Bangalore - India’s most preferred destination for new business
start-ups, software employment, higher education and entertainment is also the
most sought out destination for real
estate investment. Bangalore has done fairly well in Real Estate Segment by offering amazingly low prices in plots compared to its counter parts such as Mumbai, New Delhi and NCR region. Let’s
take a closer look as to why Bangalore sets itself apart as compared to other
metropolis of India.
Bangalore is experiencing a higher absorption rate in spite
of extended slowdown in economy. The net absorption rate seems to be higher in
new launch category where 13,400 units have been absorbed in Q1 2015 compared
to 11,170 units in Q1 2014. In the other segments, net absorption rate seems to
increase to 8,310 units in Q1 2015. Thus there has been an increase of 15% on
net absorption rate compared to last year which is higher compared to other cities.
In commercial segment too, Bangalore is leading with an
absorption space of about 11.1 million square feet as against India’s
absorption space of 36.8 million square feet.
Bangalore is flooded with new startups everyday giving rise
to ample employment opportunity. It is also the top paying Indian city with an
average salary of around Rs. 5 Lakhs/annum which gives more purchasing power to
the individuals.
Bangalore has availability of the land unlike Delhi which is
not able to extend itself further. Bangalore is extending over 25 kilometers
from the center of the city as the road connectivity is at its best. The other
major reason for Bangalore’s growth is Namma Metro train that is connecting the
entire periphery of Bangalore city to the nerve center of the city.
Apart from software companies Bangalore is also a hub for
defense, engineering, biotechnology and textiles. According to a survey by a
Spanish firm, Bangalore is amongst the top 20 places to start-up the business
in the world. Bangalore is on the
highway of development attracting many new businesses and thereby occupying
more commercial space which again gives rise to residential communities like sites and plots at affordable prices. Thus
the fairy tale of Bangalore being the no. 1 city of India and the world is soon
transforming into reality.
