The realty sector of Bangalore is growing at a raid rate. The prices are shooting up with the boost in the demand for more and more residential projects. The residential segment of the real estate Bangalore has been going through a change in the market dynamics, which has resulted an upward graph in the overall purchasing and selling activity of the property. Such increased prices have made the property to go out of reach of a common person.
According to the realty market experts, prices of the property have gone up because of the high capital and the increased rental values in the city, making it unaffordable for the locals as well as expats. A middle class person who is having an average income would definitely find it harder to make investments in the real estate. Buying a plot, independent house or even a flat has become quite tough and investing into commercial real estate has become certainly out of the question now.
Past decade has been quite fruitful for the real estate Bangalore, and in the past 2 years, to own a 2BHK apartment at a reasonable price in a posh society within the city is a daunting task.
The areas, which have foreseen the extensive development in the real estate segment of Bangalore, are outer ring road and the peripheral areas. Some of the locations that have grabbed the attention of the real estate builders are Sadashivnagar, Indiranagar, Koramangala, Banashankari and Jayanagar, Malleshwaram, Marathahalli, BTM, Madiwala, HAL, K.R Puram, etc.
The main concern of the government and the real estate builders is to develop the Outer Ring Road (ORR) so that problem of traffic congestion can be solved and a space for the industries is created, which has been quite problematic since long. The corporate world has also looked interested to invest in the real estate segment of Bangalore and this has led to expansion in the commercial spaces within the city. The government is working on developing the infrastructure of the city, while improving the connectivity in and around the place by proving a good range of transportation means.
In addition, the offices have been seemingly interested to take up the commercial spaces on rent, and have not yet experienced any fall in the last 4-5 years, according to the property brokers and the market experts. The prices of the buildings on rent have been quite high if we talk about the prime commercial locations in the city.
Constructions of buildings have thereby led to eradication of a number of green belts from the city and there is need to replenish those with the plantations all over the city. The government and builders are quite concerned over building up new green zones and thus are promoting the residents to grow plants. a number of parks are being constructed in the colonies, which not only offer space for the children to play and adults to walk, but also a greener city, which is the prime requisite for the sustainable development of any city.