For the globetrotting young professional, apartment is the choice of the day unlike his father who wants to live in a spacious bungalow. There has been quite a change in the preference of the buyers who are rather looking for safety and security and the availability of amenities in a high rise building. Earlier these kind of the properties were thought of matchbox living but to the new cosmopolitan population that is what seems to be more convenient. As these housing units come in different designs of décor and space management patterns these apartments are increasingly becoming popular to the young generation.
The recent Cushman and Wakefield report claims that 41 % of the total residential units that were launched were in the South-Eastern part of the city which is primarily along the corridors of the Hosur Road and Sarjapura Road. The report says that another 25 percent of the launches of the total units were in the North Submarket and is around Yelahanka and Kogilu.
The report stated that the mid segment of the western sub-market witnessed a 7 percent capital value appreciation owing to the enhanced metro connectivity and network and also due to the improved social infrastructure. The high end luxurious segment of the North also has appreciated by 3 to 9 % on a quarter to quarter basis due to the continuous demand from the end users.
The market watchers think that as the supply still exceeds the push in demand there would not be much of fluctuation in the market prices. They also feel that the builders restrained the number of new launches over the past year due to the shrink in demand and now the stable prices would be a good incentive for the prospective buyers.
Various indexes show that Bengaluru registered a low supply of apartments and is among the cities with the lowest of supply. The demand being 50 to 55 percent the supply rate was 18 to 25 percent.
Where can one search for apartments surrounding Bengaluru?
Sarjapura Road, Whitefield, Electronic City, Rajarajeswari Nagar, K R Puram, Kanakapura Road, Marathahalli and Bannerghatta Road are some of the areas in demand and are preferred by the population. A quite good number of supplies of apartments were noted in the growth corridors of East Bengaluru in the price range of somewhat Rs. 3, 500 to Rs. 6,000 per square feet. The trend watchers opine that these areas have attracted a majority of young buyers looking for option of probable investment within their financial reach.
Few more areas that came out to be the favourite of the of the young residents of Bengaluru are Chandapura, Yelahanka, Magadhi Road, Attibele, Hosa Road, Begur Road and Mysore Road. These are the places where the developers have started developing in large scales anticipating the public demand. But even then the new launches are yet to catch up the speed.
To be very honest people lives in Bangalore are mostly from outside of the state Karnataka and building home for them will be a difficult task for them so they prefer living in apartments. Again business man and investors making rental business prefer flats because those are easy to put on rental basis or on lease. The demand of apartments more in case of youngsters because they don’t have that much contact or they don’t have enough time for construction work. Also the outskirt of Bangalore is the best place for living purpose and most of the retired professionals always prefer these areas as residential place.
ReplyDeleteNot only Bangalore every metro is getting crowd from different parts of India, sometime for a better career and someone for business purpose. so the need of apartment flats will be always in demand.
ReplyDeleteAlmost all metro cities are getting crowd, in metro cities everyone knows the how difficult and cost effective of construction. And even most of the builders are providing a very affordable flats.That's why the people are preparing the apartments instead of individual homes.
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