The city of Bangalore has shown tremendous growth during the last few decades. Over the years, the booming IT industry in the city has transformed it from a 60+ retiree’s paradise to 22+ young professionals’ dream destination. This IT revolution has changed every other aspect of the city – be its infrastructure or connectivity. One industry that has gained maximum limelight because of the city’s transformation is the real estates.
With the increasing number of young professionals migrating to the city every year and with enhanced income, the demand for residential units in the city is ever increasing. However, individuals tend to become confused about choosing a house in growing North Bangalore or in already established South Bangalore.
Bangalore is home to the third highest number of High Net worth Individuals (HNIs) too and has over 10,000 individual dollar millionaires who tend to buy real estate for investment purpose.
While North Bangalore has gained tremendous momentum after the establishment of Bangalore International Airport, the high price trends in the area is making it increasingly unaffordable for the mid-income group. Betting on future prospects, areas like Hebbal, Yelahanka and Doddaballapur Road are seeing the highest price appreciation despite the fact that, these localities lack quality infrastructure. However, the area’s proximity to a number of technology parks, housing some of the biggest MNCs that operate from the city, is making a certain number of professionals to buy their homes here. The area is also very well connected to the greater city via road and rail. The planned peripheral ring road (PRR) too is expected to work in favour of the residential areas here. Hence the realty players are betting big on this area and are building both apartment complexes and villas. While the professionals opt for apartments, the HNIs, who tend to buy a second home, prefer to go for luxury villas in North Bangalore.
South Bangalore, on the other hand, has already established infrastructure, especially in areas like JP Nagar, Jayanagar, Banashankari etc. The ongoing Metro Rail Project is expected to improve infrastructure in Kanakapura Road too. There is higher number of mid-range and affordable apartments in South Bangalore for sale than its Northern counterpart. Moreover, its proximity to the greater technology hub of the city along the Outer Ring Road (ORR) makes it a preferred destination for upper middle class and middle class working professionals.
The ongoing debate on North versus South Bangalore doesn’t seem to resolve soon. However, while buying a property, one needs to exercise one’s own rationale and keep in mind all the pros and cons of both the areas. While North Bangalore looks lucrative from an investment point of view because of its future prospects, South Bangalore promises to ensure comfort living thanks to its thriving infrastructure.