Demand for houses in JP Nagar on the rise

When compared to other metropolitan cities of the country, Bangalore has been witnessing a constant demand for residential properties over the past few years. The presence of several IT bigwigs is one of the major reasons for the housing demand in the Bangalore city. As the number of migrants to the city for career opportunities has been high in recent years, the requirement for accommodation has also increased eventually. According to a report by Indiaproperty.com, there are more than 60,000 unsold inventories in Bangalore, in which 80% are apartments. However, builders haven’t reduced the property prices. There are number of flats that come under the price bracket of INR 7000 per sqft and INR 10,000 per sqft. Most of these apartments are majorly in the luxury segment. With the recent announcement in Union Budget 2017 to of provide infrastructure status for affordable housing is expected to boost the real estate market of the country. And, Bangalore is not an exception. Also, the upcoming infrastructure developments in Bangalore are also likely to boom the property market of metropolis in near future. As a result, the demand for apartments in Bangalore will increase further at the time to come. Especially, several localities in Bangalore have been the most preferred choice among the property investors. Some of those most demanded residential markets include North Bangalore, Whitefield, Sarjapur Road and the Outer Ring Road (ORR). Apart from it, some of the older residential localities such as JP Nagar, Basavagudi, Jayanagar in south Bangalore are also witnessing a good demand for residential properties. Particularly, the demand has been high for 2 bhk and 3 bhk configurations in these localities. Further, most of the property buyers prefer to invest in ready to move in apartments in JP Nagar , Jayanagar and Basavagudi. As Bangalore has been the most preferred investment destination for many High Net worth Individuals and NRIs, the requirement for luxury segment homes are high in the city. Thus, premium range of properties that are priced above 1.5 crore are also on high demand. The demand for luxury housing has been especially high in the Central Business District (CBD) and the secondary business districts (SBD) such as ORR, North Bangalore and the ORR markets. When compared luxury housing segment, affordable housing has been the major factor that drive the real estate market in Bangalore. Apartments in Bangalore that range between Rs 30 lakh to Rs 60 lakh have been the most demanded properties among the potential home buyers. A home buyer can find properties in this budget range in the north and south east parts of the city. A property investor who looks out for property investment in Bangalore for the second or third time prefers to buy a property in JP Nagar, Jayanagar and other older and better developed localities. The current prices of apartments in JP Nagar range between INR 4500 and INR 5000 per sqft. With the proposed infra projects in the vicinity, the capital values are expected to increase in future.