Bangalore which was once called a garden city can no longer boast of too many gardens although there is a concerted effort to retain as many gardens as possible. All now one can see in Bangalore is concrete structures i.e. commercial establishments & residential apartments. Even old Victorian type of houses which Bangalore was so famous for, have all been sold to real estate builders and developers who have converted them into huge apartment blocks.
In recent times, the south of Bangalore has witnessed a phenomenal growth in the building of apartments. Till recently, areas like Jaya Nagar and J P Nagar had very few or no apartment blocks, but now even these areas have started having apartment blocks. Bannerghatta Road and Kanakapura Road are now the areas where there is a boom in the construction of apartments. Apartments not only cheap from independent houses but also preferred from security point of view. Apartments normally have their own security people stationed near the main gate and no stranger can get inside without getting their clearance. With the spate of murders in independent houses, which city has recently witnessed, it is no wonder that the sale of apartments in Bangalore has risen quite steeply.
The prices of apartments for sale will vary from locality to locality. If you were to buy a three bedroom apartment in areas like Indiranagar, Lavelle Road, MG Road or any other main localities, you can be sure that it would cost you nothing less than a crore rupees. But this need not dishearten anyone with a lower budget, as Bangalore has apartments to suit any budget. Two bedroom apartments sell the most in Bangalore, more than three or four bed rooms. If one is prepared to go slightly to the outskirts of the city, one can be sure of to get a beautiful, spacious luxury flat for the price of a small two bedroom apartment in the heart of the city.
If you take up any newspaper you will see that half the paper will be filled with about sale of apartments in Bangalore. Apartments which are built nowadays come along with amenities like water storage facilities, power back up, rain water harvesting, security, reserved parking, club house, private terrace/garden, park, gymnasium, lifts, Vastu compliant, swimming pool etc. As the radius of Bangalore city is expanding there are many apartments coming up on the outskirts of Bangalore city. When the IT sector was bullish, the north east, east and southeast parts of the city witnessed large-scale development in residential complexes, especially in Jaya Nagar, K.R. Puram, Sarjapur, Kanakapura Road. Be it residential, office or rental, the city has never experienced such fast growth in its real estate scenario since recent years.
Real estate in Bangalore has undergone a major transformation in the last six months. But global economy meltdown has almost grounded the real estate sector. People are now waiting and watching with hope that the prices of apartments in Bangalore will dip further. Most builder are facing crisis with hardly any buyers for apartments. The luxury apartments have been worst hit. Developers are doing everything possible to boost sales, discount in prices, flexible rates for parking and as well as giving freebies like cars, including semi-furnished apartments.
Some developers are also lowering prices, by scrapping extra amenities like swimming pool, gym etc. No new projects are expected to be implemented until the market stabilizes. The focus of builders now is on completing the incomplete projects.
It is an excellent period for all those who wants to invest in an apartment in Bangalore.