Growing Trends and Property Price in Bangalore!

The real estate sector in India has shown rapid growth, and property price in Bangalore is all time high. Mumbai, Pune, Delhi, and Bangalore are some top growing cities in India and have always been leading in real estate space. The urban arena in Bangalore is growing at a fast pace following the development in both cultural and social lifestyle. According to a report by Knight Frank, Bangalore globally got the 26th position in the annual price appreciation of modern residential properties. In the decade 2010 to 2020, the average property prices in Bangalore jumped by a whopping rate of 49%. Hence, the scenario of both residential and commercial real estate sectors is enhancing in the city. 

Since the past few years, the demand for residential properties in Bangalore has grown at a higher rate. The same applies for amenities, the list of amenities has also grown. In today's scenario, customers pay more attention to the list of amenities provided by the company. Amenities include Gym, Kids play area, Swimming Pool, etc. 

Hence the ultimate need is narrowed to provide more advanced infrastructure and features. In this article, we are going to discuss some latest trends and property price in Bangalore. 

• The Steady growth of the real estate sector- Bangalore has become the hub of several big IT companies and is also known as the Silicon Valley and Tech city of India. The study from JLL has stated that the city has the highest office space i.e, more than 7 million sq.ft. and the residential sector is not untouched. According to a report more than 800 residential projects were launched in 2018 including affordable and luxury segments. Which increases the property price in Bangalore. Be it residential or commercial property, buyers have their own unique requirements. 

• New Tax schemes for Affordable housing-  For the last five years, sectors of different people are migrating to Bangalore including Students, working professionals, and skilled labor. They come either for the study purpose or for doing their job. Due to this, there is a steady growth in the affordable housing sector. According to a study, the sale of affordable housing has shown a growth of more than 20%. As a result, the government has extended the deduction of interest on home loan by Rs 1.5 lakh to Rs 3.5 lakh. The government has given major support or push to the affordable housing sector. This can be fruitful for those who are planning to start their job in Bangalore.  

• Investment Opportunity- This city is attracting both working professionals and investors. It is emerging as the most suitable and preferred place for real estate investments. From a luxurious apartment to an affordable villa all are very popular. One can invest in any sector including affordable flats, luxury apartments, luxury villas, co-living, co-working, student housing segments, etc. and wouldn't get disappointed. Co-living and co-working spaces have also become popular among working professionals. Those who want a quick and good return should once consider the Bangalore real estate sector. Many big real estate companies are stepping inside the residential sector which results in a variety of ideas and features. Thus making the growth of the sector much better than before. 

Price of Property in Bangalore- 

The Property Price in Bangalore varies on different factors including location, size of the property, connectivity, etc. Some expensive cities in Bangalore are- 

Rajajinagar, Richmond Town, Indira Nagar, Whitefield, Ulsoor, RMV Extension, etc. The average price of the residential sector in these localities starts from 10,000/sq ft and goes up to 13,000/sqft. 

Some affordable cities in Bangalore are Kengeri, Malleshwaram, Hoskote, BTM Layout, etc. The average price of the residential sector in these localities starts from 5,246/sq ft and goes up to 10,000/sqft. 

Conclusion-  In this article, we have discussed some growing real estate trends and prices of property in Bangalore. Both the residential and commercial sectors are booming right now, hence investing in Bangalore real estate is a profitable deal.