For the last couple of years, there has been a surge in demand for the number of luxury residential units across Bangalore and for villas, in particular. Post demonetisation, Bangalore was the only city in India to show a 45% rise in demand for luxury housing by September 2017 when compared to the other metros. Let us have a look at some of the reasons that have contributed to the high demand and supply for villas near Bangalore airport and villas in north Bangalorein general.
Kempegowda AirportIt would be unfair to say that the construction of the new airport in the northern fringes of the city only benefitted the construction of villas. But then again, that is what opened up the floodgates in general for real estate and infrastructural development in this side of town. Once the airport started functioning, most of the other things were bound to start falling in place if the area was going to become a self-sustaining one. Now, the adjoining areas are extremely well connected to some of the major hubs of the city and the metro which has come up nearby has also been a massive boost for connectivity as it saves on a lot of travel time.
Large parcels of landThis was also one of the biggest advantages. Previously, most of the land here was lying undeveloped and totally unused and there was an abundance of such land. Builders and developers in Bangalore had a lot of space to construct properties and this also prompted them to come up with a number of different residential options. This is one of the main reasons why this locality has a large concentration of gated villas in north BangaloreMixing up the types of residential options opened up the possibility of attracting a larger client base. This meant that there would be homes for people looking across a range of price brackets.
Changing demographicsWhile the IT boom in the 1990s ensured that the demographics of Bangalore changed forever, the demographics for people, when it comes to buying houses, has also changed quite a bit over the last decade or so. In the last 10odd years, the average age group for buying a home in Bangalore has come down to 34 years from 40 years.
This shows that the overall purchasing power has gone up immensely since people in their late twenties are now making a priority of owning a home. Themindset, on the whole, of people has changed as compared to before.Another thing to be taken into consideration is the fact that the numbers of jobs created in this city also brought people from other cities with no homes in Bangalore.
Even the authorities think this is the way forwardIt seems that the Bangalore Development Authority (BDA) has also put any plans of constructing flats on hold for the moment. Instead, it is focusing on building a second set of villa projects. This stems from the fact that their first villa project in north Bangalore was received by a lot of takers and, needless to say, was a bigger success than what had been expected. This, obviously, encouraged the BDA to plan for a new project as there is a lot of demand for villas in north Bangalore.
NeighbourhoodsMost of the localities in the northern parts of Bangalore have managed to turn themselves into self-sustaining neighbourhoods. Areas like Devanahalli, Yelahanka and Hennur, amongst others, have all turned in the top realty hotspots not just in the north of Bangalore, but also across the entire city. Being in close proximity to a lot of the top tech hubs while also enjoying excellent connectivity to the airport and CBD is bound to bring its fair share of advantages to any location across any city in the world. Hence it does not come as a surprise that there are a lot of villa projects in Devanahalli Bangalore as well as a high number of villas in Yelahanka as well.
These are the reasons why the northern parts of Bangalore have become amongst the most sought after real estate destinations in Bangalore. One of the best things about north Bangalore is that its prices are not close to saturation levels. Though, at the rate at which things are developing, the rate of real estate in these areas will not remain around such levels for longer.