In the decades gone by, Bangalore had been the best home for retired personnel, primarily from the defense or government sector. The sprawling gardens, ubiquitous green cover and the city dotted with lakes all around made for the perfect retirement home. However, with changing times and evolving city landscape has evolved the real estate market of the garden city.
Bangalore today is the hub of India’s software industry and the cradle of the booming start-up culture. The city has undergone a gigantic shift in demographics and today is one of the most cosmopolitan pockets in the Indian urban landscape. A new energy and entrepreneurial spirit runs through the city and with it have evolved the tastes, needs and aspirations of a home.
The city of Bangalore is currently witnessing a tremendous growth in both the affordable and the luxury real estate segments. Improving income levels and easier availability of credit has ensured that a higher proportion of individuals are willing to aspire big and go for the luxury apartments and villas.
In terms of locations, lakeside apartments and villas, homes away from the city center and closer to IT Parks, Electronics City and other BPO hubs have become increasingly more appealing. Commute to work is one of the primary factors influencing home purchases today. As the new generation of employees seek an improved work-life balance, it is vital for homes to be located to closer to their workplaces.
Also, connectivity is another key aspect of the home purchase exercise. Connectivity includes both the modes of transportation as well as the quality of roads in the vicinity. Especially in city like Bangalore, the quality of roads has been a major point of public discussion. Public infrastructure has taken a little bit of a beating in the past few years and therefore connectivity is a key aspect of the home purchase decisions.
Places of everyday convenience also influence home purchases – availability of schools, ATMs, banks, shopping malls and eating joints is of vital importance to the new age populace.