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What You Think About Real Estate in Bangalore is it Booming? by poonam verma
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What You Think About Real Estate in Bangalore is it Booming? |
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Real Estate
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In Flats in Bangalore the real estate prices have shot sky high in the past decades or so. Primarily fueled by the globalization of Indian Economy and NRI (Non-Resident Indian) investment. In Bangalore suburbs the land used to sell as low as US $ 0.10/sq ft prior to 1991 and now you will see the price at over $200/sq ft in certain prime areas. The booming real estate market of Bangalore is said to have now reached its saturation point, where prices continues to stay strong, supportive by an economy that continues to grow despite fears of a slowdown. From 1991 onwards, the government began to slowly open its doors to foreign multinational companies. The real estate market did see a downtrend around 1995, but again picked up momentum towards the end of the nineties. Since then real estate in India has been mostly heading upward. The speculation has played a part in inflating the real estate bubble but several fundamental factors were also at play. Privatization and Globalization OD several industries led a spurt in foreign investment in India and at the same time NRI's began to invest in real estate back home. Almost every country in the world has NRI's, with USA, UK, Canada, Australia, South Africa, European Countries, Singapore are some among others having the largest number of Indians. Only US alone has over 2 million Indians, most of whom are doctors, engineers, scientists and other professionals. Another major factor for the soaring real estate market is especially in urban areas, was population growth due to which the money pumped in by Indians living overseas. Indian being the country of over 1billion people living here from which you can see more people migrating to cities from the rural areas in search of better jobs and you can also see various professionals as well migrating from parts of India as well as the world to technology hubs like New flats in Bangalore which in future adds to the demand for residential property in such cities. Bangalore being the one of the first Indian cities to position itself as a destination for foreign firms especially those in the Information Technology sector. In terms of real estate Bangalore is growing both horizontally and vertically the residential apartment spurting up in every available space. There being many residential property in Bangalore but from these there are many luxury condos with all sorts of world's top notch amenities including swimming pools, recreational and sports centers, health spas and many more. Some property in Bangalore are ultra-luxury hi-tech villas with WI-fi capability within homes and remote access to all household appliances. The luxury condos and ultra-luxury hi-tech villas are located in complexes or townships that also offers services like an amphitheater, a cocktail lounge, a lake with boating facilities, club house, even a mini zoo are some among others. Residential flats in bangalore being such apparent affluence is not without its problems. In Bangalore infrastructure has always been a huge issue with city struggling to accommodate its growing population of people and also the automobiles. Buying residential property in Bangalore could be a good investment for the long-term, but in the short-term the appreciation might not be excessive now the real estate appears to be slowing down a bit.
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