Imagine this – a home that meets all your specifications in terms of layout, size, price and features. However, it is located in a tiny town far away from the nearest city. Would you as a working professional who is looking for a home to reside in want to consider it? Probably not. India’s burgeoning numbers of working professionals are choosing to invest in homes in major cities that are reasonably close to their workplace and provide all the amenities that city dwelling can.
Cities that are most sought-after in terms of housing include Delhi, Mumbai, Pune, Hyderabad and Bengaluru among others. Bengaluru has been witnessing steady growth in home buyers over the last few years. Families and individuals have been flocking to invest in homes, expanding the peripheral limits of the city by 30-40kms. New projects are also significantly driving the city’s skyline higher with high-rise luxury apartments.
Appealing factors
The increase in the number of people wanting to settle down in Bengaluru comes due to a unique mix of factors that make the city irresistible. Some of the major factors include:
- Relatively stable real estate market
- Favourable socio-economic conditions
- Cosmopolitan culture
- Clement weather conditions
Preference by property type, however, varies from person to person. In general, the natives prefer to invest in residential land and plots whereas the newcomers prefer to purchase apartments.
High value projects
One interesting real estate trend in Bengaluru has been the dramatic rise in number of luxury apartments and villas with average prices of Rs 1 crore and above. Coupled with word-class interiors and facilities, these projects are increasingly preferred due to rise in incomes and aspirations.
The fact that Bengaluru has a high net-worth populace of over 10,000 (highest after Mumbai and Delhi) has led to the luxury apartments market being extremely dynamic. High incomes and exposure to global lifestyles keep developers on their toes while catering to this segment. This segment includes individuals who are executives from multinational companies, businessmen, NRIs and expatriates.
Other types of properties that are on the rise in Bengaluru include gated communities, retirement communities and affordable housing projects.
With homes to fit everyone’s lifestyles, Bengaluru has a lot to offer for home seekers.