IT Industry: The Driving Force behind Bangalore Real Estate

Ever took part in property discussions? And if they are centered around Bangalore, it is almost impossible that people won't talk about IT industry. Isn't it? If I am not exaggerating, Bangalore property and IT are connected so closely and are so interwoven that the growth of one directly effects the other. More the information technology proliferates, more positively it helps the realty market there. The vice versa is also true. Being awarded as top 8 technology clusters in the world, the city rides high on the software market. The demand for properties of all types in the many localities of the city is more or less comes from the professional class working in software industry.
South Bangalore needs a special mention in the context we are talking about. IT has burgeoned here on a grand scale. Look at Koramangla, one of the major hubs for IT/ITeS based companies. Software giants like Infosys, Siemens, Zenith, and Wipro have centers here. The demand for flats Bangalore, in this particular locality, comes from the software and technology professionals. As majority of this community prefers to settle around their office premises, the price rates for residential spaces are high here. A 2 BHK flat can cost you anywhere between 35k and 1.5 crores.

Another area that rides high on IT industry is Whitefield. Laced with excellent infrastructure and superb connectivity, this locality of Bangalore real estate has seen several technology parks sprung up in and around it. ITBP(International Business Tech Park) houses several information technology giants. Companies like Accenture, TESCO, Wipro, Dell, Sapient, Sap Labs, IBM , and Intel found their stronghold in this locality.
Spread on a land of more than 300 acres, Electronic City, is studded with top-class infrastructure and has gained popularity as one of the largest electronic industrial parks in India. The place houses more than 180 software companies and boasts of having the longest national highway of the country. It is responsible for deriving a major portion of demand for residential properties in Bangalore. Companies like C-Dot, HP, GE, iGate Global, Tech Mahindra have their establishments in the Electronic city. Surprisingly, the rate of apartments is not very high here. A 2 BHK apartment can cost you anywhere around 35-45lacs.

Hyderabad Infrastructure Raising the Demand for Property for Sale

The political turmoil that surmounted over the question of Telangana is not yet very old. What was your opinion on that? Did you expect the property market to take a downward swing or were you hoping to market to remain stagnant, as it has been from past 5 years? Contrary to both the expectations, Hyderabad real estate is showing some signs of recovery. In the coming months, both the demand for property as well as price appreciation are expected to take a positive turn, thanks to the full-scale infrastructural development taking place in city. The development of the residential areas along Outer Ring Road and around International Airport is a proof of that. Top-class builders are floating both affordable as well a luxury projects: these shall cater to buyers from all the segments.

The real estate Hyderabad has also got a definite push by a 158-km long Expressway called Outer Ring Road. Meant to bring down the traffic to low, this expressway connecting Pedda Amberpet to Shamirpet shall allow faster speeds and quick disposal of traffic. The Rapid Metro System is another preeminent project under construction, that shall act as a connectivity link between Shilaramam and Nagole. With its completion, the demand for residential as well as commercial properties shall see a definite beefing up.

In West Bangalore, the hot localities (in terms of real estate potential) include Gachibowli, Manikonda, Tellapur, Gandipet, and Kokapet. These properties in most of these localities are targeted towards middle-segment buyers. To buy a property for sale in Hyderabad, in SEZ parks, localities like Madhapur, Kondapur, and Kukatpally are the best. The demand there too, is expected to tread an upward scale. Towards the north, Kompally stands out as a locality catering to upper-middle and elite segments. At A.S. Rao, however, you can find some budget houses to buy.

Chennai Properties Fallen Prey to Rising Inflation

No city in India has left untouched with the inflationary rates. And the real estate too has been struck hard by this boom in prices. Talk of Chennai real estate and they do are stomaching the pain. The residential properties are in exodus here, while the demand does not match up to them. What's the result? Lacs of houses are lying vacant right now. As the economy is bearing the brunt of the falling rupee, people are wavering in their decision to buy a property in the city. Until the inflation changes its demeanor and the prices fall back, at least to their previous values, there is little hope that the demand for properties in the city shall see any swelling.

As per a report from National Housing Bank, an overall decline of 2.3% in the rates of flats for sale in Chennai was recorded in Apr-Jun quarter of 2013. The sharpest decline has been witnessed in peripheral areas of the city: a slow-down by 30-40% clearly shows that inflation and oversupply have played a negative role in falling of rates. The overall sales have plummeted. Such a scenario has left enough scope for negotiation; buyers can they can make a purchase at cut-prices. As the market is hard for developers, they are coming with freebies and other discount offers.

