Do you remember that first bencher from your 12th
class, rimmed spectacles with an air of arrogance from knowing too much or as
Professor Snape from Harry Potter would call them ‘the insufferable
know-it-all’? That one kid who, regardless of sun, rain or storm, just had to
outdo everyone and get the best score in the toughest subject? If Real Estate
was a subject and Bangalore was a student, it would be precisely that first
bencher from your 12th grade. Because the reports just showed that
in the first quarter of 2018, Bangalore has outperformed all its neighboring
locations and has absolutely aced the realty world!
Why Bangalore has performed so well is actually, on a
foundational level, an outcome of the impetus received after the 1991 Economic
Reforms. In the 1990’s, the influx of capital investors into the city was
largely followed by conversion of large Bangalorian plots and bungalows into
multi-storied apartments. This move spurred into action a chain of related
activities. With the pouring in of information technology companies, by the 20th
century, Bangalore had deftly garnered reverence for itself in the realty
world.
The reality of Bangalore’s real estate
Without a doubt, Bangalore has bagged the preening rights
for atleast a while. According to a research report, Bangalore has even
surpassed the demand and supply in housing of Chennai and Hyderabad. To quote a
few figures for further emphasis, housing sales in Bangalore stood at 11,500
units from January to March 2018 whereas the numbers were just 3,800 units in
Hyderabad and 2,300 units in Chennai. Even when we compares the newly launched
projects, Bangalore produced about 4,200 more projects than Hyderabad and 4,500
more projects than Chennai. Concorde Mayfair is an upcoming property in Medahalli, Bangalore. Check it now !!
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Anarock Property Consultants also commented that even on a
pan-India level, Bangalore occupies second place just after the Mumbai
Metropolitan Region.
The Analysis is here
People have been coming up with a greater urge than ever to
upgrade their lifestyle. We need better cars, better food, better clothes,
better entertainment and primarily, better homes. Bangalore encompasses all the
provisions needed for that lifestyle and therefore, quite naturally, is
becoming a favorite location in real estate. Moreover, Bangalore offers the
entire spectrum of housing from uber luxurious and posh complexes and duplexes
to extremely affordable housing.
It becomes quite important to highlight that the increasing
job opportunities in the region is another extremely important playing factor
for the upswing in the demand. The IT hub in itself is self-sufficient in
employing everyone. With companies like Wipro, HCL, Infosys, Oracle et cetera,
Bangalore becomes extremely lucrative career wise. Apart from this, there are
banking institutions, healthcare career opportunities and teaching opportunities
that can be availed in Bangalore. Ozone Prime is an upcoming residential Apartments in Devanahalli, Bangalore.
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A few more deeply seated reasons for the amazing performance
by Bangalore is potentially also one of its biggest strengths: stability and
professionalism. The real estate market in Bangalore has successfully withstood
the test of time and legal changes and has the most consistently
well-performing real estate market in India. Naturally for investors it stands
on the top of list potential investments. Additionally, the groups of builders
operating in this region have maintained the quality and the promise of
delivering premium houses, time and again. Such trust undeniably works in the
favour of Bangalore in this competitive real estate market.
Recently, the metro and road connectivity has also witnessed
massive improvements. Existing metro stations are being extended in order to
provide proximity to homes and offices and cut down on the hassle of morbid
day-to-day time consuming conveyance from one place to another. So many good
schools and hospitals have also sprouted in the area making it extremely
convenient for the people to access them with least discomfort. Even the
shopping complexes and mall play a vital role in swaying the people’s choice
and Bangalore, needless to say, does extremely well in that department.
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