BBC has advertised Nitesh Shetty as the youngest property billionaire in Bangalore. He has become the richest man in Bangalore by the age of 30. With around 4,000 apartments under construction and plans to expand operations to other cities like Mumbai, New Delhi and Calcutta it is obvious that the real estate market has helped him in his climb towards success.
The rise in prices in housing market in Bangalore metropolitan area is almost similar to the one seen in United States and western countries. There are many reasons to the increase in property prices especially houses and apartment rates in Bangalore in the recent years. Economy of the city is booming because of the IT industry. Not only Indian company’s even foreign players are setting up their companies here. Cheap operating costs, educated workforce make the environment even more attractive for industry and science.
IT majors like Siemens, Wipro, Infosys, Dell, Google, SAP and Amazon have their campus in Bangalore. Cost of living has increased propotionally because of the booming wages and earning power of the local residents. This increase has driven the real estate prices up and markets to become expensive. Real estate developers take advantage of the situation and have further increased the market prices.
Real estate prices are so high that even a small home plot costs more than 5 million rupees. This makes apartments and flats a favourable option. Most of the working population especially the software engineers prefer flats and apartments for the safety and security besides the reliable electricity and water services. Other additional benefits are playgrounds, fitness clubs, tennis courts and other recreational amenities.
Demand exceeds supply and hence contractors like Adarsh Developers, Kristal Group, and Sobha Developers are trying their best to keep up the expectations. Overseas investors are finding the market lucrative and finding investment in Bangalore a good bet.
With the malls on the increase forever and change in lifestyles has slowly led to the increase in commercial properties market. Many international retail players are setting up their malls here. Commercial properties are forever on the increase with the construction of offices, pubs, theme parks, hotels, multiplexes, and malls. There is an indication that Bangalore will become the retail hub of India.