 

Anna Nagar West, a region where demand mainly comes from the elite segment, has seen a decline of about 13% in price rate. At Kilpauk, where per sq. ft rate of a property is a whopping Rs. 11600/-, a depreciation of 3% has brought down the rates a bit. On the same lines, Medavakkam, Kovilambakkam, GST Road, and Thiruvanmiyur are some of the localities where Chennai properties have come down from their original values.

The above trends are not uniform. In spite of the fall in prices, there are still regions where apartments in Chennai have seen an appreciation. Take, for instance, Thoraipakkam: the property rates in this locality, have escalated by 7%. Same is the case with Kelambakkam, Navalur, Pallikaranai, Madipakkam, and Korattur: the real estate rates have increased between 5% and 9%. At other localities like Padur, Selaiyur, Velachery, Ambattur, Chromepet, Mogappair, and OMR too, the trends are on higher side.

Different Alternatives Available for a House for Rent in Hyderabad

The city contributing highest to the GDP of Andhra Pradesh, better called the “City of Pearls”, is Hyderabad. Being a leading credit center of the country and a major hub of IT/ITeS companies, the city's economy has a strong foothold. The realty sector too has grown substantially here and in spite of the recent division of the city, the property market, here, has been doing well. As far as rental property in Hyderabad is concerned, it too is faring well, at least in some of the localities. The appreciation in rental rates in areas like Gachibowli, Hitech City, Kondapur, Manikonda, and Miyapur is a clear indication of that.

The localities like Gachibowli, Jubilee hills, Kondapur, Begumpet, and Banjara Hills offer rental properties that can cater to the needs of people from different income segments. So, a 2-BHK house for rent in Hyderabad in an area like Gachibowli can cost you around 12k/month, while the same can cost around 30k, for better amenities and state of furnishing. Similarly, at Kondapur, you can find residential properties ranging between 12k and 25k. At Ameerpet too, an unfurnished 2 BHK is available at a monthly rental of 5k, while a fully furnished one, occupying the same per sq. ft. area can cost you up to 13k.

Apartments in Hyderabad is available in different price segments; it depends upon the type of location and the amenities offered to the users. The rental rates falling in the bracket of 11k-20k are commonly found in localities such as Begumpet, Madhapur, Jubilee Hills, KPHB, Nallaganda, Srinagar Coloney, SR Nagar, Ameerpet, and Moti Nagar. The rates at most of these places have seen a good appreciation in the first quarter of 2013, if compared to last year. For instance, Miyapur has seen a rise of about 11% in the rental rates. At Ameerpet, Srinagar Coloney, and SR Nagar, an escalation of 5%, 7%, and 11% , has been witnessed, in that order.

For users who are looking for a rental property in Hyderabad in higher price segments, there are several options like Kondapur, BHEL, Jubilee Hills, where well-furnished flats can be hired on rent. BHEL is one of those colonies where a 2 BHK carries the monthly rental rate as high as 2.5 lacs! The locality is popular among the elite class who have enough disposable income to pay such high rentals.

So you see, tenants have so many options to choose from. Depending upon their budget and locality preference, they can make their choice. Going for a locality that has good connectivity.

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Bangalore Real Estate sees a Dip after Revision in Guidance Values

The year 2011 saw a rise in guidance values of Bangalore properties and in order to keep them in sync with the sharply rising market values, they have again been raised this August. The values have been raised in almost all the districts of Karnataka and almost all of them have seen an appreciation of about 25%. The boom in population and large influx of people from the other states made the authorities increase the value of Bangalore real estate. In Bangalore alone, the guideline value has been increased by 40-45%.

It would be mandatory for an owner to state the guidance value of his property at the set value or higher than that. Those who refuse and declare the lesser value, shall be issued notice by the district registrar, who would then decide the correct value. This would bring more transparency to Bangalore real estate. As the values this year have been set more closer to market values, the revenue earned by the government in terms of stamp duty and registration fee is expected to bring more profits.

The change in the values is expected to garner huge revenues for the Karnataka government. A collection in crores from the registration fee and the stamp duty has already been made. In the months to come, more revenues are in the offing. The revenue has also been levied on properties like villas and apartments. The new rates came into effect on August 12 and since then the interest of buyers in apartments for sale in Bangalore has seen a dip. Such was the impact of the news that the registrations reached almost a zero level in areas like Kanakapura and Devnahalli. And just when the news of new rules was made public, a huge rush was seen for registration of properties. Before the guideline vales could come into effect, objections were requested from several sources, including the State government.

