With the establishment of Infosys in Bangalore it got the tag of Silicon Valley. As Infosys grew at a phenomenal pace over a few years, Bangalore also gained in its stature as the IT destination of India. Suddenly all big and small IT firms started to bloom up, as the city provided a huge canvas of job opportunities. As the IT industry flourished, the requirement of infrastructure and other allied industries also gained momentum, which led to a cascading effect of multiple requirements in any number of disciplines. This has attracted migratory population all across India, giving the city a true cosmopolitan image.
With this phenomenal growth, the requirement of real estate in bangalore in terms of residential, office space, IT parks and retail went up overnight. The real estate industry in Bangalore handled the challenge well; ushering in technology to fast track the development and construction process, catering to the ever increasing requirements.
The population of Bangalore has grown from 5.1 million in 2001 to 11.5 million in 2016 i.e. is an increase for more than 56%. It is the 3rd most populated in India and 18th in the World. It accounts for 16% of the state’s population. Such unprecedented growth puts a huge pressure on the infrastructure of any city and Bangalore has been no exception. The credit here goes to the administration and the real estate industry to have taken on the challenge of this huge expansion.
The administration has been quick in planning and has taken up the city’s growth with an equivalent punch to its expansion in terms of roads and increasing the municipal limits. The construction of NICE Ring Road and extension of metro upto electronic city are two such examples. However, the issues of sewage disposal and water supply are the two main concerns which need to be addressed, in order to keep the city on the developmental track.
This suddenly changes the real estate market from a growing end user market, to an investor driven market. The real estate sector in Bangalore has been successfully able to avoid this phenomenon. The property prices in Bangalore though have grown but have not reached beyond the end users pocket, thus making the real estate industry the most attractive. The luxury apartments in bangalore has a balanced inventory of luxury, mid-segment and affordable properties, with its emphasis on the affordable and mid-segment sectors. This has kept the escalation of prices under check and keeps the inventory within reach of the end user.