The city of Bangalore, known to be the Silicon Valley of India, is now being looked upon for its rapid commercial growth over the past few years. The Government has taken initiatives to boost the overall development of this city. Setting up of industries, establishment of IT and educational hubs have all contributed to the comprehensive growth of Bangalore’s civic infrastructure. With the Metro rail becoming fully functional, Bangalore is now at par with other leading Metropolitan cities of the World.
The realty sector in Bangalore is witnessing a boom. This city is powerful enough to attract investment from all over the world. From local residents to NRI’s, Bangalore realty sector is amongst the fastest growing industry which is predominantly contributing to its progress.Statistics and surveys are indicative of the fact that some prime locations in Bangalore like Whitefield, Jayanagar and Indiranagar have experienced massive growth with respect to the realty sector. With the availability of world class infrastructure and other necessary amenities, property prices have shot up in these areas.
One such prominent example is the Mahatma Gandhi Road or M.G Road. This road connects Trinity Circle and Anil Kumble circle which has made this road Bangalore’s busiest road. M.G road is famous for shopping and is lined with every possible type of shop. M.G Road is also a recreational hub with theatres, restaurants and retail showrooms spread out across the many small streets of this road. This street is vibrant and buzzing with activities throughout the year.
M.G Road area is regarded as one of the prime locations of Bangalore. With property prices reaching for the skies, M.G Road area has developed tremendously over the last few years. The reason behind such a rapid development is the availability of quality space in the North and South of M.G Road which has lead to the widespread establishment of new firms and companies. M.G Road therefore is one of the major commercial areas of Bangalore.
Private sectors have taken care of commercial development in this area. Office spaces, Showrooms, retail spaces have emerged in large numbers in M.G Road. Under the control of Bangalore Development Authority (BDA), commercial spaces in Bangalore have been top on the priority list for sustained progress. M.G Road is the home to best-in-class commercial spaces. Residential spaces have also come up in the areas adjoining M.G Road. Residential properties in M.G Road are priced somewhere around Rs.11, 500 to Rs.13, 900 per sq.ft. The average price per sq.ft for commercial office space and plots is ranged from Rs.14,500 to Rs.22, 600. The price tends to vary depending upon the type, size and area of the commercial space.
The IT has played a major role in attracting settlements in Bangalore. M.G Road is queued up shops and commercial spaces with the increasing demand from the Property seekers. This trend has been witnessed after the IT sector prospered in Bangalore. M.G Road is the perfect destination for commercial and residential investment since the returns have been assuring and profitable.
Property prices in Bangalore have been increasing with the development of the infrastructure like roadways, railways and airways. All this in turn have strongly influenced the realty sector of Bangalore. Areas like M.G Road will see more growth in the years to come since Bangalore infrastructure and economy have broadened the scope of real estate. World class airports, Metros, Buildings and constructions have pinned Bangalore on the world map for its development.
With diversification and expansion of all promising arenas of real estate, Bangalore today is at the forefront with its multi dimensional evolution. The future of the real estate industry in Bangalore is extremely promising and fruit bearing which has given rise to the emergence of quality residential and commercial projects across the city.