Real Estate Trends in Bangalore
Sunday, August 19th, 2007 Subscribe To Our Feed
With international airport ,the Metro rail project , expressways, flyovers, skywalks and integrated township on the anvil the city will soon shed if not already shed the old look and wear a new one, changing the way we live, the way we commute to work and the way we shop
The landscape of Bangalore is changing fast and land is shrinking day by day with respect to the explosion of population and demand for Bangalore Land for various purposes.
So the ominous question would be what will be the demand for land say after 10 years or so? Or to be better put what will be the worth of investors who have invested in land
Today be after 10 years or more? Given the current trend in the real estate scenario the answer could be even better than anybody’s guess.
Given this current change of landscape scenario, it pays the way for a fast developing metropolis. What will emerge however is a new Bangalore with metro rail network that promises to drive the city ahead, an airport that has 11 million passenger capacity and a high speed corridor to the airport that promises to take you there in 45 minutes from the city centre. Added to this a high speed corridor to Electronic city [the hub of IT Sector] from the city centre is already making steady progress.
The government apart from permitting High rise structures within the city has plans to drive growth and development to city’s outskirts to decongest Bangalore. One is saying the truth when one says that the land on the outskirts of Bangalore is disappearing as fast they emerge. There is a sudden spurt of growth on the outskirts of the city, and investors are flocking to these places which are just an hour’s drive away or slightly more from the city.
On the other plans are in place to throw open space in the heart of the city and in residential areas with broad roads to commercial activity. The idea is to have non polluting clean office spaces close to the place one lives and also close to metro stations.
Bangalore continues to be the most preferred destination today and is next only to London in terms of demand for commercial and residential space.
To ease the pressure on demand for water as the city grows the Government has made rain water harvesting compulsory for any built area above 2400 sft. A 5 and 2 percent rebate on property tax is offered as incentive for residential and Non Residential buildings respectively for those implementing rain water harvesting techniques. Also solar energy, solar water heating, solar lighting are being recommended for all developments and constructions.
A flexible zoning system has been introduced with mixed land use taking the ground realities into consideration.
Given the above current trend investing in land on the outskirts of Bangalore is the best option an investor or a settler can make. Bangalore Land could generate great returns both in the short and long run.
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