Bangalore has always been a favorite to those looking to buy property because of its green and beautiful surroundings. Despite its hard core south-Indian culture, the city is cosmopolitan, inviting people from all regions, religions and cultures to come and settle.

But the city does not have much to offer to a poor, single income, regular tax paying (burdened with numerous loans and outstanding bills) citizens.

Interestingly, the city is attracting many potential buyers in the times of a cooling realty market. Why is it so… is the question.

According to various real estate market analysts, in areas like Sarjapur the property prices have decline by almost 10-20%. Shockingly, even in posh areas like Jaya Nagar and JP Nagar, prices have come down by 15%.

However, if we look at the history and the huge jump in prices during the IT boom in the city, most of the properties demand a fake or inflated price. Due to which the builders and brokers in the city made an extra income. Now that the market has stabilized, a lot of apartments lie unoccupied due to a mismatch in demand and supply. The soaring prices have resulted in builders not getting enough buyers.

Mangalore’s property market, which is in a budding stage, is quite similar to what Bangalore was a couple of years ago. Realtors in Mangalore have hiked prices taking a cue from increasing industrialization and incoming investments. As a result, a house which would be available for Rs 2,500 is available for Rs 3, 500. But this situation will not last for long as one can see the condition of Bangalore’s property market today.

The IT boom in the Bangalore city not only led to an increase in realty prices but also the disposable income of IT personnel that allowed them to give a premium on property of their choice. Consequently, the residents of the city also had to cough up an extra to match up with the hike in prices.

Now the situation is that flats are lying vacant and apartments are builders are getting frustrated. Therefore, we see a considerable decline in the prices, as builders try to entice the buyers in an age old way.

For instance, Sarjapur was out of sight until the IT boom hit the city. The IT boom had changed the landscape of this area. However, demand has now mellowed due to unaffordable prices. Due to these sky rocketing prices, now, there lie a number of flats vacant in the area. Though many real estate developers are coming up here with premium projects, the buyer is still apprehensive about investing in properties, unless the prices balance out.

It’s easy to look for a job in Bangalore than to hunt for a house. Be cautious and judicious when you are looking for a house so that you buy the best property in Banglore. After considering your preferred location and estimating your budget, there is no point looking all over the city for an apartment. First of all, go through the real estate portal meticulously, then, get in touch with the marketing team of reputed property developers and brief them about your requirements. They will help you in choosing the best among all.

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