Property price trends in key regions of Bangalore-2017

The hike in thecost of real estate project is usual nowadays. House is a thing, which all of us want to buy at some point in time of our life. Some of us do invest in it and some buy for having a shed on their head. Whatever may be the reason, the rising price of apartments in key regions of Bangalore has become a serious concern for those, who really want to buy a flat for their living. Earlier the prices were affordable, but today the rising price has become the serious concern for a common man.

Here is why the rate of property had changed drastically in Bangalore

·         Cost of Labor had increased

In the recent years, the cost of labor had increased. Earlier the raw material and cost of labor was low in comparison to that of today. Hence, you are thinking of buying apartments like a studio apartment in Koramangala, you need to make sure that you have enough budgets that you can pay for the increased labor as well as the rate of the raw material. Hence, it has changed the rate of property.

·         Being a major commercial hub

Commercial hubs are the most sought after places, where people want to live. Bangalore is an IT hub, where many big brands are available in key areas; hence the people do look for places to stay in such locality. The price trend in Koramangala had been increased due to it being a commercial hub.

·         The road connectivity

We’ll take case of Koramangla, a prime locale in Bangalore. Koramangala is counted amongst one of the prime locations in Bangalore, one definitely looks for a road connected properly via national highways. The main road connecting Koramangala connects the old airport as well as goes toward Mysore. Hence it is the busiest route in Bangalore. People working in companies near to Koramangala, definitely look forward to a location nearby to reside. As studioapartments in Koramangala are the cheapest of all the properties which one can acquire, people do invest in the same.

It is a common practice to buy flats rather than renting it, as renting a flat has no security or assurance. When you buy a flat, you own security of being at a place where no one can come to you and terminate the leasing agreement. Since the maximum number of jobs in Bangalore are available in key areas, the price trends have been changing constantly. Earlier there were only traditional flats which cost a lot, and people used to take much time to buy those flats. But today, the trends have changed and one even not shy to buy a studio flat for them, as they know nowadays the bigger thing is to buy a house. No one cares about it whether it is a fully-fledged bungalow or a mere studio flat where you do have the option to stay as well as work. This is the major reason why the cost of even studio apartments in Bangalore have increased over time.