Residential property market in the city is active. Poornima B V reports
Bangalore, a fast growing metropolis has undergone major changes in recent years. Increased commercial investments have also meant that there's more traffic, more burden on infrastructure and an increased demand for residential and commercial space. The housing needs of people have also changed over the years, and more apartments, villas and residential enclaves are coming up both within the city area and in the outskirts. The government has also decided to focus on infrastructure development. Integrated townships are being planned in the outskirts to decongest the core areas and encourage the 'live and work' concept.
Following these developments, the real estate perspective in Bangalore has undergone considerable change. The changing dynamics has meant that there are a variety of residential projects coming up. The highly congested Central Business District (CBD) has seen a spurt of high-rises, with old bungalows making way for new high-rise complexes.
Self-contained complexes are coming up in peripheral areas like Outer Ring Road, Bannerghatta Road, Kanakapura Road and Bellary Road, where large parcels of land are available. Posh residential properties with world-class facilities are available in areas such as Whitefield, Sarjapaur, Road, Jakkur and Sahakarnagar.
Villas and gated enclaves have come up in areas like Sarjapur Road, Hosur Road, Bannerghatta Road, Bellary Road, Doddaballapur Road and Hoskote, with amenities like club house, gyms and swimming pools.
The residential property market in Bangalore is one of the fastest growing markets in India. The stress is on quality and there's also a higher percentage of demand for apartments. Presently, the residential sector is dominating the South, West and Southwest parts of the city. IT related commercial activity has resulted in a spurt in residential activity in the Eastern sector as well. With the International Airport coming up in the North, the city is also experiencing fresh growth towards the North. The South and southeastern parts also hold promise due to IT and ITeS related investments.
The residential market in the city is highly active and an estimated 40,000 to 50,000 residential units will be added in the market in the next two years, according to a release by Jones Lang LaSalle Meghraj. Another interesting development is that out of the total residential stock in the city, almost 20 percent is in the high-end category, which includes villas and bungalows.
A survey by Cushman and Wakefield has revealed that property developers are changing according to the market trends. Wooden flooring, vitrified flooring, highend bathrooms and which were termed as luxurious some years ago are now considered a standard. Specifications in superior quality apartments are being further upgraded to include imported bathroom fittings and Italian marble flooring. Smart security systems, swipe cards, CC TVs and burglar alarms are the norm, with developers concentrating on improved specifications to differentiate their products.
Source: Times of India 17.08.07