Bangalore has
firmly established itself as India’s primary IT hub. The city’s IT boom several
years ago heralded a new era of hope and enthusiasm, an era where youth from
all over India were given a chance to establish their careers. The IT boom saw
an influx of thousands of people to the city, which continues to this very day.
And when there is such an influx, real estate moguls are not far behind. They
saw the potential of the real estate market in India’s Silicon City, and
decided to develop a wide range of properties.
As time went on
and more and more global giants kept entering Bangalore, these properties
witnessed mammoth upsurges in terms of their prices. The increase led to a
point where ordinary people could not buy houses in Bangalore anymore, which has culminated in falling property
prices. The following are some of the major reasons behind this dip in property
prices in some areas of Bangalore:
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| Courtesy: Net |
· The Common Working Man: Buying house in
Bangalore was no easy task for the
common working man in recent years. With the continuous growth of the IT
sector, property prices only seemed to go up, and this made almost the majority
of Bangalore unaffordable for the
people who can be considered in the strictly middle-class category. Bangalore’s
high-priced neighbourhoods and localities only favoured the rich and powerful,
but the aforementioned influx of youth towards the IT sector has resulted in
affordable property developments in areas such as Sarjapur, which is located
very close to many IT establishments.
·
Lesser Demand for Existing Properties: The
vast number of properties built
during the initial stage of the IT boom was still commanding a high price when
something went horribly wrong for the property developers. The demand slumped
to a huge extent when they thought that it would never dwindle at all. This has
led to many property developers re-thinking their stance when it comes to the
pricing of existing properties.
·
Advent of the Internet: Real estate and
property portals on the internet give people very sound ideas in terms of what
to and what not to do when buying properties in a city like Bangalore. This has
also contributed immensely to the sharp drop in prices.
