Bangalore is tagged as the IT (Information Technology) hub of India. Many MNCs are present in Bangalore. Honeywell, Robert Bosch Engineering India, Volvo IT Ericsson, etc. are few of the giant organizations here. Many more projects are anticipated. IT along with other sectors like biotechnology, aviation, automobile and textile contribute to the economy of Bangalore. All this directly impacts the commercial real estate growth of the city.
Following are some reasons for the Commercial Real Estate growth in Bangalore:
1. Future Projects:
The proposed Metro rail project is alluring many companies to establish and operate their business from the city. People will reach their offices at far locations easily in time because of metro. High Speed rail link and Monorail are some of the other proposed projects which will make traveling convenient for the inhabitants of Bangalore.
2. Enhanced Road Network:
The road network of Bangalore is characterized by Nandi Infrastructure Corridor Enterprises (NICE) Ring Road, Outer Ring Road (ORR), Hosur Road, NH4, NH7, NICE Road, City Radial Road, etc. The forthcoming Peripheral Ring Road will also contribute to the amazing road network of the city. The roads are well constructed, well connected and safe to drive.
3. Availability of Manpower:
The rate of people migrating from the other parts of the country to Bangalore has led to the growth of commercial real estate. Bangalore has varied demography. Over the past two decades the population in Bangalore has increased by 3.9% annually. There is a lot of talent available here for the organizations to absorb.
4. Thoughtful Pricing:
For commercial properties, the city’s real estate developers stick to strategy of cautious pricing. Ultimately it results in a real estate market guided by the demand of consumer. Different options are given to investors to choose from. They can either opt for ready commercial property or under construction commercial property.
The above mentioned reasons give a clear idea about the fast growing commercial real estate in Bangalore. Reasonable pricing, manpower, convenient transportation all contribute to its growth.
The areas which have many huge corporate offices are Residency Road, Commercial Street, Langford Town, Richmond Road Brigade Road, MG Road, Cunningham Road, etc (CBD areas). The SEZs and ITES/IT Offices are located towards Southern and Eastern suburban areas like ORR, Sarjapur Road, Electronic City, Whitefield, Hebbal etc.
Courtesy :Real Estate News and Trends in India
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