Demand for residential real estate rises in Bangalore suburbs
Many Bangalore suburbs are emerging up as prime residential localities with city limits getting redefined quickly. The need for affordable housing is increasing and hence, home buyers are moving to suburb localities due to the availability of cheaper land compared to the main city areas.
The improved public transport and connectivity add to the potential of these localities. South Bangalore is a driving force for the realty market as the IT corridor, the airport and planned SEZs in the north are pushing developments in this area.
For an end-user, connectivity and property prices are the most important thing, while investors largely look for high returns on investment.
For this purpose, suburbs highly suit both the classes of buyers. The demand for residential properties as well as property prices is expected to witness a major hike in the coming years because of the expansion of IT hubs and manufacturing industries in the outskirt.
Properties in sub-urban areas are good for investment purposes in the metro cities because one can start with a lower investments and therefore, the probability of rate of return is higher in these areas.
Many middle income property buyers are moving towards suburbs because of affordable housing and connectivity.
The road widening of Bellary Road in north Bangalore to six lanes made it easier to travel to the airport which reduced the travelling time for the commuters to many parts of the city, which in turn boosting the residential demand.
Also the proposed elevated road along this stretch is further expected to ease out traffic and impact the real estate market in the north.
Towards eastern suburbs, infrastructure developments such as metro rail network, and improved connectivity via the Old Madras Road, 8-lane Peripheral Ring Road and the Outer Ring Road have pushed the realty market in Whitefield.
The industrial growth in Hoskote led by planned SEZs is also one factor which is driving the residential demand.
Apartments and plots are highly advised for investors whereas villas are a risky investment. It is very difficult to find tenants for a villa than for an apartment.
With the availability of many such options in the outskirts and no dearth of well-built social infrastructure and amenities, the apprehensions of home buyers to move to farther locations are coming down.
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