Wednesday, 7 September 2016

Bangalore Real Estate - Far From The Reach Of Local People

Bangalore real estate market is mushrooming slowly and steadily. The Bangalore residential real estate market is experiencing a change in market dynamics and an overall slow-down in purchasing activity as the property prices are higher and are out of reach of common man.

The reason for the above cited by the property dealers is the high capital and rental values is not affordable by the local people. For an average middle class Bangalore an employed in the government sector, or many other sectors other than IT, the dream of owning a residential property in Bangalore will remain a distant dream.

Real estate prices have spiraled in the past two years that owning a 2BHK apartment at reasonable price in any decent locality even in the peripheries of the city is not an easy task.

Land on the outskirts of Bangalore is developing rapidly giving a new dimension to Bangalore Real Estate [!ct~3327!/Bangalore.real-estate] market. Appreciation in price has been almost 70 per cent in residential apartments, and land values have gone up by over 100 per cent in some cases.

With the array of new upcoming projects by leading real estate developers, the residential property value is increasing day by day. Most of the new projects are coming in outer ring road region and peripheral region. These areas are under Bangalore redevelopment Master plan 2021 and thus lot of activity can be seen across these regions.

The peripheral areas such as Whitefield, Sarjapur, Electronic City, Hoskote, Kanakpura, Kengeri, Bannerghatta and even farther, which are 25-50 kilometers away from the city is witnessing higher property values. A 2BHK apartment in the outskirts of Bangalore will vary from Rs 2,500 - Rs 3,000 per sq ft while the land value on an average is more than Rs 40,000 per sq. yd.

Thus the soaring prices in the real estate capital and rental values make it difficult for the common person living in Bangalore to own a house as appreciation in salaries are not occurring at the same pace.

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