Bangalore Real Estate Gets Into Resurrection Mode

By: George Gonigal

With a view of addressing infrastructure woes of Bangalore, the Karnataka Government has chalked out a comprehensive plan to invest US$ 15.73 billion to improve the infrastructure in the state which is highest among all states in the country. Due attention has been given to the peripheral areas as well, and Whitefield is among the most talked about real estate markets in Bangalore currently. Whitefield is located on the periphery near ORR where lots of infrastructure and real estate development activities are taking place. The location is merely 3-km from KR Puram Railway station, 2.5 km from Ring Road and bordered with international school and medical facilities.

The main thrust will be on the development of Outer Ring Road (ORR) region to solve the problem of traffic congestion and to meet the requirements of industries. After facing a fall in the corporate interest, real estate market in this area is slowly catching up as the infrastructure and connectivity in and around the place is improving with availability of transportation means.

Real estate scenario

Office rentals in Bangalore have not seen any noticeable fall in the past 5-years, property brokers say. Office rental in Bangalore has been at sky high, as far as CBD and other prime commercial locations are concerned. However, the demand level has been gradually going down with unprecedented hike in the rental levels. But we can interpret the phenomenon with market slowdown,' says a Bangalore based property broker.

Emerging picture

Looking at the overall state of real estate industry in Bangalore, a drop of about 15-20 per cent in transaction volume has been witnessed in residential real estate in Bangalore, in the past quarter, say developers and property brokers. However, the city is picking up in the segments of plotted development, luxury villas, apartments and penthouses. Meanwhile, developers are coming up with innovative marketing strategies and schemes to attract property buyers.

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