Published On: Sat, Aug 16th, 2014

Bangalore- the new destination for luxury living

 

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By Accommodation Times News Service

Bangalore is India’s 5th largest and the fastest growing city in Asia and is ranked 10 in the world. It is home to some of the most high tech industries in India. The I.T industry views Bangalore as the ‘byte-basket’ of India. Bangalore is also home to some of India’s premier scientific establishments. Blessed with a salubrious climate, gardens & parks, natural lakes, architectural landmarks, shopping malls, in this part of the globe, business opportunities, Bangalore is the ideal gateway to India and beyond.

Bangalore city is now the nerve centre of industrial activity in the state with the presence of several Public Sector Undertakings. The Electronic City in Bommasandra and the Software Technology Park, called the IT Park, which has come up on the outskirts of the city, has earned the reputation of being the “Silicon” Valley of India. Bangalore has many on-going and proposed projects in the industrial and Information Technology sectors.

Why should one invest in Bangalore?

The IT sector is booming with the sky high prices consequently paving the way for a great real estate market in Bangalore. The city has became the third-largest hub for High Net worth Individuals (HNIs) of high-end luxury homes. The demand for luxury residencies has increased in the city with the growing pace of IT companies.  It is said that Bangalore is home to India’s most active luxury residential market.

A recent report real estate consultancy firm Knight Frank said that the Bangalore market grew 22 per cent during the period January to June 2013 compared to the same period last year, attracted the company. Besides, the report said that price appreciation of around 8 to 13 per cent during April to June 2013 augurs well from an investment perspective.

Moreover, consultancy firm LJ Hooker stated in a separate report that about 5, 400 luxury homes will be added to Bangalore’s high-end housing market.

Promising residential areas of the city

The most promising residential areas of Bangalore are Outer Ring Road (ORR), Sarjapur Road, Whitefield and North Bangalore, while Yeswanthpur and Malleswaram are the most developed areas.  Luxury developments can be more seen in areas like Central Business District (CBD), Secondary Business District (SBD), Whitefield, North Bangalore and Outer Ring Road sub-markets. Villa and row house developments are most active in ORR, Sarjapur Road, Whitefield localities. Rajaji Nagar in the north-west Bangalore is the new emerging residential market of the city.

 

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