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Rex · 28-11-06

Well! Bangalore real estate sector may be in its consolidation phase but I think that the city will again show signs of flourishing market.

According to the property surveys, Bangalore is believed to have left London behind in the demand for commercial space and gains the position after Tokyo with demand for commercial property fledging up to 10 million sq ft a day.

As far as the demand for residential space is concerned, Bangalore is leading rest of the country with the total annual demand being 35 million sq ft. The city has construction work of 140,000 apartments in its early phases of development that is likely to complete over the next two years with the annual offtake being around 30,000 units.

The demand for residential units has been boosted by growing activities in the IT sector. Earlier, a majority of Bangalorites including middle and high middle class used to regard Rs. 15 Lakh as affordable money to get an apartment. Fast developing economy of the garden city has altered this figure to Rs. 25 lakh today which clearly underlines mark improvement in the financial status of different income groups.

Like its sister cities, Bangalore realty sector has hoard of rogue builders and fly-by-night operators who focus on employing sharp practices to avail the benefits out of this burgeoning demand for residential and commercial spaces. Out of 400 builders, only 100 of them would be there who are governed by its ethics and code of conduct.

Still, the real estate boom in Bangalore has grabbed the attention of not just big Indian players, but also overseas realtors. So, the boom is likely to continue.

28-11-06	#2
Rex Member Join Date: Oct 2006 Posts: 56 Thanks: 0 Thanked 2 Times in 2 Posts	Bangalore all set to overtake London Well! Bangalore real estate sector may be in its consolidation phase but I think that the city will again show signs of flourishing market. According to the property surveys, Bangalore is believed to have left London behind in the demand for commercial space and gains the position after Tokyo with demand for commercial property fledging up to 10 million sq ft a day. As far as the demand for residential space is concerned, Bangalore is leading rest of the country with the total annual demand being 35 million sq ft. The city has construction work of 140,000 apartments in its early phases of development that is likely to complete over the next two years with the annual offtake being around 30,000 units. The demand for residential units has been boosted by growing activities in the IT sector. Earlier, a majority of Bangalorites including middle and high middle class used to regard Rs. 15 Lakh as affordable money to get an apartment. Fast developing economy of the garden city has altered this figure to Rs. 25 lakh today which clearly underlines mark improvement in the financial status of different income groups. Like its sister cities, Bangalore realty sector has hoard of rogue builders and fly-by-night operators who focus on employing sharp practices to avail the benefits out of this burgeoning demand for residential and commercial spaces. Out of 400 builders, only 100 of them would be there who are governed by its ethics and code of conduct. Still, the real estate boom in Bangalore has grabbed the attention of not just big Indian players, but also overseas realtors. So, the boom is likely to continue.