For quite sometimes due to slow growth of economy India’s real estate market has been ambiguous and is difficult to predict anything as the realty market doesn’t has any fixed form. In the past three quarters, the demand in the housing segment was low in the country but with new government formation in the center changes in liquidity issues, high interest rates and cautious sentiments are likely to support the real estate sector from second half of 2014 and a uptrend in the sales is likely to happen in the 2nd quarter of this year.
Bangalore Real Estate Market:
Though, many major cities in the country suffered from sluggish economy but Bangalore emerged as a fortunate real estate destination. The study of the market changing aspects and the current position of construction in Bangalore have shown remarkable facts that are taken as factors for the growth of Bangalore real estate market. Over the last decade, the Silicon Valley of India has been treading on the path of growth with the rapidly growing demands for residential and commercial spaces. Bangalore is an end-user market unlike other metro cities market and it comprises of about 75 per cent share of the market, which is one of the highest in developed markets of India. IT/ITeS industry is regarded as the major growth driver for the vigorous realty development in the city.
Prospects for Expansion:
With infrastructure developmental measures taken such as Elevated Expressway, Bangalore Metro Rail Project, and Bangalore-Mysore Infrastructure Corridor by the State Government, the suburb areas are set to see a significant growth. The other factors that have contributed to growth of suburbs are traffic-free commuting, starting of new shopping malls and access to quality educational institutions and healthcare facilities etc.
Additionally, North Bangalore is seeing demand for residential properties. This can be attributed to the closeness to Kempe Gowda International Airport and the projected Social Economic Zone (SEZ) in this locality that is stimulating the demand more. North Bangalore is likely to see the next real estate boom and can become “The New Bangalore” in the approaching years.
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