Koramangala a realty hotspot for 2013
Koramangala, which is a prime location in Bangalore has sprung up as a lucrative realty hotspot in the past few years. So if you are planning to buy or invest in a property, this is the right time to act.
Koramangala has developed as a premium residential market as the area is well connected and is also close to commercial hubs in Central, East and Southern Bangalore.
There are lot of vacant plots available in Koramangala which can be used for real estate development activities and the property price is also expected to increase in the future.
The high property price is not at all stopping home buyers from purchasing residential and commercial spaces in Bangalore. Koramangala’s residential real estate demand is primarily driven by end-user segments, which reduces the volatility of the local market. Koramangala is already an established micro-market.
The real estate market in Bangalore is really doing good as compared to other metropolitan cities like Delhi and Mumbai.
Both NCR and MMR have witnessed a down fall in absorption and new launches. It has been noted that the absorption or sales of residential projects have fallen by about 42 percent in NCR and approximately 34 percent in MMR. The decrease in total absorption or sales in Bangalore is only three percent which is comparatively less.
Bangalore has grown in residential spaces in peripheral locations such as Hebbal and Yelahanka in North, Whitefield in East and Electronic City in South in last five years. Outer Ring Road and Sarjapur Road have witnessed heightened real estate activity due to high interest shown by builders.
North Bangalore is expected to remain the best performing region for residential real estate with increasing demand, price appreciation and infrastructural development this year. Whitefield will continue to shine for both office and residential real estate because of affordability, proximity to key work places and good social infrastructure.
Koramangala evolved from being primarily a residential hub to a mix of residential cum commercial hub. Now middle class home buyers can also afford buying properties in Koramangala.
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