The changing face of the Real Estate in Bangalore

With the boom of Information Technology, Aviation, Telecommunications and Education sectors in Bangalore, the real estate scenario changed. The city of gardens became the city of high-rise apartments. High disposable income and rise in population also lead to growth of the real estate sector. rnBengaluru or Bangalore as it is popularly known is the capital city of Karnataka. The city is one of the growing metropolises in India attracting visitors from all parts of the globe. The city’s appeal lies in its cosmopolitan culture and urbanized standard of living. There are various sectors, which are growing by leap and bounds in the city. Some of them are the Information Technology, Aviation and the Real Estate sectors. The Real Estate in Bangalore offers many choices for the different strata of population living here. rnThe city enjoys numerous sobriquets like garden city, pensioner's paradise and Silicon Valley of India. The natural landscape of Bangalore is enveloped in greenery and the mild climate throughout the year attracts many to settle in the city. The good standard of living and the friendly local are other reasons for people to come and make Bangalore their home. With so many educational institutes and colleges in and around the city, the youthful verve and energy adds to the charm of the city. In addition, the rise of the Information technology sectors and other related sectors have raised the disposable income of the population in Bangalore. All the above factors have added to the growth of the real estate in Bangalore. rnThe real estate story of Bangalore dates back to 1950’s and 1960’s. During these years, the city was a favorite destination for retired people. Beautiful gardens dotted the landscape of Bangalore. The calm and quite city was the perfect choice to buy house post retirement. The houses in the city were more of bungalows and individual houses. rnWith the onset of the information technology sector in 1990’s, the scenario of the real estate sector in Bangalore also changed. Numerous multinational Information technology companies opened up offices in the city. Even Indian IT organizations also cropped up in the various parts of the city. The IT sector attracts a huge population in the city. A majority of the population consisted of youth just out of college and starting their career in the city. rnThe rise in population changed the real estate picture of the city. Once a clam and quite city, Bangalore became the next hub of real estate and construction sector in the country. The demographics of the city changed considerably. The individual houses and bungalows gave way to apartments and housing colonies. With the growing thrust of population and the limitation of space, the skyline of Bangalore has high-rise buildings. rnBangalore’s commercial real estate also saw a boom with the arrival of the information technology sector. The local shopping markets gave way to glitzy malls and shopping centers. To cater to the growing need of the time-crunched professionals the city’s builders conceptualized and built the malls. The malls have shops selling products of all kinds, right from fashion clothing to household items. Grocery, interior décor, sports, books and clothes, everything is available in the various malls in Bangalore. rnThe office space in Bangalore also changed. The individual buildings gave way to campus –styled parks. The office area had underground parking space, high-end restaurants, food joints and shops. Many organizations opened their own offices with large area dedicated to various things. The Information technology companies have separate zones, especially designed and built for them. rnReal estate in the city attracted many international companies in this field to open business here. Indian companies in the real estate sector conceptualized and constructed commercial and private properties keeping in mind the international way of living and working.