Why is Bengaluru a Developing City?

Bengaluru is going to be the rapidly-developing city in the world for the next 15 years. According to the Bengaluru Innovation Report 2019, the GDP of this city is projected to grow at 8.5% until 2035. Between 2019 and 2035, India will be home to 17 of the 20 fastest-growing cities in the world among the 780 major cities of the world. As per the reports, apart from Bengaluru, Chennai and Hyderabad are among the strongest performers.

● Most Millennials-Friendly City

According to the report, Bengaluru is the most millennial-friendly city in the country with the highest employability rate in the nation. This city ranks 18th in this category among major cities in Asia. It is also the first choice for women in terms of employability. It possesses a major demographic dividend with 37% of the population of the city between 15-35 years of age.

● Most Digitally Savvy

The consumer economy of Bengaluru is the most digitally savvy in India with a digital spend of Rs. 8,600 per month per person in the city. As of October 2019, this report has stated that 38.1% of all UPI transactions in Tier 1 cities originated in Bengaluru.

Consumers in the city also had the highest preferences for online shopping that is followed by Delhi and Mumbai respectively. In Bengaluru, 69% of the people who were surveyed have shown a willingness of purchasing products online in comparison to 61% of people in Delhi and 65% of people in Mumbai.

As one of the best consumer tech startups in the city, it was a natural decision for us to be based in Bengaluru. It is due to the cosmopolitan residents and tech-savvy residents of the city. Both of them are discerning and 'early adopter' customers for any innovative products that are launched.

● Tech Talent

Bengaluru is home to 33% of the tech talent in India with the most highly experienced engineers in the entire country. The engineering colleges and population ratio of Bengaluru are 1.7 times more than Mumbai and five times more than Delhi.

R&D Departments of domestic, startups, and multinational corporations, defense, product, academic & industry, and product, and user organizations- co-exist in one metropolitan city.

It refers that future innovations being planned and developed in Bengaluru and these are also firstly used in Bengaluru. Thus the talent in the city is up to date with the latest developments.

● The Framework of the Bangalore City

A city normally grows along with the transportation networks and highways for instance the connectors to the central business districts which are much like the spokes of the wheel. There is a major benefit in Bangalore that way for instance Ring Road connects all the four corners of the city to the central business districts.

It has assisted Bangalore to develop symmetrically and also in a decentralized manner with IT Parks, townships along with posh residential areas throughout the city. It is precisely the reason that the real estate prices are not contrastingly higher from one area to the other.

There are a few IT Parks and zones for instance Electronic City and Whitefield and the government is planning for a few more where the concentration of the SEZ companies is more.

Apart from these areas, there are IT parks that are scattered throughout the city along with major IT companies that are scattered throughout the neighborhood. There is no need to say that there are also other large industries for keeping a balance with the large industrial townships also.

This in turn has led to the decentralization of the population that is leading to a highly balanced demand for real estate property in the entire city much to the benefit of the real estate investors.

The areas, for instance, Devenhalli, Kothanur, Sarjapur Road, and many others which even half a decade ago were only small hamlets, these areas are tinsel towns now with escalating property prices and high demand for apartments. Most of the developers of Bengaluru have also flogged to such kinds of regions for instance myriad townships and projects and gated communities also.

The demand is also rising for such apartments in these upcoming areas as the working population strives to migrate to the city along with the industry flocking to the neighboring areas.

● The Infrastructure

The social and other infrastructure of the city was always a topmost priority of the government as the industries manded it. Bangalore possesses well-connected roads, Metro connectivity, and flyovers along with the Outer Ring Road that has been solely responsible for accomodating the enhancing population year-on-year.

The social infrastructure of the city, for instance, educational hubs, entertainment centers, marketplaces, and malls are second to none. This in turn attracts a massive range of the population. The reason is that the city of Bangalore facilitates a great work culture along with a great life to live and play.

There is also a favorable climate and great life in Bangalore. These are the extra factors for the immigrants that keep the demand and the supply of real estate ticking.

● The Prospective Factors Enhances the Return on Investment

Bangalore is on a mega expansion plan with some leading IT parks coming up at Devenhalli and Chikkabelapur that will come with smaller ones that are scattered throughout the city.

The International Airport established in the city has opened the doors for rapid development along the Bengalore-Devenhalli corridor. It possesses great social infrastructure development on both sides of the highway. The Metro is on an expansion plan that connects Kengeri, Bannerghatta Road, Anjanapura, Whitefield, and all the other extremes of the city. The metro railway is already operational with propositions to stretch over a total of 72.095 kilometers and a long stretch of 42.3 kilometers. It refers to an instant enhancement of real estate prices in the neighboring areas.

Bangalore attracts a population from throughout the world. The economic factors of this megacity are all favorable for development and real estate investment with a great climate along with a promise of an enjoyable lifestyle. The entertainment, employment generation, and infrastructure of the city are also highly competitive with other A-1 cities of India and in some cases even more. In contrast, the real estate prices in the city are much lower than in Delhi, Mumbai, or Gurgaon. It is an additional benefit for the investors and the homeowners alike who can have the expectation of a steady rise in their capital value year-on-year. The population pattern of the area is also favorable as Bangalore still captivates a massive array of immigrants which is enhancing rapidly. All these factors will make Bangalore a great land for investment both for the homeowners and the realtors.

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