Nov 28, 2013

Buying a Property in Bangalore – A Quick Overview

Bangalore is fast emerging as one of the hottest property markets in India. It’s the burgeoning rise of the middle-class population that is making this real estate boom possible. Adding to the existing population, many professionals from other states are taking up jobs in Bangalore and settling in the city.
The rise of the urban population is fuelling more demand for apartments, villas and luxury condominium in Bangalore. Besides that, the urbanization of Bangalore is touching suburb areas like Kanakapura Road, Mysore Road, Hosur Road and North Bangalore.

When we study the preferences of home buyers in Bangalore, a few trends stand out. In a survey conducted by a rating agency, it was found that an overwhelming majority (73%) of home buyers are buying property for their own use.

In the same survey, results show that 14% of home buyers are buying properties for investment. Most people in this segment already own residential properties in Bangalore, and they are building up their assets by investing in new apartments.

At the same time, home buyer preferences in Bangalore are changing with the times. Most buyers in Bangalore prefer apartments instead of standalone properties. The reasons include additional convenience, security, facilities and some frills.

Another determinant while purchasing an apartment is obviously the budget. Bangalore offers home for all categories. For instance, affordable housing (under 20 lakhs), mid-income housing (above 20 lakhs and under 1 crore) and luxury residences (for people looking homes in the more expensive category) are all available.

Bangalore is seeing a surge in the number of projects in North Bangalore. The areas in and around Hebbal, Yelanka and Manyata Tech Park are becoming increasingly popular for luxury apartments.

Besides, the increased connectivity in Bangalore is heralding newer developments in the city. As a home buyer here, a few additional things to take care of include…
·         Planning well ahead before your get to the buying stage. Ideally you should conduct research, visit real estate forums, or consult a real estate advisor before you venture into buying
·         Visit real estate projects and have face-to-face meetings with builders. This will give you a clear understanding of prices and help you pick the right property.
·         Compare the interest charged by banks. Avoid making commitments that seem beyond your means.
·         Choose the right location or neighbourhood with your preference.
Do not postpone your purchase thinking that price will come down. Such wishful thinking without any substantial evidence will only defer your purchase indefinitely.

About The Author
Hi i am Bharath Joshi. The Marketing Executive for Unishire Belvedere Premia, that began with an aim of redefining real estate and creating benchmarks for others to follow. 
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