Bangalore, being the capital city of Karnataka was founded by Kempe Gowda I in 1537. With over a Population of 10 million, it is termed as a megacity and is one of India’s largest cities. With rapid changes taking place in modern times, the city has grown geographically, demographically and technologically. In ten years time, a lot of changes have taken place in the city in the form of growth in infrastructure, new-age transportation, life-style of the people, and growth in the real estate market. You can now easily buy apartments in Bangalore that suit your requirements. Here are some of the factors that have given this garden city a new face.
Proliferation of MNCs in Underdeveloped areas
Previously, areas such as Bommasandra, Madiwala, Whitefield, and Marathahalli were outskirts of Bangalore which had seen very few developments taking place. In the past decade, these areas have become centers for numerous IT and Multinational Companies. With the presence of multinational giants, the surrounding areas too experience development in terms of infrastructure, increase in the value of land, and standard of living of the population.
The only modes of public transportation within Bangalore were previously buses and autorikshaws. A couple of years back, the city’s metro construction began, which accelerated the convenience in travelling to various parts of the city. People now reach far off destinations much faster, which would otherwise take a couple of hours to travel. As per December 2017 statistics, the average number of metro passengers touched between 3,60,000 to 3,70,000.
Due to reasons like better job opportunities and educational institutions, not only there is an influx of migrants from different states into Bangalore, but there is movement from within the state as well. In a span of 10 years, the population density has increased by 47 percent and has earned the tag of being the third most populous city. One can find an admixture of North Indian, North-East Indian, Tamilian, Konkani, Telugu, and Malayalee populations residing in the Silicon Valley of India. Not only is the migrant population increasing, but there is also a rise in the number of educated migrants moving into the city.
Increased pay packages
The many factors that lead to the mushrooming of MNCs and IT companies in Bangalore were due to the increasing number of engineering colleges churning out hordes of engineers. Other determiners were fluency of English among the localites, availability of large tracts of land, and tax breaks. This has resulted people securing well paid jobs in prestigious multinational companies which offers good pay. Bangaloreans now have a higher purchasing power and are able to lead an affluent lifestyle than ever before. The current scenario allows people a higher chance of landing a job.
Growth in the real estate market
In the year 2017-18, the trend of Investing in apartments and buildings has bounced back as opposed to the situation way back in 2008, when there was a decrease in the demand for homes due to recession. Currently, as there is an increase in the pay package of young Bangaloreans, it has resulted in the increasing desire to buy a home that does not compromise in terms of location, quality and size. Many builders are now taking the opportunity to cater to the growing rich class. They are quite skillful and innovative in producing some of the Buy Plots in Bangalore. This fact is quite evident with many state-of-the-art apartments, villas, and gated communities being constructed in this progressive city.
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