The global Information Technology boom was responsible for one thing in Bangalore. It changed the landscape of the city forever and for good. Bangalore is now seen as a city where there are opportunities aplenty and is therefore counted as one of those cities which drive the country’s economy. The technological and the economic growth of the city have further translated into infrastructural development and demand for real estate.
Real Estate Bangalore: The Role of IT
The IT and its associated sectors, Telecom, Engineering and all the other industries are producing job opportunities like no other. This is therefore drawing engineers and other professionals to the city to seek better pastures. The exodus of the professionals to Bangalore is one of the main reasons due to which there is pegging demand in the Real Estate Bangalore.
It must also be borne in mind that the real demand in the real estate sectors; residential and commercial is primarily in areas around the IT Hubs. The remaining areas in the city are merely a result of the trickle over effect. The IT Majors such as Wipro, Infosys, TCS etc. have concentrated themselves in the South and Central parts of Bangalore. This has led to an unprecedented demand for residential and commercial properties in the Bangalore Real Estate arena. Following the demand, the areas in these parts are experiencing inflated property prices and, have reached a point of near saturation.
There are several areas in suburban Bangalore which house the IT Parks. These areas are situated along the arterial and peripheral roads of Bangalore. The IT parks have also given rise to the number of shopping malls in their vicinity. Therefore there has been a significant development on the real estate and infrastructure in and around these areas. The demand for residential properties and the apartments was natural fallout along the peripheral roads.
The relocation of the International airport to North Bangalore has been seen the principal reason for the escalation of real estate Bangalore. prices in the adjoining areas. The proposed high speed metro and the development of an elevated highway for faster connectivity are also contributing to the infrastructural growth in the city.
The city of Bangalore has traditionally been an educational hub. The city has been attracting students from far and wide for various professional courses. This has therefore led to an escalation in the rentals and also opened a window for further development of residential properties.