There is a lot to say about the Residential Property in Bangalore. Primarily, the cultural blend you see in Bangalore is never noticed in any other cities of India. This alone makes any business run successfully in the city. Moreover, the presence of industries and IT hubs support the economy of the city in a very significant manner. Real estate sector needs a mention at this point because there are several thousand construction projects going on in the city and the areas are primarily Outer Ring Road (ORR), Sarjapur Road, Whitefield and North Bangalore.
High-End Residential Properties
The city of Bangalore has the 3rd highest number of net worth individuals. There are about ten thousand individual dollar millionaires at present. Moreover, there are a massive percentage of people from the other states living and working in this city. These people are well cultured and have sophisticated tastes.
The demand for high-end residential properties has increased in the past decade and there are significant percentages of people who wish to go for such properties. Areas such as Whitefield, Outer ring road, Sarjapur have properties that fall under the category of “luxury”. Apart from that, the city is known for Villas that are getting beautifully constructed in various parts of the city. Normally, the buyers in Bangalore are very sensitive about amenities offered and the quality of construction
This particular segment of housing is often wanted by people working in the IT and ITES industries. People from this particular community look for locations that have good social infrastructure, proximity to workplace and where there exist good number of schools. The micro-markets such as Whitefield and ORRIT corridor have witnessed a steady increase in demand for mid-income housing.
Affordable Housing for Low-Mid Income People
This particular segment of housing is targeted by people that are very sensitive of price. Areas such as Kanakapura road, Anjanapura, Uttarahalli etc, fall under this category.
The affordable housing concept has gained popularity in Bangalore due to players like Purvankara, Brigade Group, Shriram Properties, Golden Gate Properties. These builders are able to offer houses with enough amenities at low cost. The unit sizes are adjusted to suit the requirement of buyers and also to reduce cost.
In the outskirts of Bangalore, there is a growing demand for affordable housing units. There is a huge availability of land parcels which has actually driven builders to do this. Additionally, the Metro and the Peripheral Ring Road projects have been a driving force for the builders to come up with many affordable segments. There are some noteworthy affordable projects developed by VBHC Attibele and Patel Neo Town in the South Bangalore, Provident Welworth, Assetz Here & Now and Sovereign Lakefront in North Bangalore, and Provident Sunworth and VBHC Kengeri in West Bangalore. However, the demand for affordable housing in East Bangalore is lower when compared to other areas of micro-market.
Big developers such as Tata Housing, Usha Breco Realty, Godrej Properties, Ashoka Group, Jannaadhar Construction, CSC Builders, Brigade Group, etc, have started looking into budget housing options.
Since the demand for affordable housing units has increase quite rapidly in the last couple of years, the costs of mid-range projects have gone par with the affordable segment costs. The capital values of these projects have also increased substantially due to the increased cost of land acquisition and construction. So, the developers have actually focused on the wider target segment looking at the budget homes category.