Bengaluru is the IT capital of India. People here are well paid. There is enough job generation in the city which makes the real estate properties move faster. People from all parts of India and abroad as well migrate here for jobs, education and settlement. This in turn is translated to the demand for housing in the city. But again the picture is not that bright as has been projected or thought of. There are various income categories in Bengaluru’s workforce. Some may be earning a six figure salary while most of the people earn a meagre salary which is spent in making two ends meet.
Let’s sneak into the real picture. Statistics says that there are about 55, 000 jobs which are currently available in Bengaluru. But if one looks at the salary ranges of these jobs then one will find out that a maximum number of these jobs are offered in the range of Rs. 4 lakhs and within. This indicates that the monthly income of the job holder is within Rs. 33, 000 which means they can afford houses and flats within Rs. 35 lakhs.
With this picture of affordability of the city we can understand the purchasing power of the most of the population of the city. But where can we find homes for them is a pertinent question. The market watchers opine that real estate properties in places like Kanakapura Road, Mysore Road, Bannerghatta Road and few areas near NICE Road corridor offer prices within the income range of low and middle income group.
Various indexes indicate that affordable ranges mean the properties within the price range of Rs. 40 lakhs. The supply exceeds the demand of the properties and the indexes point out that the availability or supply of such properties is at 35 percent whereas the demand staggers at 22 percent. The market conditions denote that one can get a 2 or 3 BHK in that budget.
The trend watchers however remark that the North and South of Bengaluru is where the land bank lies. Thus the most of the real estate development and apartment complexes are built here.
There are areas where homes can be bought at even cheaper prices too. Those areas are Devanahalli, Mysore Road, Bagaluru, ITPL and Hoskote where maximum houses are priced in the price range of within Rs. 20 lakhs. On a contrast note, in the areas like Kanakapura Road, K R Puram, Hongasandra and Hosa Road one can find properties in the range of Rs. 20 lakhs to Rs. 40 lakhs. The realtors feel that the infrastructure of these areas has not yet been developed to the full due to which they are priced in the lower ranges.
In areas like Kanakapura Road, Mysore Road, ITPL and KR Puram there has been considerable amount of sprawling commercial activities with large absorption of IT and office spaces nearby which has accentuated the demand of residential spaces. There has been simultaneous development of social infrastructure like schools, colleges, malls, supermarkets and hospitals too.
Devanahalli is a place which is earmarked by the location of the International Airport and the recent launch of the Information Technology Investment Region (ITIR) has made the place a sought after one by the developers. The market watchers opine that although the developers are flocking to the area anticipating the prospects of the place the area is yet to develop in terms of the social infrastructure. That is one of the drawbacks of the place compared to the other high priced areas. But this is to note that with the offices and IT companies starting to operate the place will have a new look altogether which will gradually surge the prices up. So the shrewd speculator forecasts that this is probably the best time to invest in such places.
Dreamz Infra is one of the builders who can provide affordable flats in Bengaluru. They have apartments in JP Nagar, Silk Board, Electronic City, Sarjapura Road, HSR Layout, Marathahalli, Whitefield, Hosa Road, Hebbal, Horamavu, Kanakapura Road, Vidyaranyapura etc.
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