Buzzing Bangalore Real Estate Market
Bangalore real estate has always been a point of focus of the investors, particularly the NRIs. Bangalore is India’s industrial and commercial hub and is one of the fastest growing cosmopolitan cities. This pace of development has added some punch to the city’s real estate segment also. The residential sector here registered a growth of 25% last year.
However, the story is different this year. The demand in residential real estate sector is higher than the supply. As a result, there is a mismatch in Bangalore’s residential sector. The massive demand for residential property is the result of large growth in commercial and industrial sector which has generated lot of employment opportunities in the city. However, the residential sector is not braced up to accommodate this huge influx of new migrants.
To bridge this gap, a number of residential projects are on the cards by leading real estate developers. A lot of new residential projects are coming in Bangalore’s south and eastern regions of Bannerghatta Road, Whitefield, Outer ring road, JP Nagar and Airport Road. Going by the current trend there is an increasing demand for luxury apartment and villas. Most of the NRIs and IT professionals look for such accommodations.
Leading real estate developer DLF is planning a 9,000 acres township project in Bangalore. This project is valued at $ 10-12 billion. Another big property developer Mantri Realty Ltd has launched five prestigious projects in Bangalore. Also, Sobha developer is planning to invest Rs 2,200 crore for developing 12 million sq ft of commercial and residential space in the city. Besides this, Bangalore-based Real Estate Bank International (REBI), is planning its expansion both at domestic as well as international level with an investment of Rs 250 million.
All these developments confirm that Bangalore Real Estate [http://www.magicbricks.com/property/city/p/p~p!ct~3327!/Bangalore.real-estate] market is currently abuzz with activity. Bangalore real estate agents feel that the capital and rental values in the city are most likely to escalate and any kind of investment is going to result in high returns in the years to come.