Whenever Bangalore’s realty market is talked about, its excellent social and physical infrastructure, presence of modern amenities, and the rampart provided by IT sector remain the highlights of our discussions. The real estate in the city is one of the most sought-after places to invest finances by High Net Worth Individuals (HNIs). The huge potential that it carries in terms of employment as well as investment opportunities has rendered the city as a center of attraction for both buyers as well as investors. But as per the latest news, all is not well in the city’s realty market. Let’s see what is bothering it.
National Investigation Agency (NIA) has unearthed the roots of terror outfits that have funded hugely to the developers for carrying out their real estate projects. The Agency has banned the terrorists organizations and shall be taking stringent steps against the developers involved in Bangalore real estate deals. This surprise finding has put before the city’s realty market a big question mark. The roots of such radical organizations may be too deep, and it can authorities a long time to go up to that level.
Another news that has brought forward the plight of the city’s property market is related to the land owners and the farmers, who are on an agitation against acquisition of their land by the authorities. In order to procure have a land where newer constructions for apartments for sale in Bangalore can take place, the administration has overheard the demand of the farmers. Recently, they had been on a ‘dharna’ to put make the authorities hear about their demands, but their applications, it seems, shall be rejected outrightly.
On the positive side, however, the demand for high-end properties is rising rapidly. The affluent class has come forward with their need for luxurious spaces. In areas like CBD(Central Business District) and ORR (Outer Ring Road), the demand for such apartments in Bangalore is quiet high. The strategic advantage that these localities carry and the booming of IT industry have caught the fancy of the developers. For mid-segment buyers, the preferred localities have been Whitefield and Electronic City. The low budget buyers for Bangalore real estate give preference to localities where land comes at the cheaper rates. They are ready to compromise on the number of amenities available, as acquiring property is their main concern. Such affordable properties can be witnessed booming in and around Mysore Road and Kanakapura.