Pertinently attributed as the Silicon Valley of India, Bangalore has embraced a massive real estate boom because of the IT push in the city. The migration of working professionals has left no place underdeveloped anymore. Everywhere you look, there are new developments appearing at a reckless speed and this situation has led to a rapid appreciation in property prices, reflecting the conditions of the real estate industry in the city.
This situation has compelled investors and developers look for new options in areas like the outskirts of the city that are lucrative for real estate business. For example, places like Tumakuru, Kolar, Devanahalli, Hosur, Sarjapur Road, etc., are developing rapidly and investors are showing great interest to buy properties in such areas.
Having said that, normally investing in a property in the city puts one through a lot of dilemma, then what about choosing to invest in the outskirts of the city? It will surely generate a lot of doubt in an investors mind.
You might have a list of questions like, is it a good idea to invest in the outskirts of the city? Or will investing in the outskirts be too far away? Or will the property give maximum returns after investing in the outskirts?
We have listed a few points below that will answer all your questions.
The areas outside Bangalore have seen remarkable growth with the setup of major infrastructure around them.
Let’s take Tumakuru for an example: Tumakuru has qualified under the Government of India for the “Smart City Mission”, a mission to transform Tumakuru into one of the most preferred destinations. This mission envisages improving the quality of life with good infrastructure in a sustainable green environment. Also, the Karnataka government has marked out Vasanthanarasapura in the Tumakuru district for the development of a major industrial hub.
In reality, the real estate market has become saturated inside the city, making corporate organizations opt for the outskirts as their target areas to build new IT parks and offices. And with this expansion comes the need for new residential homes and plots!
The distance between the outskirts and Bangalore city might seem long, but they are well connected. The ease of connectivity is one of the main reasons why properties in the outskirts of Bangalore will only appreciate with time. Metros are an easy way of connecting to the main city and other areas around. You can enjoy excellent connectivity through the proposed Bangalore Metro Rail, the arterial roads connecting NH 48 and the Peripheral Ring Road.
The affordability factor
Property rates in the outskirts of Bangalore are much lower than they are in the main city. You can get a much larger apartment or a villa in the outskirts for a very affordable rate. Apartments in these areas also have many luxury amenities that match that of a city’s. The low prices of properties in these areas are a big reason for why they are an economically sound investment. For a relatively low price now, you will soon be making high returns on your investment in the future.
Higher rate of return
A huge number of IT and corporate houses are settling down in the outskirts with a lot of job opportunities. What’s more? Since this development is comparatively new, many home buyers are willing to invest in the outskirts as the rate of return will be much higher over a period of time.
Greener and Peaceful living
There’s a different appeal in owning a home in the midst of greenery and a peaceful ambience. Envision unwinding and relaxing in your own garden after work. Since the city has already reached a saturation point, it has gotten practically difficult to find such relaxation in a community within the city.
Variety of projects
The outskirts are in the limelight nowadays for real estate projects; builders intend to construct gated communities, plotted developments, townships, complexes and private villas, with luxurious amenities and facilities. Living in such an environment guarantees good security along with living amidst good communities of people.
For example: Swarna Griha projects are located at Annenahali and Vasanthanarasapura in Tumakuru and Narasapura in Kolar. All their projects define the essentials of urban living standards combined with good amenities.
All the developed locations we see today were once underdeveloped. But factors like rapid development, connectivity, ambience and surroundings have played vital roles in turning them into developed locations. A home surrounded with lush greenery, open spaces and comfortable amenities is what everyone desires for. But while investing, you should also consider factors like location, rate of return, security, environment, etc.