Home
Home      »    Real-estate-market    »    Real Estate Market in Bangalore

Property

Real Estate Market in Bangalore

 

The real estate market in Bangalore like anywhere else in the world experienced a great change in the housing market conditions during the year 2007-08. The Bangalore real estate market largely comprises of the residential complexes, ownership homes, apartments, and homes that forms at least 60 per cent of the total real estate investments in Bangalore. This is one reason that the development of residential infrastructure is an absolute necessity. For people migrating from other states to Bangalore is mainly professional reasons yet the need for residence is increasing everyday. A strong transport system, newly built international airport, the Bangalore electronic city, and the shopping malls are all part of the infrastructural developments that took place in recent years.

 

There we need to understand that demand for educational institutions, the growing IT sector, made the Silicon Valley a desired destination for people from all over India. This is one factor that has also contributed in making the real estate market in Bangalore little costly especially in the areas that are commercially more viable like the areas around the airport, electronic city, Indiranagar, JP Nagar, Jaynagar, Hosur Road, Hebbal, and MG Road. 2 BHK apartments with square feet of even 650-800 would cost no less than 17 lakhs on ownership. The rental value of the homes are also costly compared many other states in India. In Jayanagar Phase III and IV, an apartment would cost around Rs 5,000- Rs 7,000 on rent per month for 2 BHK in 2006-07, it cost at least 10 per cent more within a year. The deposit value for rent is also much higher. It ranges something between Rs 15,000- Rs 30,000 on deposit.

 

This is one reason that the affordable housing is a sought after thing in Bangalore now. Especially with the rise in number of affordable home projects and Green Home projects in Bangalore, people are ready to compromise few facilities for a cheaper flat.

 

Residential real estate market in Bangalore

 

The Table below will give you a glimpse of the rent and ownership rate of homes in Bangalore in few regions.

Area in Bangalore
Rental Rates
 
Ownership Rates
 
Indiranagar/ Jaynagar, MG Road, Brigade Road
For 2 BHK- minimum Rs 8,000 onwards up to Rs 30,000
Rs 17 lakhs for square feet of 650-700 up to Rs 2 crore
Hennur Cross, KR Puram
For 2 BHK- Rs 4,000- Rs 10,000
Rs 13 lakhs onwards. Rooms on leash can be owned for a period of 1-5 years. Rents vary with facilities.
Bennarghata, Mysore Road
Fr 2 BHK- Rs 6,000 onwards
Between Rs 14-Rs 16 lakhs is the minimum rate of homes

 

The commercial real estate of Bangalore is equally booming, the IT hub of India is the place for students and professional who most often prefer rental and leased home accommodations. The demand for office space has also risen in years. The state invites a lot of Multinational to have their base in India. The price of land has gone up since.