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Flats for Sale Showing Good Appreciation in Chennai Real Estate

Standing tall on the pedestal of IT and backed with good infrastructure, Chennai properties are faring well in market this year. The prices have got a considerable boost of about 20% over past 12 months. The scenario seems to be promising enough for the coming quarter too. One of the major factors that have contributed well to the rising demand is the development of Outer Ring Road(ORR). It is intended to connect Vandalur and Minjur and is projected to give real estate in Chennai a further step-up. Upon the completion of this 62-km long expressway, the city areas shall get interconnected to the remote villages too. Not only this, the city shall also be hooked up with other other cities like Kolkata and Bangalore.
The prices in the Chennai real estate located centrally carry a high price tag, if compared to the peripheral region. Choolaimedu, Kilpauk, Arumbakkkam, T. Nagar that form part of the Central Chennai, have 2 BHKs lying in 70 lacs-2 crore range. For middle-class and low budget buyers, apartments in Chennai in the north part present themselves as the best option. At Avadi, Ambattur, Thiruvallur, Thirumullaivoyal, and Thirumalla, you can expect 2 BHK apartments within 15-40 lacs. Anna Nagar and Kolathur in North Chennai, on the other hand, are costlier places if compared to the other areas. It is because of the tremendous progress at which these localities have made in terms of IT industry.
In most parts of the cities, the prices have escalated at a good pace. Both northern and central regions have seen a 15% appreciation in the first quarter of 2013. Towards South too, the rates have increased by about 16%. This is really a good scenario for long-term investors who can hope high returns for their money.
Depending upon the location, the price of a flat for sale in Chennai can vary considerably. The areas in south like Velachery, OMR, and Kelambakkam have high prices for flats, thanks to a plethora of IT companies and steady industrialization in these localities. The rate of a 2 BHK flat, occupying an average area of 1000 sq. ft., can cost you anywhere between 50 lacs and 1crore, though cheaper options are also available. Same is the case with Velachery and K.K. Nagar. You can look for cheaper apartments at GST Road, Tambaram, Thoraipakkam, and Padur.
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What are the Options to buy a Property in Bangalore West?

If it is a house in Bangalore that you have been looking for, I am sure most of the suggestions to you must have come in favor of localities like Kanakpura Road, Electronic City, Whitefield, or Hebbal. Isn't it? Make a search over net and you will see that it is either the southern/northern or the central regions that are mostly highlighted. The price rates in the localities covered under these regions are quiet high. For budget buyers, property in West Bangalore can be a good option. In fact, the western region offers residential properties that cater to almost all the income groups. Let's elaborate a little and know about what is in store for a buyer here.

Before we talk about the specific localities, let's see what is the ongoing price/sq. ft(psf rate) for the entire West Bangalore region. This August, the psf rate is calculated as Rs. 3140/-. In 2012, in the same month, this value was recorded at Rs. 2861/ sq. ft. This appreciation shows that the property in Bangalore West has boosted over last one year.

Next come the prices for individual localities. The price rates for a 2 BHK in localities like Jalahalli, Nagarabhavi, Bidadi, Tumkur Road, Vidyaranga, Sunkadakatte, Govindraj Nagar, and Peenya, the rates vary within the range of 25-33 lacs. Though the region still has to see a lot in terms of industrialization, there are several areas that have progressed at a good pace. Kengeri, for example, is a well-known satellite town of the Western Bangalore Real Estate market. It has good connectivity to its nearby localities. Namma Metro Corridor is proposed to be extended up to here; this will further help people to commute to and from here. The other highlights of Kengeri include its closeness to Outer Ring Road and the presence of a Global Village Park.

Malleswaram is another gem for residential properties in Bangalore in the western region. A popular choice for affluent and upper-middle segment buyers, the locality has the strategical advantage of being close to World Trade Center. Another elite area is Rajajinagar. The property prices here are quiet high, as compared to the other localities. A 2 BHK flat, with an approximate 1000 sq. ft area, can cost you as high as 1 crore, though cheaper options are also available. The proposed Yeshwantpur-Rajajinagar-Malleswaram Corridor is going to further alleviate the property prices here. At Magadi and Ring Road too, the prices are high, though they also offer several budget options.

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