Bengaluru Real Estate Boom: Prices Set to Soar by 10% in Prime Locations
Bengaluru's real estate market is poised for substantial growth in 2024, with prices expected to rise by 10% in prime locations, driven by demand from the tech industry.
Bengaluru Real EstateProperty PricesTech IndustryHousing DemandAnarock ReportReal EstateJul 07, 2024
Bengaluru, often referred to as the Silicon Valley of India, is home to many major IT companies, startups, and multinational corporations. The city's vibrant economy has led to an influx of professionals and entrepreneurs, resulting in a high demand for housing, particularly in prime locations.
The report highlights that the city's real estate market has witnessed a significant growth in recent years, with property prices increasing by 5-7% annually. However, with the demand for housing continuing to outstrip supply, prices are expected to rise further in 2024.
The areas that are expected to witness the highest price appreciation are the tech corridors of Outer Ring Road (ORR), Sarjapur Road, and Electronic City. These areas have seen a significant increase in demand in recent years, driven by their proximity to major IT hubs and the availability of amenities such as schools, hospitals, and shopping centers.
The report also highlights that the demand for affordable housing is on the rise, with many developers focusing on building budget-friendly homes in the price range of Rs 30-50 lakh. This trend is expected to continue in 2024, with many new projects expected to be launched in the affordable segment.
Information
ANAROCK is a leading real estate consultancy firm that provides research, advisory, and consultancy services to the real estate industry. The firm has a strong presence in India and operates in several cities, including Bengaluru, Mumbai, and Delhi.
ANAROCK is a renowned name in the Indian real estate industry, known for its in-depth research and analysis of the market. The firm's reports and predictions are widely followed by developers, investors, and homebuyers, and are considered a benchmark for the industry.
Keywords Bengaluru real estate, property prices, tech industry, housing demand, ANAROCK report
Frequently Asked Questions
What is the predicted growth rate of Bengaluru's real estate market in 2024?
According to the ANAROCK report, Bengaluru's real estate market is expected to grow by 10-15% in 2024.
Which areas are expected to witness the highest price appreciation in Bengaluru?
The areas that are expected to witness the highest price appreciation are the tech corridors of Outer Ring Road (ORR), Sarjapur Road, and Electronic City.
What is driving the demand for housing in Bengaluru?
The demand for housing in Bengaluru is driven primarily by the growth of the tech industry, which has led to an influx of professionals and entrepreneurs.
What is the focus of developers in Bengaluru's real estate market?
Many developers in Bengaluru are focusing on building affordable housing projects in the price range of Rs 30-50 lakh.
Who is ANAROCK and what do they do?
ANAROCK is a leading real estate consultancy firm that provides research, advisory, and consultancy services to the real estate industry.
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