Why Is Bangalore Real Estate Booming
Bangalore is a prominent tech hub of India that is located in Karnataka, South India. The city is famous for its pleasant weather and thriving tech industry that has given Lakhs of jobs to people. It is home to more than 67,000 companies from in and around the world. The presence of tech parks and MNCs has attracted a big population to settle in the city. The city's excellent connectivity, good civic amenities, and research centers are also key factors in attracting people. This rising population seeks places to live and invest. Bangalore's real estate market is booming and giving higher returns.
The city's map presents the top residential and commercial localities that are an ideal option for investment. These areas boast strong connectivity to roads and rail and have BMTC buses available 24/7. These areas are:
- Devanahalli
- Whitefield
- Electronic City
- Hebbal
Some of the other factors are also the prime reasons for the boom of the real estate market. The best builders, like Birla estates in the plush localities, build the city's developing infrastructure. The city's Namma metro connectivity has made it easy for professionals and other commuters to travel fast and save money effectively.
As the city's 10 million population is looking for places to live and investment, it is also asked, is living in Bangalore costly? Yes, living in the city is expensive for a family. The avg cost of living ranges from 60k-70 avg. The different properties are available at different rates.
The key factors why Bangalore's real estate is booming are:
- IT industry - The city is one of the best tech cities in India that offers many jobs to tech professionals. It also plays a key factor in the rise of the economy. People prefer buying homes near these companies.
- Good connectivity - The city's connectivity is top-class as there are 24/7 available BMTC buses that give access to all parts of the city. The Namma metro connectivity is one of the factors. The KIAB is well-linked to all parts of the city.
- Multiple housing options - The city offers many housing options like houses, flats, and plots. As per the real estate market trends, the highest demand is for flats. The real estate growth rate of properties in the city is high, as many properties are for rent and resale. The avg rate of 2 BHK flats starts from 70 Lakhs onwards. Buyers can choose the property as per their needs.
- Govt policies - The Govt policies of Karnataka secure the rights of the buyers and help them buy properties at affordable rates. There are many tax incentives as well. People are protected by the RERA and other statutory laws.
- Higher potential for growth - As per the real estate market graph of Bangalore, the city's property values are increasing. Buying a flat in 2024 will yield higher returns. People can get a high rental income as well. In posh localities, the demand for property is also increasing.
FAQs
As per the reports, the rates of property stocks till 2023 will rise upto 330-340 million square feet. It is safe to invest in present times to get higher returns.
Yes, it is a right to buy a flat in Bangalore in 2024 as the city's infrastructure is developing rapidly. The large population looks for houses for rent and future investment.
Many surveys and reports show that in the coming year, the real estate market will rise upto 10%. By 2025, it is expected to reach $150 billion.
Birla Group pre launch new project is Birla Trimaya
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