Bangalore, a part of the global real estate map is also known as the Silicon Valley of India. With the hustling nature of the city, Bangalore real estate has always been a topic of discussion. People move to a place after looking at the opportunities available in the area. Most importantly, Bangalore hosts most of the IT companies so it has more and more immigrants every day. With this, the property rates in Bangalore are always in accordance with the demand every second. Let us know what can happen in the upcoming months.
Bangalore Real Estate Market Forecast 2020
IT park creation
Bangalore has built India’s IT Park. Subsequently, it has created a new world of opportunities for the BPO (Business Process Outsourcing) sector. Besides, it has predominantly been ranked at the 16th position under real estate investment and 14th in real estate development. The real estate sector of this city is more focussed on specialized domains of the BPO sector and the IT Park.
Commercial real estate is on the rise
The real estate sector in India is hugely dependent upon commercial real estate. Real estate agents always push the consumers to invest in the commercial projects because it is expanding at an over and above rate and is the major zone for profits. In the upcoming months, this sector will advance and excel further on.
Increased demand has resulted in the rise of rentals
The rentals are on a surge and this trend will continue in the coming months also. Rentals have managed to take the real estate sector of Bangalore to a new level because tremendous volumes of capital are available in the marketplace for the sole purpose of additional investment. This has majorly impacted this sector.
Bangalore real estate: Technological developments
Technology has changed the landscape of this segment. It has enhanced the real estate industry as a whole. It has also modified and expanded the real estate investments, and have birthed a secure, dependable, and suitable profiting subject to various property assets, known as the domain of potentially large institutional investors.
Demand by localities
The locality one needs to stay in plays a vital role in deciding the rents and property value of that area. Electronic city and Raja rajeshwarinagar have come up as the most favoured places and are in the price segment of Rs. 3000 to Rs. 4000 per square feet. For the next range, we have Whitefield and Sarjapura Road in the bracket of Rs. 4000 to Rs. 5000. After this comes BTM Layout and J P Nagar that have seen 9 and 11% growth rate in the segment of Rs. 5000 to Rs. 6000. Koramangala and Hebbal saw a declining trend and are in the last segment which is the Rs. 6000 to Rs. 9000 per square feet segment.
Summing up
Bangalore has reached a new high for the revenues and profits coming from the real estate sector. To put in simple words, the city is minting money off the houses and offices given on rent. Besides, more and more investment is being done along with strategic planning to reach a new high. With a success rate like this, the Bangalore real estate industry will encounter a very fruitful and promising evolution for a better tomorrow.
In short, this blog aims to keep you updated with the Bangalore Real Estate Market Forecast 2020. This is because Bangalore real estate is a coveted investment destination in South India attracting even the non-locals.
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