Also known to the world as the ‘Silicon Valley of India’, Bangalore has earned this name as the most developed city in India. It is one among the other big cities in the nation. With an array of IT companies such as TCS, HAL, Wipro, BHEL, and Infosys in the city, people from various parts of the nation come to the city to give a boost to their professional career. However, this has increased the property price in Bangalore. People coming to this part of the nation, prefer purchasing or renting flats in order to reside.
The real estate market in the city is striking hard making an unbelievable sequential growth. Approximately 50% of the sales in the residential sector in the city are covered by the IT sector. However, a plethora of reasons allures people to purchase property in this amazing city.
• The Ever Increasing IT Sector
The ever-increasing IT sector in Bangalore has been one among the many reasons for people to invest in its real estate market. The successful establishment of the high tech firms in the city has led to an exponential growth in IT or Informational Technology in India. Approximately 35% of India’s IT professionals are employed in Bangalore. The city is reported to be the chief IT related exporter for the nation. The main factor for Bangalore leading the IT revolution in the nation is due to the application of scientific and technical navigators in the city.
Another major factor is connectivity. Bangalore is well connected with other parts of the nation through air, rail, and road. Those areas in the city that are well associated with entertainment and business centers have high land valuation. However, those areas in the city that are not so well connected do not enjoy the same status. People have such a hectic office life hence; they prefer to stay close to their office or work place. This has resulted in various areas in the city showing massive infrastructure growth in the recent times.
• Real Estate Development and Infrastructure
Due to high real estate development in the city and surrounding areas, property prices have soared high. Yet another major factor has influenced property appraisals in Bangalore. Development can be any form such as, building new roads, bus terminals, Airports, malls and more. The introduction of Metro Train in the city has also played a major role in Infrastructure development. The areas surrounding Bangalore Metro has seen property appraisals reaching the sky.
The climatic conditions of the city are yet another bonus point. The city is situated approximately 920 m above sea level in the Deccan Plateau. The elevation has given the city a very pleasant, composed, and calm climate. People, from various parts of the nation have come to the city thus increasing the city’s population. The pleasant climate of Bangalore offers a wonderful and comfortable living experience.
Consequently, speedy development in social infrastructure has increased people’s desire to purchase a property in this part of the nation. However, these regular developments have increased the value of property in the city. The enhancement in property prices has attracted multiple developers to develop wide residential projects.