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Bengaluru is turning into an important hub of real estate growth in India. Upcoming areas around Bengaluru, offer good opportunities for new home buyers, especially those seeking affordable homes. Nevertheless, the city’s centre remains a prime location, where every home buyer dreams of owning a home. Living in close vicinity to MG Road and Brigade Road, has numerous advantages. However, the problem is that there is hardly any land bank available in the area, to develop new residential projects.
Central Bengaluru: Infrastructure is the main attraction
Consequently, reports of a leading realty developer announcing a new project in the city’s central area, have drawn the attention of prospective home buyers. Moreover, if such projects in the city’s centre are spread over several acres, it would have the additional advantage of a pollution-free environment, which is a rarity in big cities. Experts point out that in Bengaluru, people work day and night and if you live away from the city, then, you could miss out on several advantages.
“Bengaluru has witnessed rapid growth since 2000, with the onset of IT boom. The city continues to be the most sought-after destination for the cosmopolitan crowd. This rapid growth, has pushed the residential areas further out from the city centre but the infrastructure has not been able to keep pace in these areas. While central Bengaluru is always the choice for everyone, because of its well laid infrastructure, social life, shopping areas, education and healthcare facilities, etc., the option for buyers is between far-off areas and few projects, especially when one considers staying in the city centre in a gated community. Moreover, due to the high rates in the city centre, the dream of staying in communities continues to be a serious stretch,” says Sunil Varrier, chief sales and marketing officer, Shapoorji Pallonji.
Bengaluru’s IT sector fuels real estate demand
Bengaluru is at the heart of the IT growth story in India and the demand for real estate in the local market, is mostly driven by the IT and related industries. “With 92 million sq ft of IT-specific real estate inventory in the market, Bengaluru takes the top spot, as one of the leading IT destinations. Accounting for the presence of more than 35 per cent of all IT companies in India, including a mix of multi-national firms’ back offices, captive back offices and Indian tech giants, the city is undoubtedly the largest contributor to the IT market, in terms of space take-up,” explains Ramesh Nair, CEO and country head, JLL India.
Benefits of buying a home in Bengaluru’s city centre
- Ready infrastructure, which connects to all key locations.
- Offices of most of the corporate houses, are close to the centre of the city.
- People who live in central Bengaluru, have easy access to entertainment facilities, such as multiplexes and malls.
- Schools and hospitals are all in close proximity to the city centre.
- The upcoming metro rail, will connect central Bengaluru to other regions and make commuting easier and quicker.
Real estate analysts point out that a few projects may come up in the future, in central Bengaluru, on smaller land parcels. However, such projects may not be able to provide open areas. Consequently, a home in the Bengaluru’s centre, with all amenities, open areas and at an attractive price range, could well be an ideal product for home buyers in this market.