As business development rises, residential sector falls in Bangalore

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Bangalore is known for its serene environment and greenery which makes it pleasant and a healthy place to live in. But most importantly, the business sector of Bangalore is what drives people from all over the country to come here and settle with families.

After a long time Bangalore property has heard some good news. The lands in Bangalore specially that of office spaces have taken a high rise of 4.6 million sqft in the quarter, from 2.3 million sqft in the second. These figures according to CBRE is still lower than 5.3 million sqft a year earlier but manages to spread a sigh of relief.

This year, the Central Business Development area is being advised to prefer while making recommendations to the Centre. The suggestion was made that Central Business Development area(CBD) of Bangalore should be proposed for the Smart City Project, by KJ George on January 17.

Along with this, Bangalore is facing a major drop back when it comes to residential Land in Bangalore. After Demonetization struck the country, more than half of the under constructed projects were stopped midway which made it really tough for the developers to sell them. Experts say, that is situation can lead to a dangerous shortage of housing in Bangalore. According to Leases For as, approximately 8,98,434 units were left unsold in 2015-16 and only 20% units reached on the verge of completion. This data is 16% higher than what it was in 2013-14.

Although, it is to be believed that the initial dust of demonetization is now blown and it is proving to be a good time to buy Property in Bangalore. If one is thinking about the large fall of housing rates then remember, the opportunities are peeking through the window in just 6-8 months. Once people start to buy again, the rates are indicated to move upwards again.

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