With the Central Government announcing that affordable housing has been accorded infrastructure status, demand for this category of residential real estate is going to increase consistently till 2022 – the year by which housing for all is to be provided in Indian urban centres.
In Bangalore some of the most sought after residential localities are North Bangalore, Whitefield, Sarjapur Road and the Outer Ring Road (ORR). This apart, some of the erstwhile real estate destinations such as JP Nagar, Basavagudi, Jayanagar are finding investors in ready to move apartments. Specifically, there is demand for ready to move 2BHK and 3BHK apartments in these localities.
As Bangalore has been the most preferred investment destination for many High Net worth Individuals and NRIs, the requirement for luxury segment homes are high in the city. Thus, premium range of properties that are priced above 1.5 crore are also on high demand. The demand for luxury housing has been especially high in the Central Business District (CBD) and the secondary business districts (SBD) such as ORR, North Bangalore and the ORR markets.
When compared luxury housing segment, affordable housing has been the major factor that drive the real estate market in Bangalore. Apartments in Bangalore that range between Rs 30 lakh to Rs 60 lakh have been the most demanded properties among the potential home buyers. A home buyer can find properties in this budget range in the north and south east parts of the city.
A property investor who looks out for property investment in Bangalore for the second or third time prefers to buy a property in JP Nagar, Jayanagar and other older and better developed localities. The current prices of apartments in JP Nagar range between INR 4500 and INR 5000 per sqft. With the proposed infra projects in the vicinity, the capital values are expected to increase.