Thursday, July 29, 2010

Bangalore – Real estate boom in the IT hub of India

The garden city of India, Bangalore, is the fastest growing metropolis of India. Now known as Bengaluru, the city has established its hold in the global market corresponding to the IT/ITES and outsourcing boom. Inhabited by a cosmopolitan population, the city offers an arena of enormous opportunities for rapid progress.

Bangalore offers exemplary growth prospects and advantages to corporates seeking to establish their mark in India. The city has consistently shown tremendous economic advance. The growth of the IT dominion has escalated Bangalore to the third rank following Tokyo and London in the market of ‘A' grade commercial territory. The trends of property in Bangalore are rapidly pacing with the progression of the city.

Referred to as the ‘Silicon Valley of India', Bangalore being the hub of dot-com organizations and businesses, has soaring real estate costing for commercial properties.
With the growing pace of development, the real estate prices of the city have been considerably redefined. As per a recent report, the rate trends for residential properties have risen to a whopping 70% whereas land values have revved up by 100%. An enormous 32% or one-third of the total demand for commercial lands across all metros in India is concentrated in Bangalore. There is therefore a stupendous growth in Bangalore real estate trends.

The booming IT software Service and IT advancements that the city offers has led to an escalation in the real estate prices. In the recent times, there have been marked developments in the residential sector of Bangalore. Catering to the needs of the NRIs inhabiting the city, investors and builders have made an attempt to offer sky-scraping residential complexes and even apartments with their own helipad.

Property developers have plunged into an favourable advancement to offer exclusivity and innovation to attract more buyers in the city. The progression in the commercial sector has triggered considerable development in residential segment of Bangalore.

Due to the growing commercial expansion, owing to the boost in the IT/I.T.E.S sector, the land consumption for commercial purposes has increased to be the second highest in the world which is 14.2 million sq.ft.

The magnificent attraction for prospective buyers and corporates across the world, the International Tech Park in Bangalore is meticulously built to cater to the needs of international hi-technology firms. This park encompasses the various requirements of the international companies and prospective investors of India.
With such suitable facilities and aesthetically captivating environment, Bangalore has become the focal point for IT companies to establish and expand their businesses. The demand for commercial spaces has thus notably increased.

Also, the inflow and increase in the disposable income in the Bangalore economy has strengthened the retail segment in the city.

The stupendous upswing in the commercial sector of Bangalore has accelerated further upsurge in the residential as well as the retail dominions of the city. As a step towards supplying finest growth and living conditions, investors and builders have undertaken the task of dispensing the finest residential and commercial constructions in order to adhere to the growing realty demands in the city.
(ArticlesBase SC #2744997)

Kriti Seth - About the Author:
Kriti Seth writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. It is a forum where buyers, sellers and brokers can exchange information, quickly, effectively and inexpensively. At 99 acres, you can advertise a property, search for a property and browse through Bangalore property and other Properties.
Source:  http://www.articlesbase.com/real-estate-articles/bangalore-real-estate-boom-in-the-it-hub-of-india-2744997.html