One of the biggest reasons that Bangalore has seen such a boom in property consumption is that fact that it constantly creates jobs and even in times of economic downturn, it does not slow down as much as some of the other places do. It has always ensured that there are adequate jobs even in troubled times. This has led to a massive change in demographics with the average age of the city dropping down to the 30+ age group as compared to 60+ age group merely two decades back. This indicates that Bangalore is no more just a retirement destination.
As a result of this, not only has the average earning power gone up, there has been a change in lifestyle preferences as well and this has ensured that there is a good mix of lifestyle quotient. While certain areas of Bangalore with a good blend of density in terms of wealth and culture have had the luxury of standalone bungalows, even those are now giving way to apartments which opens up the gateway for a larger number of people to own a prestigious address that reeks of status. These are among the main reasons why Bangalore was the joint 18th in terms of highest property rises in the world in 2015 with a rise of 5.1%.
While it may seem like a catch to buy such a property, it is better to know if you are paying the right price in Bangalore’s hotspots. There may be quite a few factors that may not be in our control after what we have bought as what we consider a dream property. Here are a couple of such factors.
Environmental damage- while it is fine to own a property in a prime location, one must keep in mind how environmentally rich their surrounding area is. If for example, there are very few or no trees around owing to heavy constructions in the area, the carbon footprint for that area automatically increases.
Future neighbourhood constructions- it is very important to find out about the type of constructions that are planned out for the future in and around a property you are looking to buy. This is important before actually buying the property since this could have a positive or negative impact depending on the type of construction planned. If the construction planned involve improving the public transportation system then the value of the property is bound to increase at a better rate but if a high rise comes up right in front of your house, then that could block sunlight and ventilation apart from blocking the view.
Reputation of the builder- this is another important aspect especially in the case of people buying under construction properties as choosing to buy from a builder with a proven track record means that more than half the risk is taken care of. Prospective buyers can relax about a lot of things and remain free from the fear of undelivered projects generally.
Public transport improvements- with the Namma Metro immensely improving the connectivity around the city, the transportation system has become the USP as to why the hotspots in Bangalore have become hotspots. While there may be scores of IT companies, multi-national companies and e-commerce companies in all parts of Bangalore combined, what binds the north, south, east and west is the fact that they all have good connectivity in terms of travel whether it’s Hebbal’s proximity to NH7 and the airport making places like Luxury Apartment In Yeshwanthpur even more of the perfect location to stay in.