The real estate sector in India has been going through several changes over the past couple of years. This transition phase has brought in new regulations, reduced the number of unorganised players and has also shown stability in terms of growth. The Bengaluru market has been one of the few real estate markets in the country that is growing steadily in the commercial and residential space. If you are buying or investing into property in Bengaluru then here are a few things to remember:
- A survey by PricewaterhouseCoopers, and Urban Land Institute, a non-profit research organisation, has ranked Bengaluru as the top investment bet in Asia in 2017.
- The government has proposed a single-window system, and an online service to clear applications for middle-class homebuyers. The government wants to make the approval process for small buildings units easier, and, in the long run, make the process faster for high-rise buildings, too.
- Manufacturing hubs, SEZ and IT parks have ballooned in the city. Areas such as Peenya, Malleshwara, Hebbal and Marathahalli have seen an increase a spurt in real estate activities and also prices
- Residential projects with the highest ROI have sprouted up in areas of Yelahanka, Hennur, Hebbal and Whitefield.
- The Peripheral Ring Road project is back on track thus easing the traffic from Electronic City Sarjapur Road via Bellary Road and K R Puram.
- Bengaluru is a student city and with its widely ranked educational institutions around the city coupled with ample job opportunities, the areas of Electronic City, ORR, Whitefield and areas of North Bengaluru are showing great potential.
- The metro lines have caused a boost in the areas which have the lines running through them. Of the 9 planned Namma Metro lines, 6 functional lines are a great addition that give rise to lucrative employment and a chance to also make profitable real estate investments, especially in the areas surrounding the metro stations.
- The social infrastructure in new areas has grown rapidly with malls, schools,hospitals and markets quickly populating the areas such as HSR Layout, Sarjapur Road, MICO Layout and Electronic City (Phase I, II and III).
- Areas parallel to Hebbal such as Jakkur are also seeing good appreciation. Jakkur is a flourishing location and is well equipped in terms of social infrastructure and civic amenities. Buyers have countless options of residential plots, apartments as well as villas in Jakkur. The locality has witnessed and ROI of 8-9%.
- The Real Estate Regulation Act is already in implementation in Bengaluru and builders have already registered to be part of the process.
All these factors are keeping the market in Bengaluru buoyant and prosperous, and ripe for the picking of real estate investors.