Bengaluru has been the fastest-growing city of India since the past few decades. IT has been the major growth driver and is responsible for aggressive real estate development in the city. Being the IT hub of India, Bengaluru has a multi-cultural population with good social infrastructure, excellent educational institutes and constantly upgrading physical infrastructure. Currently, the most promising residential micro-markets are Outer Ring Road (ORR), Sarjapur Road, Whitefield and North Bengaluru.
Bengaluru is the third-largest hub for High Net worth Individuals (HNIs). It is estimated to be home to over 10,000 individual dollar millionaires. Bengaluru has a large base of expatriates who live and work in the city. The residents are well traveled, cultured and have sophisticated tastes
North Bengaluru: Proximity to the International Airport, planned infrastructure such as the Elevated Expressway (Bellary Road), High Speed Rail Link, Bengaluru Metro Rail, etc. have been the major growth drivers for residential development in North Bengaluru. Also, the Government is aggressively promoting this area for future economic activities. The planned Information Technology Investment Region (ITIR) near Devanhalli, Aerospace SEZ planned near the International Airport and the proposed Devanhalli Business Park are the key drivers for residential development in North Bengaluru.
South Bengaluru: South Bengaluru is close to major work centres along the ORR and is primarily classified as an upper middle-class residential catchment. It has potential for further augmentation of existing physical and social infrastructure. Over the past few years, the Southern suburbs have witnessed a high percentage of appreciation on investments.
East Bengaluru: Eastern Bengaluru is characterized by major work centres like Whitefield, the EPIP Zone which has escalated the development of residential apartments over the past few years. These areas are self-sufficient in terms of social and physical infrastructure as well, which is of prime importance for residential development.
West Bengaluru: West Bengaluru is characterized by a low social profile and industrial surroundings. Also, being located away from the major IT-ITES corridors, it shows less potential for real estate growth. Although it has high availability of land for real estate development, the demand is substantially low in this part of Bengaluru. Further development of the Metro in the near future might boost the development of mid-segment residential apartments in this area.