Are you searching for flats on rent in Bangalore? If yes, then the following article will offer insight into Bangalore as a city for living and its real estate trends. A rising number of property developers have ventured into Bangalore’s real estate market and are constructing new residential projects in this metropolitan city. While there will be a fresh lot of apartments for purchase and investment, there are also many rental homes in Bangalore. Let us see what the residential real estate of Bangalore is all about.
Bangalore as a City:
Bangalore, also called Bengaluru, is an urban city in the Indian state, Karnataka. Situated on the Deccan Plateau in the state’s south-eastern region, it is the capital city of Karnataka and the country’s third most populated city. This urban agglomeration is free from pollution and other socio-economic problems.
The economy of the city is commendable. Worth Rs. 52,346 Crore or $9.0 billion in 2007, Bangalore’s economy has placed the city among the major economic centers of India. In the year 2005, the total value of the exports amounted to Rs. 43,221 Crore or $7.4 billion.
The city is performing well with an economic growth rate of 10.3 per cent. It is the second fastest developing major metropolis and the fourth biggest fast moving consumer goods market in India. Bangalore has been honored by the Forbes magazine as among the fastest-growing cities of the following decade. The area ranked as the third largest conurbation for high-net-worth individuals in 2007. It also boasts more than 10,000 millionaires and nearly 60,000 ultra-rich citizens with investable surplus of Rs. 4.5 Crore and Rs. 50 Lac, respectively. The average per capita income is about Rs.74,709.
With a demographically diverse society, Bangalore is an important cultural and economic hub. The city houses some of the most prestigious educational and research institutes of the country. Apart from these, there are also many firms and organizations related to the public sector heavy industries, aerospace, technology, defense and telecommunications. Also referred to as India’s Silicon Valley, it is a leading center for the information technology sector and its exports. The growth of the IT industry and entrepreneurial ventures has invited a large set of professionals to settle in this part of India. This has benefited the city in unique ways, one of them being the growth of the real estate sector. Let us now discuss about the residential segment of Bangalore’s real estate.
Residential Real Estate of Bangalore:
Bangalore, being a highly developed region, offers immense options when it comes to real estate. There are independent houses and apartments for rent in Bangalore. One can also purchase these properties. If you are looking for rental property in Bangalore, then a 2 BHK independent house or villa with a built-up area of 1350 square feet in Rammurthy Nagar will cost you about Rs. 13,000 a month. Similarly, a 2 BHK apartment in Whitefield with 1600 square feet of built-up area fetches a monthly rental value of Rs. 20,000.
According to a real estate site’s property index, the posh flats in Whitefield have high rental value. It is considered to be the most populated area of the city and offers high appreciation for homes in the vicinity. The quarter ending March of 2013 saw the area’s rentals jump by 16.66 percent in just three months! This hotspot real estate destination is a hit with corporate clients. The micro-market catered 180,000 square feet in the quarter with a fall in vacancy rates. The outskirt areas of Bangalore also offer many housing options. The suburb area of Yelahanka saw a 15.78 per cent growth in rent.
The residential property market of Bangalore provides a selection of many housing developments and offers immense scope of further growth. It is the ideal real estate destination.
Author bio: Riya Dogra Swati Srivastava writes for 99acre.com, one of the top ranking property portals in India. Sell, buy and rent real estate property on 99acres.com
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