Annual increase in price per sq feet in this city, basis makaan listings
Annual Rental Yield
% of property cost that you are likely to recover as rent in 1 year
Property in Bangalore
: an overview
Bengaluru, Karnatakas state capital, is now recognised globally as Indias information technology (IT) capital. Situation in the states southeast, Bengaluru attracts immigrants in large numbers partly because of its benign climate, and partly because of human capital. The average low and average high temperature of Bengaluru are 15.4C and 36C, respectively. Earlier called Bangalore, the city is known as the Garden City because of its wide streets and greenery. Bengaluru is also known as the Silicon Valley of India because of the intense clustering of Information Technology (IT) firms. Multinational enterprises and immigrants have been vital in the growth of the city. Real estate prices in Bengaluru have been rising over the past few decades. Various South Indian dynasties, the Mughals, the Marathas, Maharaja of Mysore, and the British have ruled the city at various phases in its history. It was the capital of the Mysore State before Karnataka was formed in 1956.
Infrastructure Bengalurus Kempegowda international airport is the third- busiest airport in the country in terms of passenger traffic. The city has four major railway stations and a rapid transit system. Bangalore Metropolitan Transport Corporation (BMTC) buses are also a commonly used mode of transport. BMTC also has a wide taxi and air-conditioned Volvo bus network. The sewage lines in Bengaluru extend nearly 215 square kms. The water the city receives is greater than that of any other Indian city. There are, however, water shortages because of the wide fluctuations in the rainwater the city receives. Many infrastructure projects in the pipeline are likely to raise property prices in Bengaluru. The city metro system will soon be fully operational. An Outer Ring Road connects Yeshwanthpur, Hebbal, Marathahalli, and Sarjapur. Now, a nine-km four-lane elevated expressway connects the Silk Board Junction and the Electronic City Junction. A 288- km satellite town Ring Road is expected to connect the satellite towns of Bengaluru. A 116-km peripheral Ring Road is expected to run from the Hosur Road to the Tumkur Road. Among the other proposed projects are a 41-km mono rail project that runs from JP Nagar to Hebbal and a 33-km high speed rail link that connects Bengalurus central business district and the international airport. In Hoskote, a smart city, Emprasa, is being planned.
Homes and living The proliferation of the IT companies in Bengaluru has led to people moving far from the central business district (CBD) to other parts of the city. Like many large cities in the world, Bengaluru, too, spread out when it grew, demand for real estate rising in areas farther from the CBD. Bengaluru North emerged as a major real estate destination when the international airport moved here. The elevated expressway was also a major factor in rising property prices in the area. Rapid commercial development and proximity with many IT hubs in Bengaluru is also a reason why demand for real estate is high in this region. When Electronic City emerged, it raised real estate prices in the Bengaluru south. The emergence of Whitefield as a major IT hub led to real estate prices rising in the eastern side of the city, too. Manyata Embassy Business Park near Hebbal raised real estate prices in surrounding areas. Areas like HosurSarjapur Road Layout (HSR Layout) have seen growth in demand for housing because of proximity to the Electronic City and commercial areas of the city. Improving infrastructure is also a major reason why property prices are rising in Bengaluru. The development of the metro network, the international airport, and various road projects have raised real estate prices in the city. Unlike in many large Indian cities, rental housing plays a more prominent role in Bengaluru. Even though it is cheaper to rent a house in here, the advance is typically higher than in other Indian cities. Real estate and construction BBMP allows you to pay property taxes online. Property tax in Bengaluru is related to the year of construction of your house, the zone in which your house stands, the built-up area and car parking spaces. Stamp duty in Bengaluru is five per cent of the ready reckoner rates. Service tax is 3.5 per cent of the value of the property. The Value Added Tax (VAT) is seven per cent on the agreement value. Registration charges are up to 30,000 or one per cent of the value of the property. Properties are registered in the sub-registrars office. If the value of a property is over Rs 50 lakh, one per cent tax (TDS) must be paid before registration of the property.
Demographics Bengaluru is the third most populous Indian city. The city population grew from 5.1 million in 2001 to 8.4 million in 2011--- a decadal population growth of 65.2 per cent. The city has a population density of 4,381 people per square km. From 1941 to 2011, Bengalurus population has risen 20 fold.
Governance The civic administration in Bengaluru is the responsibility of Bruhat Bangalore Mahanagara Palike (BBMP). BBMP was formed in 2007 and has a city council of 250 members. Of this, 198 are ward corporators and the rest are other elected representatives. Much of the BBMPs expenditure is on public works, projects, welfare, public health engineering, road related infrastructure and storm water drains. The construction, maintenance and administration infrastructure projects in the city is done by BBMP, in collaboration with Bangalore Development Authority (BDA) and the Agenda for Bangalore'sInfrastructure and Development Task Force (ABIDe).
Industry and Employment Many global multi-national firms have offices in Bengaluru. The citys excellent educational institutions are seen as the precursor to the flourishing of the technology industry in the city. Bengaluru houses nearly 47 per cent of the 265 biotechnology companies in India. It contributes to roughly 65 per cent of Indias aerospace business.
Many governmental organisations like HAL, BEL, ISRO, NAL, BEML and HMT have their headquarters here. The city has offices of 66 Fortune 500 companies, 682 multi-national corporations (MNCs), 1,685 IT and IT-enabled services companies and 131 biotech companies. Many major automobile companies, too, have offices here. Karnataka is expected to become the second-biggest automobile hub in South India. Volvo has plants that produce buses and trucks at Hoskote. Honda Motorcycle and Scooter India Pvt Ltd have two-wheeler manufacturing plants near Bengaluru. BEML manufactures buses and trucks for armed forces in the city.
Lifestyle Bengaluru is one of the most cosmopolitan Indian cities. The city is known for its diverse cuisine, street food, film industry and music. The city has many important historical monuments like the Bangalore Palace and Bangalore Fort. Many international musicians have performed here. Sports such as cricket, football, basketball and tennis are quite popular in Bangalore. Bengaluru is one of the best cities in India to witness rock concerts. Commercial Street is a major shopping area. IT hubs like Whitefield have major shopping avenues like Phoenix Marketcity and Gopalan Grand Mall. Known as the Pub capital of India, the city houses hundreds of clubs and bars. There are indoor snow theme parks like Snow City, which is the first of its kind in India where temperature is maintained below 5C Celsius. The National Gallery of Modern Art is also in Bengaluru.
B-Khata Properties To Be Delinked From Akrama-Sakrama
A plan is underway in Karnataka to regularise over one lakh B-Khata properties within corporation limits. Soon, owners of B-Khata properties in the state can obtain an A-Khata by paying an improvement and conversion charges.
The Bruhat Bengaluru Mahanagara Palike (BBMP) is mulling imposition of a two per cent cess by the name Land Transport Cess. Given that the financial health of the civic body isn’t good, the new cess seems to be its only way out to bring in some funds.
Sumadhura Nandanam is one of the upcoming luxury projects in Bengaluru's Hoodi. The project offers 2/3BHK apartments at a starting price of Rs 73 lakh. Sumadhura Nandanam project is being developed by Sumadhura Infracon and will be ready for possession by December 2021. The project is located on Hoodi Road and have good accessibility from main city areas. The project has 250 apartments to offer.
RMZ Corp launched RMZ Galleria Yelahanka project in 2012 to offer luxury apartments, retail space and office space. So far, Apple has leased 50,000 sq ft in the project and various foreign brands have acquired retail space in the project. The residential project has four tower offering 2,3 BHK furnished units.