Due to its start-up culture, the city of Bangalore, India has the inviting aura which attracts people to settle here. Apart from that, the living conditions, a diversified culture, flourishing educational resources, and wide opportunities make Bangalore a suitable place for living for people from all walks of life. Be it bachelors or a pensioned family, The Silicon Valley of India undoubtedly offers great facilities, which other cities often lack. In the recent year, Bangalore was ranked as ‘The world’s most dynamic city’, by the real estate services firm Jones Lang LaSalle’s (JLL) in the annual City Momentum Index (CMI). Bangalore is held higher than well renowned cities of Shanghai, London, and Boston for its developed technology and innovation. Youngsters move to the city for better education or in search of jobs. Grown-ups settle in Bangalore, India for better and spacious living conditions. There are plenty of options available for flats for rent in Bangalore.
Bangalore can match up with the expectations of most groups of people and that is the reason it is one of the most searched cities in India for buying or renting property.
Things to check while investing in the city
- Less distance from commercial sectors
- East or north facing properties are suggested
- Opt for a property which has a spacious frontage
- Choose a house with a better social infrastructure and an amiable environment
- Always have a sanctioned plan approval and if taking a loan then public sector banks are advisable.
Places with suitable living conditions
The concept of independent houses and villas are predominantly popular in the North Bangalore area. South Bangalore is more into the apartment style of living. The city is driven by IT professionals and their urge for a luxurious lifestyle. Independent houses and properties are hence in great demand in the city. The property prices of the northern side is thus without a doubt higher. So when one is going to opt for a house where they are paying a wholesome amount, they should settle in for the best possible option available to them.
Here is a list of the best localities of the city:
- BTM Layout – Well known for being a self- sustained locality, BTM layout is located between Madiwala Lake, Taverekere, HSR layout and Bommanahalli. The area is well gilded with restaurants, medical centres, and educational institutions. It is basically a paradise for professionals and families. One can easily rent a 2BHK within 14,000-25,000. If it’s a family, the buying rates are pretty reasonable as well. 75 lacs- 1 Cr+ for a 3BHK is decent, considering the complementary facilities.
- HSR Layout – It is rather a more recent and upcoming suburban area as compared to BTM. The area is perfect for families keeping in mind the greenery that surrounds the area. The prices are higher than BTM due to its location. The rental rates for a 1BHK and 2BHK properties oscillate between 10-15,000 and 17-30,000 respectively. However, the buying rates start from 75 Lacs for a 2BHK complex and for a 3BHK it starts from a crore.
- Koramangala– this place is more affiliated with industrial and tech sectors. It’s a hot hub for the younger generation who enter into the city in search for jobs. It is in contrast to the well suited residencies of BTM and HSR. It’s enwrapped with bungalows, well-planned roads, and modern studios. The pricing rates are more or less the same as those in HSR. The rental rates start from 11,000 for a 1BHK. However, keeping in mind the huge influx of bachelors, people can always opt for PGs which start at a rate of 8000 and range up to 18,000.
- Indiranagar – A home for the millennials, Indiranagar is well equipped with markets, pubs, gyms, malls, parks and hotels. The place is posh yet reasonable. One can call it the South Delhi of Bangalore, India. The rates are the same as those in Kormangala. Indiranagar, however, provides more options and a larger variety of housing facilities than Kormangala.
Projects launched by Developers
Estimating more growth in the economic structure and development of the city, many renowned developers have set up new projects in the city for setting up a house in Bangalore.
Bren Corporation has recently launched their new project Bren Imperia which provides for 2 and 3BHK apartments at a price margin of 70-90 Lacs. This project is implemented in the area around Sarjapur road which is the heart of South Bangalore. It is a profitable investment with the package of club house, conference room, gym, swimming pool, etc, that come with it. The entire lifestyle fits in well with the luxurious IT cell standards.
A parking lot and spacious living area are the basic conditions of living. Having those in mind, the Concorde Group launched their new project Concorde Amber, again near Sarjapur, which provides for 2 and 3BHK apartments at a price margin of 42-65 Lacs. This is one of the well-known brands of Bangalore’s real estate market and hence is reliable.
Eligibility criteria for Bangalore Housing Scheme
- Annual family income of Rs. 87,000
- S/He SHOULD be a resident of Bangalore for at least five years
- S/He should NOT own a house
- S/He should NOT have availed subsidy from prior housing schemes provided by the Government.
Documents required for the Bangalore, India Housing Scheme?
While applying for the scheme, an applicant is required to produce certain documents. Given below is a list of documents which would enhance the possibilities of acquiring a housing facility under the scheme:
- Aadhar Card number
- Voters ID card
- Bank Account number
- Registration number granted by the Labour Department (Only for construction workers)
- Caste certificate number
- Income certificate number
- Domicile certificate number