The silicon city of India is setting all new records in the real estate sector and simultaneously the ongoing boom trend is expected to raise another Rs. 12,000 crores hardly in 5 years time and the sources claim that the raised funds thereafter will be invested for developing 50,000 housing units every year.
Mr. Balakrishna Hegde, the President of Karnataka Ownership Apartment Promoters Association, Bangalore said at the www.propertykhazana.com that the expected funds are apart the 1.5 lakh flats which are under development and these projects have absorbed over Rs. 45,000 crores. He further added that Bangalore will withstand its potential and will turn to be the major realty investment destination in the couple of years. He also added that, out of the expected USD 50 Billion of overseas investment into the realty segment of India, Bangalore is reserved with about 30% of the total.
In the past 1 decade, Silicon City has recorded only 20% annual growth in realty investments and the situation is likely to take an extreme turn in the coming 5 years and there by increases the job potential of the city.
As per the source saying @ the www.propertykhazana.com Bangalore has an appealing track of realty development and therefore many foreign investment companies are pouring huge investments in Bangalore and the under going International Airport development has further increased the tempt.
Meantime, if the market is observed closely then an apartment is the posh or central part of the city was earlier fetching Rs. 5000 PSF and presently the same is almost close to Rs. 7000 PSF. IT and BT companies are turning towards Bangalore because the cost of living and the lifestyle is comparatively lesser then Mumbai and Delhi. Meantime, the state government and its agencies like BDA, BMRDA are at their best launching many infrastructure and layouts to cater the present demand.
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