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Bengaluru Emerges as New Hotspot for Real Estate Investors
Source: Indian Realty News Jun 14, 2010
Bangalore or Bengaluru has gained popularity as an ideal place to settle, during one's working years and post-retirement, not just due to it's consistent and pleasant climate, but also because it has over the years', thrown up immense opportunities for worldclass education, work, etc. Today there are a significant number of non-Bangaloreans who have made this city their own. From a humble city with greenery and tranquillity, to a city buzzing with business, dreams and hope, Bangalore has come a long way. It has been able to carve a niche for itself as the most preferred one with ITES/BPO and other tech companies.
They find the right talent and co-operative authorities, infrastructure may, however, not be the best in class. These factors have proved to be a great boost to the real estate market, residential and commercial. Bangalore is the fastest growing major metropolis in India. This 'Silicon Valley of India' is prime destination for multiple IT companies which contribute over 33% of India's IT exports. The city is home for HNWIs and is home to over 10,000 dollar millionaires and about 60,000 superrich people who have an investible surplus of Rs. 4.5 crore and Rs. 50 lakh respectively.
So much going for the city, it comes as a little surprise that it commands a significant premium value on rentals and capital for both residential and commercial properties. The supply is growing in line with the revived commercial real estate demand. Latest report from Cushman & Wakefield suggests that the total projected supply for the year is 12.42 million sq ft of office space, more than double the supply delivered in 2009.
Demand recorded at approximately 2.54 million sq ft, comprising pre-commitments of 546,000 sq ft during Q1 2010, which is in fact a high from over two years. Residential market has seen some significant action with many developers like Sobha, Prestige and Sunil Mantri rolling out new projects in micro markets. Some of the key areas in Bangalore, where the residential demand has picked up, are Jayanagar, Whitefield and Sarjapur Road, Doddakanenahalli.
There has been a paradigm shift since the 2008 meltdown when the real estate market saw a tough phase, this in fact proved to be a wave which rationalised prices significantly. A survey conducted by MT commissioned Indian Market Research Bureau (IMRB) among five cities, amongst individuals aged between 25 to 39 years, stated that Bangalore and Mumbai emerged as the most preferred places to live. Some of the parameters that they evaluated are as suggested in the below table.
Clearly, it provides the best quality of life and of course the most courteous people! It scores on some of the parameters by a wide and significant margin. Bangalore, is also identified as a city which is in the process of development on multiple counters - numerous projects have been initiated in areas of Infrastructure, Power, Water, Sanitation. This indicates that this will be a good investment destination, hence attracting FDIs and NRIs fund flows.
Tag: Real estate india, Property india, Real estate investors
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