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Housing demand rises in Bangalore city Suburbs by poonam verma
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Housing demand rises in Bangalore city Suburbs |
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Real Estate
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With ‘city limits’ in Flats in Bangalore city getting redefined rapidly, many suburbs are coming up as prime housing locality. The rising need for affordable housing is driving residence purchaser to this location because of availability of cheaper property compared to the main metropolitan. The connectivity & improved public transport add to the potential of this locality. While the IT/ITES corridors in the south are a driving force for the realty market, the airport & designed SEZs in the north are pushing developments in this district. While connectivity & real estate prices are the most important factors for an end-user, investors mainly looks for high returns on investment. For this purpose, suburbs highly suit both the classes of purchaser. With expansion of IT/ITES hubs & manufacturing industry in the outskirts demand as well as price is set to witness a main hike in the coming years. Sub-urban areas are superior bet in most of the metropolitan city because you are starting with lower base investments & therefore the chance of rate of return is higher in this area. Affordable housing & connectivity option are being sought by many middle income purchasers & thus they are moving towards suburbs. For instance, the widening of the Bellary Rd in north New flats in Bangalore to 6 lanes made it easier to travel to the airport. It also resulted in a reduced commuting time to many part of the metropolitan, thus boosting the housing demand. Also, the proposed elevated rd along this stretch is further expected to ease out traffic & impact the property market in the north. Similarly, towards eastern suburbs, infrastructure developments like metro rail network, & improved connectivity via the Old Madras Road, eight lanes Peripheral Ring Road & the Outer Ring Road have pushed the realty market in Whitefield. In Hoskote, industrial increase led by designed SEZs is also one factor which is driving the housing demand. Plots & apartments are highly recommended for investor. Villas are a risky investment. It is easier to find tenants for an flats than villas,” says Ravindra Pai, MD, Century Real Estate Residential flats in bangalore Holdings Pvt Limited. With the availability of much such option in the outskirts & no dearth of well-built social infrastructure & facilities, the apprehensions of house purchaser to move to farther locality are coming down.
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