Good social infrastructure and op notch amenities even in the suburban localities has meant that Bangalore has outshone Chennai when it comes to a balanced growth in the reality market and housing sector in the past year. The culture of community living is something that is gaining popularity in the ‘Garden City’ that has developed rapidly riding on the wings of the IT revolution in the region.
The advent of software companies, along with well developed townships that are located away from the city center and safety offered by gated communities has meant that people in Bangalore are far happier to opt for a house for rent even in the expanding suburbs.
This trend is reflected even in residential property sales as they have been more or less table in both the cities over the past year and have shown significant signs of growth, when compared to similar stats from across the rest of the country.
While capital and rental values in city-centric locations are presumably high in Chennai due to those in the city unwilling to move to the communities taking shape n the outskirts that seems a far less prevalent tendency in the city of Bangalore.
In Bangalore the residential supply is very well distributed and not just concentrated to the city center with locations like Bellary Road, Hosur Road and Whitefield accounting for over 68% of the total supply and even prime property in Old Airport Road, Sarjapur and KR Puram, among others being developed constantly.
Due to lack of such prime locations, the prices of residential units in Chennai have increased several folds over the last 12 months and that is feature which seems like continuing as demand seems to constantly trump supply in the region.
Despite the slow economic times and their own individual flaws, both the South Indian cities seem to be quickly transforming themselves into heavens for real estate developers along with Hyderabad and Pune.