Unprecedented demand for apartments in Bangalore
India was a closed economy until 1991, but thereafter the government began to slowly open its doors to foreign investment. This prompted the globalization of the Indian economy. Bangalore also benefited from the globalization movement. Bangalore was once called the Garden City for its many parks and green areas. Apart from this, the Victorian architecture and pleasant climate made Bangalore a preferred choice for many to establish their homes in the city. However, the arrival of multinational companies, especially in the IT sector, was one of the main reasons for the change in Bangalore’s skyline seen today.
With the influx of job seekers from all over India and the world, the population increased and the demand for apartments in Bangalore was created which gradually increased over a period of time. The real estate sector in Bangalore, which was quite sluggish until then, experienced a sudden growth. Since then, the Bangalore real estate sector has been advancing.
The housing needs of the growing population that came along with the creation of multinationals had to be addressed. Bangalore property developers seized the opportunity and built apartments in Bangalore. Bangalore apartments sprung up everywhere in the city. Old buildings gave way to new apartments in Bangalore. Every inch of land within the city limits was used for development purposes. Bangalore apartments moved not only horizontally but also vertically. The saturation point led developers to move to the outskirts of the city.
Until recently, areas in Bangalore like Jayanagar and JP Nagar had very few apartment blocks. Now, one will be surprised to see a series of apartment blocks that have risen in these places. Areas like Bannerghatta Road and Kanakapura Road in the west, Koramangala and Sarjapur Road in the south and Yelahanka in the north of Bangalore have been transformed with the construction of apartment buildings. The entire stretch along the outer ring road is lined with apartment complexes. NRIs also started investing in apartments, houses and villas in Bangalore. The choice of apartments in Bangalore is so vast today that an apartment can be found based on specific requirements, be it luxury, space or money.
The biggest demand for apartments in Bangalore comes from the working class. With the increase in household income, families are opting for a second apartment in Bangalore. Buying apartments in Bangalore is a lucrative investment as there is always an increase in the value of real estate. It is also a money saver as there is a tax benefit on the used home loan.
The reasons for preferring Bangalore apartments over houses is because apartment complexes provide security which is a major concern. In addition, the amenities provided within the apartment complex, such as the clubhouse, playground, swimming pool, and in the case of first-tier integrated municipalities, facilities such as the shopping complex, hospital, and even a school, they make life very comfortable and convenient.