'Property scene in South robust'

The residential and commercial properties in Bangalore and Chennai have classy designs offering amenities of international standard. The mind-boggling rise in demand for properties in Bangalore and Chennai is mainly due to the enormous migration of IT professionals to the city for employment purposes, resulting in a substantial increase in population.

Another reason for the maddening demand is investment. All the young IT professionals drawing handsome salary packages eye the residential and commercial properties in Bangalore or Chennai for  the sake of investment. Property is the safest bet after gold as far as investment is concerned. The young, energetic, profit loving and rich IT generation is aware of the tax benefits and advantages that accompany the purchase of a property, be it residential or commercial, in the long run. The simple logic applied is, a residential flat bought today is worth double the money invested.

An increasing demand for residential flats in Bangalore or Chennai has geared many well-known developers as well as the government to build more residential townships offering affordable housing options. The concept of residential flats is to utilise maximum space so that maximum number of people can be accommodated in a single building.

Multi-storeyed apartments in Bangalore solve the problem of space crunch. These residential flats are pretty cost-effective when compared to independent houses or villas. BBMP/BMRDA in Bangalore and CMDA in Chennai look after the planned development of Bangalore and tries to develop enough residential areas in the city. Real estate is moving in a steady manner with multiple residential flats in Bangalore available for both the creamy and the mid-income sections of society. Location is a price-driving factor for residential flats. If the residential flats are located on the fringes or outskirts of the city the prices generally tend to be lower.

Presently, the residential sector is dominating the South, West and Southwest part of Bangalore, but the eastern part of the city is witnessing an increased residential activity as a spin-off from IT related commercial developments. Bangalore and Chennai are the only cities in South India to see upcoming residential developments. The residential market of Bangalore has always been the market of apartments, but lately developers have started focusing on villa and row house developments. Presently the high-end residential developments are mainly concentrated in the CBD and in the East and South of the city mainly comprising luxury apartments, villas etc. With the International Airport, the city is also experiencing fresh growth towards the North.