Information Technology And The Property Market In Bangalore
News Posted On: 08 July 2011
The rapidly expanding information technology sectors in Bangalore are having a significant effect on the luxury property market in the city. This is quite obvious when looking at the size of luxury apartments and villas, which have grown by a considerable percentage over the last few years.
In the past the average size of a premium apartment was about 1600-1800 square feet, but now the average size of a luxury apartment is more likely to be 2000-2500 square feet. Sizes of luxury villas have increased from an average of 1800-2200 square feet to 3000-3500 square feet, and the location of these properties is particularly important.
These sizes are once more on the increase, with premium apartments now being as large as 3000-5000 square feet, and villas frequently being a massive 4000-11000 square feet. Although the market for such properties has recently slowed, developers are still launching new projects, and have sufficient capital behind them to wait until all units are sold, rather than having to reduce prices. In fact, premium villas with high price tags have been selling faster than premium apartments.
There is no doubt that information technology is responsible for this growth in luxury property, especially in South Bangalore, and the IT sector is looking particularly good at the moment, with this year expected to be a landmark year for hiring personnel. This will not only positively impact the commercial property market, but will also increase the need for even more luxury property in Bangalore due to increased salaries and consumer confidence.
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Written by Les Calvert
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