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v class="googleright">Broadly recognized as the key IT centre of India, Bangalore is among the most coveted metro cities in India. Touted also as the ‘Silicon Valley of India’, the esteemed IT hub of India holds breathe of populace with its paragon quality research and a number of development establishments bringing out impeccable technological breakthroughs and highly-skilled manpower. Other than this, the property in Bangalore has also been attracting both domestic and global investors on a whopping rate. Consequently, the city has seen major changes in the real estate sector in the past few years.
With more and more IT and ITES companies shifting their bases to Bangalore, the percentage of people migrating to the city for their livelihood has surged tremendously in the recent years. Having shifted their base completely, these people have led to the state of scarcity of residential properties in the city. This is not the sole factor that has made the capital of Karnataka [link widoczny dla zalogowanych], Bangalore, the most preferred location among Indian and global populace. The steady availability of top-notch multinationals in the city also upholds the major relevance. With large corporations establishing their operational bases in the city, the demand for commercial properties has also mounted to a great extent.
Not only this, the great demand of commercial spaces has further led to the arrival of new commercial real estate ventures like high-tech office buildings, resplendent entertainment multiplexes and malls that have fuelled up the scarcity of developmental space on the one side, whereas on the other, have been posing extreme danger to the green zone of Bangalore.
These developments of Bangalore property market have also brought about unanticipated upsurge in the price of real estate in the city. Land prices in the city have almost swelled up by more than three times, especially in the IT-corridor of Whitefield where prices have arisen from Rs 1,000 to Rs 3,500 per square foot in the past two years.
Contemplating all these developments, the government of Karnataka has been paying great attention to this matter. As a move to better deal with the grave scarcity of real estate in the city [link widoczny dla zalogowanych], the government of Karnataka, being not in a state to sanction commercial spaces, has decided to not sanction land any more to industries willing to shift to Bangalore. Moreover, the IT companies are encouraged to shift their bases out of Bangalore to Tier II cities of Karnataka like Mysore [link widoczny dla zalogowanych], Hubli, and Dharwad.
Besides, the state government has further clarified that by suggesting the companies to move away from Bangalore, the government doesn’t want to curb the growth of the IT sector in the city. On the contrary, it simply wants to encourage the development of the adjacent cities. If the IT companies carry on their extension plans in the Tier II cities, they would spend nearly 30 per cent less in comparison of the expense on Tier I cities. So, if this suggestion gets acceptance, it would be far more beneficial for investors to reach out to real estate opportunities even beyond Bangalore. This will not only save the IT hub from becoming a congested city, but would also promote the spread of real estate boom beyond the city.
Jyoti Sharma writes on behalf of 99acres.com, which is an internet portal dedicated