Bangalore Real Estate Price hikes again. Despite being affected by the upcoming of Gurgaon, Noida and other suburbs, Bangalore kept its position among the top real estate fields. Due to many reasons there was a considerable growth in Bangalore Real Estate Price. Bangalore emerged as another hotter spot for the real estate. The price of the land and properties of Bangalore rocketed in recent years.
The larger migration from all over India attracts the builders to invest more money in the real estate industry of Bangalore. Many factors are said to be the reasons for this growth of Bangalore Real Estate Price.
Bangalore Real Estate Price is affected by the following factors.
- IT Boom
- BPO ( Business Process Outsourcing) centers
- International Airports
- Appreciable Infrastructure with a number of express ways and ring roads.
- Bangalore Metro
- Industrial Growth.
- The inability of the Government to implement proper planning and housing projects.
- Growth of Individual investors
The boom in the IT (Information Technology) invited people from all over India. People migrated even from other metropolitan and bigger cities like Mumbai, Delhi, Kolkata, Hyderabad, Pune, etc. to Bangalore in search of job. People are paid highly or in Dollars. This surplus income enables them to opt for western or European life- style. Along with the IT sector there has been a tremendous growth in the industrial sector. The industrial sector paced up migration. Moreover the city has become the center for the BPO. This sector provided a large number of opportunities to the people. The city troubled to find sufficient homes for these people. The inability of the Government to implement proper planning and housing projects in the IT centered areas and industrial areas resulted in the fostering of the growth of the property price. The growth of Bangalore Real Estate Price is well exploited by the individuals. They purchased three instead of one in view of selling the two in the future to gain profit. Thus the aim to make profit out of this boom is also is a reason for the price hike. Easier access to the outer world through the international airports made the city even more attractive. The well-developed infrastructure of the city is another matter of attraction to the city. The well-built express ways and ring roads make travelling easier. Metro connectivity too is another factor of attraction to the city.
Rate of Price Hike : Even though Bangalore as a whole witnessed a price hike, many parts of the city remained static. The rate of price hike differs and is not the same in all the areas. Some builders raised their prices at a huge level while others remained unchanged. Price of some projects was raised up to 4.5 -15%. Around 41% of projects remained stable in pricing. The following figures show the price hike in the areas and their rate of growth.
- Sarjapur Road – 8%
- Banerghatta Road – 7%
- Kanakpura Road – 4%
- Electronic City – O%
- Yelahanka – 0%.
Just wait till the price reaches at an affordable level is the only thing a good buyer can do.