Bangalore, also called as “The Silicon Valley of India” is one of the fastest growing metropolitan cities in Asia. Most of the people in India prefer living in Bangalore because of its pleasant climate and the career opportunities in Bangalore. The NRIs who return to India also prefer to settle down in Bangalore. Even those people who have not visited Bangalore are willing to invest in real estate here in Bangalore. Many IT Professionals prefer to live in Bangalore due to the job opportunities in Bangalore.
Many people prefer living in areas like WhiteField, since many International Schools are located in suburbs like Whitefield. These days, there is a great demand for villas that comes with all modern amenities. This is because many foreign emigrants come to Bangalore for their work related assignments and stay for one or two years. These people prefer staying in villas. Many Builders are now building high end apartments and villas with a number of amenities in order to target the emigrants.
There are about 2000 IT Companies in Bangalore. Each and every month, nearly 15 new companies are emerging in the city. Over 50 % of the IT Companies operating in India is in Bangalore. Bangalore employs about 26,000 people and has registered a 35% growth rate in the last year. Bangalore is the only city in the world where 2,50,000 HR professionals are working.
In Bangalore, there is a very high demand for office space. The total office space absorption in Bangalore is about to touch 8 million Sqft. There is a great demand for developed plots as it appreciates a lot for long term as well as for short term investments. There is a growing demand for villas in the range of Rs. 1.5 crores to Rs. 2.5 crores. High end apartments with a price of about Rs. 50 lakhs also has great demand.
The Metro Rail Project particularly “Reach One” is expected to boost up the demand for properties in Bangalore. The entire construction of Reach One that runs between Byappanahalli and the cricket stadium in MG Road will be over by this year end. The distance covered by Reach One is 7 Kms and the travel along this 7 Kms stretch is expected to take around 14 minutes.
There are six stations along this 7 Kms stretch. The stations are Byappanahalli Terminal, Old Madras Road, CMH Road in Indiranagar, Ulsoor, Trinity Circle, and Plaza station on M G Road. The time of travel between each station will be two minutes.
The connectivity that Reach One brings will encourage high density development in the established residential areas around CMH Road, 100 Feet Road, HAL 2nd Stage, Jeevanbhima Nagar, and Ulsoor, as well as in the commercial locations of Old Madras Road, C V Raman Nagar, Tippasandra and M G Road. Due to the drastic decrease in the travel time, these localities are expected to have a demand for residential and commercial spaces.
This first phase of the Metro Rail Project will not only increase property demand in MG Road, but also create new commercial and residential areas along its route. Bangalore is a very well developed city with a lot of job opportunities. The connectivity to all places in Bangalore is also good with the help of the metro trains that is to come by the end of this year. For all these reasons, Bangalore is the most sought cities in India by NRIs.
