With its status as a favored IT destination and efforts to improve the city’s infrastructure with clearances like Bangalore International airport and Metro Rail, approval for the Bangalore – Mysore express highway, the inner and the peripheral ring roads, residential and commercial real estate prices have spiraled, making property in Bangalore a sought after investment destination.
The city has further potential for development, with the possibility of old buildings being replaced by newer ones. The immediate development in the city is expected in the 15 – 30 km radius. With smaller lands being available in the developed parts of the city and highly populated areas, skyscrapers are a good option for Bangalore in the immediate future.
The property rates in Bangalore has increased due to the software / BPO development, a stable job market in the IT industry and an increase in the city’s workforce, have contributed highly to the real estate scenario in Bangalore.
The growth in real state can be attributed to user driven buying, all-time low interest rates, tax benefits and the rising number of working couples in Bangalore.
The international recognition that Bangalore has property turkey received and the positive outlook for the whole economy in general, have also led to the real estate growth in the city, making to a sought after destination for residential real estate market.
Large townships, huge apartment complexes with several amentias thrown in are making Bangalore more global, in line with cities like Mumbai.
In the recent past, the city had witnessed many corporate coming together to participate in infrastructure development in areas like upkeep of roads, development and maintenance of community parks, rejuvenation and maintenance of lakes, slum rehabilitation etc.