The one factor that is known to transform Bangalore property market is the NRI group of property buyers. This is what makes the city different from other states like the financial hubs of Mumbai and Delhi. The growing demand among the NRIs to have a house in Bangalore offers the city a tag of NRIs property investments haven.
Bangalore started witnessing a stable NRI demand in the residential property market exactly after the rupee value depreciation against the US currency value back in August 2011. It was only a matter of time in the year 2013 that made Bangalore top the list of most preferred places for investment among the NRI in India. This brought a whopping 35% surge in the investment level from the Non-Indian Residents in Bangalore.
There are a number of factors like the growing economy of the city, an infrastructure that matches that of what some of the top economies of the world have RBI’s permission and support to make the purchase and sale easy for the NRIs, etc. All of these act as a catalyst to NRIs investment in the city. Some of the other factors that drive it further are:
Blooming IT Sector
The major factor that instigates NRIs to buy a house in Bangalore is the roaring IT sector. The city has the largest absorption of primary global IT and ITeS corporate. According to an estimate, there are approximately 2,200 IT companies, more than 664 MNCs, 183 biotechnology companies, and 248 BPOs functioning in Bangalore.
Abundance of Luxury Projects
Some of the best developers of the nation like Sobha Developers, Tata Housing etc. have come up with their new launches here offering spacious living spaces that meets both living standards and price budget of the NRIs.
Equal Growth in All Four Sides
Bangalore is the only city that has been witnessing an equal price appreciation, infrastructure, and connectivity. This promises a guaranteed high return to the Non-Indian Residents irrespective of what locality they put their money in.
Now that you know the factors that have been attracting NRIs to Bangalore, let’s now see the changes it has brought to the city’s property market –
- Bangalore has become a popular choice for the luxury homes owing to its mushrooming IT working population with extremely high disposable incomes. According to a recent report by 99aces.com, 2014 witnessed the launch of as much as 35 luxury projects, which offered approximately 6000 residential units in Bangalore. This value is almost double the number of projects in this category to have been launched in the city in the year 2013.
- The popular localities that have been witnessing the launch of luxury residential projects include Sanjaynagar, Whitefield, Koramangala, Indiranagar, Palace Road, Hebbal, Lalbaugh Road, Frazer Town, Yeshwanthpur, and Rajajinagar. The independent houses concentrated in Sadashivnagar, Koramangala’s 3rd block, Indiranagar, Epsilon Layout, and Cunningham Road are also the preferred choice of both entrepreneurs and industrialists.
- Bangalore has basically grown as the luxury housing destination at the back of the comparatively affordable property rates, construction quality, and stable real estate market fuelled by the end-user demand. Data offered by 99acres.com reveals that Central and North Bangalore continues to govern the finest market segment owing to closeness with the IT hubs.
The rate at which the city is growing is only bound to make it the ultimate NRI hub while catering to the needs of profit seeking