Bangalore has always enjoyed the Silicon Valley status for a long time, or one should say it has earned this position. It has been the IT hub of India for a long time, and has earned this tag due to its corporate culture supporting startups.
The Municipal administration needs to be credited with the way Bengaluru has grown, as also the cultural-metropolis connect which it has established. The government and the administration realized the potential which the city offered and put in the effort to bring up the infrastructure, in terms of IT parks, office space, residential affordable accommodation, roads, transportation facilities etc.
Today Bangalore is the number one city on the Livability Index and the most sought after real estate property in India. The all-around expansion of the city municipal limits, has ensured a uniform land pool for future real estate and property developments in Bangalore. The real estate developers in Bangalore have played up well to stick to the basics and catering to the real needs of the end user.
The real estate in Bangalore has matured well, catering to all the needs. It has exclusive corporate and IT zones, residential sectors as well hybrid areas which cater for both. Thus, providing the end user, a wide variety and choice. The sector has done well to keep the property rates under check and in the affordable as well as, mid segment range.
The startup boom has helped Bangalore in its real estate growth to quite an extent. Bangalore being tagged the Silicon Valley becomes the natural destination for Startups, spanning the employers as well as employees. The hybrid all-brand culture of Bangalore from MG Road to Electronic City and White Field, provides the casualness which the young Indian loves to associate with.
The weather is another crucial factor, the temperate settings, of neither too hot nor too cold, contribute towards why a number of corporate houses and MNCs get attracted to Bangalore.
However, the warning bells are already being sounded, the City municipal infrastructure is already reeling under this expansion and is unable to cope the water, electricity and sewage requirement. If these are not addressed in the right earnest in the immediate future, Bangalore will very quickly loose its sheen as the ultimate IT destination.
In order to ensure that the real estate and property sector in Bangalore does not land-up in the same state as what Gurgaon is, the real estate developers need to ensure that the municipal authorities provide the required infrastructure in the upcoming real estate destinations like, Sarjapur, Haskote, Thanisandra, Kalkere, Narayanpura, Hesaraghatta, etc.
Real estate and Property market in Bangalore is going through a very crucial phase, if it can match the ongoing real estate expansion with supporting infrastructure in the coming years, it would probably break the tag of an ideal Smart City. If not it may also crash like the Gurgaon real estate market, only time will tell which way the tide turns.