We all know that New Delhi and Mumbai are slowly but surely giving way to new cities like Pune, Gurgaon and Bangalore when it comes to the real estate market. As a fact, Bangalore recorded an 8% growth in real estate in 2012, which is quite an enviable figure.
But how does Bangalore fare when it is compared to other Southern cities like Chennai and Hyderabad?
I have a friend who is a sworn Chennaiite, and has shifted to Bangalore because of his job. Though he was cribbing relentlessly, he calls Bangalore his home now and has invested in 2 properties here. I felt curious, as to why would someone who loves Chennai so much be ready to settle in Bangalore? He gave me a few valid reasons:
Bangalore climate – a huge plus point
It is true the salubrious climate of Bangalore does make living here a beautiful experience. The best part is that this climate lasts all year long and makes life a lot more comfortable.
The burgeoning IT industry
Though Hyderabad has an impactful IT presence, the crown for the IT capital goes to Bangalore without any doubt. It attracts IT professionals from all over the country; my friend intimated me that there is no place better than Bangalore when it comes to IT product development.
Now with a growing IT populace there are 2 things that emerge, firstly a need for living quarters and secondly, surplus income; both of which has the capacity to boost the real estate market.
The middle class in the city enjoys a better quality of life in Bangalore
Comparing Bangalore to Chennai my friend rather reluctantly comments how Bangalore is much ahead when it comes to social infrastructure. Moreover when comparing living quarters, Chennai falls far behind regarding size, aesthetics and design.
Space for development
Being an old city, the Chennai city area has almost used up its resources. Younger cities like Bangalore and Hyderabad still have space for development making them real estate friendly.
Bangalore is a cosmopolitan city
Among the new young cities that are making their presence felt, Hyderabad comes close on the heels of Bangalore. However, my friends inform me that Bangalore is a much more cosmopolitan city and hence easier to fit in. Bangaloreans with there accommodating nature make it easier for people from other states to feel comfortable, accepted and a part of the city.
Moreover Bangalore has always been a student’s haven, with many nationally ranked educational institutions. Students from all over the country and even international students make a vibrant community here making Bangalore a receptive and progressive city.
A healthy political atmosphere is absolutely necessary for the growth and improvement of every aspect of a city. The recent troubled environment in Hyderabad and the whole of Andhra Pradesh makes any kind of positive progress unlikely. Whereas Bangalore on the other hand has been experiencing some political stability making it favorable for growth and development.
With this, my friend concluded that Bangalore is slowly emerging as the favored place for many and the unique advantage it has to offer certainly gives it that edge above the other southern cities. And I strongly agree with him!
Mr. Satheesh B R is AGM- Finance & Accounts at Vakil Housing. He is Commerce graduate from Karnataka University, Dharwad. He has many years of experience in auditing . Later Associated with manufacturing and export Companies by heading Accounts and Finance. In last one decade he is associated with Real Estate Companies in Bangalore, Specialized in project finance and indirect taxes.