5 things investors should consider before they buy property in Bengaluru
Home to some of the most expensive real estate in the world, it is no surprise that many people are looking for a piece of this pie. However, before you make any decisions about buying property in Bengaluru, there are many things that you should consider first. This blog post will explore these five factors and help you make a more informed decision as to whether or not this is the right investment for you!
1. The Indian economy is projected to grow rapidly for the foreseeable future
In 2014 India overtook China to become the fastest growing economy in the world. This economic growth is what has caused real estate prices to rise so dramatically over recent years. In fact, if you take into account inflation from 2010, property prices have risen by a staggering 87% ( Property Redefined 2016 ).
2. Bengaluru has a large population with an increasing demand for housing
Bengaluru (previously Bangalore) is India’s 3 rd largest city and is growing rapidly. The population was just over 6.5 million in 2001 when it became a city but it has since grown to reach an estimated 8.42 million in 2014 (Karnataka Govt 2015) . This rapid growth has put huge pressure
3. Bangalore’s real estate market is booming and offers many opportunities for investors
A perfect storm has developed in Bangalore in recent years resulting in a thriving property market. The real estate boom began when IT companies started moving to the city from other parts of India, and continues today as more businesses move to the city (Infosys 2015) . This has resulted in an incredibly strong demand for housing. In addition to this, the city has a very limited amount of inventory (property for sale) and a large population looking to buy. This is making prices shoot up with no end in sight!
4. Land in Bangalore is scarce and getting scarcer
Land is a huge problem in Bangalore, it is very rare and expensive. For example, to buy 890 square metres of land you’d need about 532,000 rupees ( 58,440 $US ) which compared to the rest of India is incredibly valuable. This has been one reason for the high cost of property as there are fewer places for developers to build.
5. Bangalore is one of the most livable cities in India
Although it is a large city, Bengaluru is still very livable. It has been rated as 7 th out of 50 best places to live in India (CCS Institute 2015). The city has all the amenities you’d expect from a large city but is still affordable. It also has excellent schools and healthcare facilities as well as a low crime rate making it an ideal place to buy property.
Research all you can about the hottest real estate market in India by getting in touch with your broker at Pincode Realty !
I have detailed 5 things that you should consider before investing in property in Bengaluru. These are factors like the Indian economy being projected to grow rapidly and the limited land available, which means that Bangalore is quickly becoming one of the most expensive cities to buy a home.
If you’re interested in buying property in Bangalore then contact your broker at Pincode Realty !
If you’re thinking about buying property in Bangalore, then this is the article for you. It will detail 5 things to consider before investing and help you make a more informed decision as to whether or not it is the right investment for you. If all of these factors sound too daunting, don’t worry! Your broker at Pincode Realty can answer any questions that come up and provide expert advice on how to leverage them properly in your own real estate strategy.