Here’s the tremendous growth of the Indian real estate sector, and Bengaluru and Hyderabad were at the forefront being the technology cities. These two cities have therefore experienced property price appreciation of over 80 percent in recent past. This is not a passing fancy, which we see in many planting sectors on the ESA. They include the increasing information technology industry, proper development of infrastructure, and increasing population of IT professionals
The Rise of Bengaluru and Hyderabad
Bengaluru, also known as the Silicon Valley of India, has been the main center of IT and technology companies. Numerous technology giants like Google, Microsoft, Amazon, and many others have their headquarters in the city, along with many startups. This is a thriving ecosystem that has seen many professionals flock to this city. This is so because many people have flocked to Bengaluru in search of jobs, hence leading to the high demand for accommodation. Likewise, Hyderabad has climbed up to the ranks of competing with Bengaluru in the IT sector. Tech campuses have flocked to the city over the years due to cheap living standards and favorable conditions for businesses. The government has implemented policies favoring industries by providing a one-stop solution for clearance in the city, which is TS-iPASS. This has led to an increase in the demand for housing units and other commercial real estate.
The Role of the IT Sector
The IT sector in particular has greatly contributed to the growth in real estate business in these cities. There is always fresh talent flocking to these firms in the wake of growing technological firms, and they are in dire need of shelter. As a result of this, there has been an expansion of new housing estates within and around the cities. They are well finished, offering the latest amenities, and are also well positioned in the city centers, which makes them favorable to end users.
In Bengaluru city, Whitefield, Electronic City, and Sarjapur Road have emerged as the most preferred destinations for the property market. These areas are well located near the largest IT parks, and people can find here almost any type of dwelling, from affordable flats to luxurious villas.
The same trend is also visible in other areas like HITEC City, Gachibowli, Madhapur, and so much more in Hyderabad. This has seen the prices of properties in these areas rise, especially due to their closeness to the IT-intensive firms. This is in addition to good schools, hospitals, and shopping centers, among other attributes that increase their appeal.
Infrastructure Development
Development of infrastructure has also helped in increasing the real estate market of Bengaluru and Hyderabad. Thus, both the cities have benefited from advancements in infrastructure that have made them more friendly to residents.
Currently in Bengaluru, Namma Metro has proved to have a key factor in the construction area. The metro network links major areas of the city, helping people save considerable time and ease while getting to their respective places of work. The next phase of metro, which is Phase 2, is also planned to enhance connectivity, especially at White Field and Electronic City.
The infrastructure story has also picked up well in Hyderabad as well. Hyderabad metro, which is one of the largest metros in India, has extended transport facilities in the city. Further, Outer Ring Road (ORR) helps in segregating movement from one part of the city to another and thus controls traffic jams.
expansion and growth in transport facilities, educational institutions and multiplicity of infrastructures such as IT parks, shopping malls, etc. In the above-mentioned cities has improved the infrastructure. It has made them more attractive to residents as well as investors, hence the growing property rates.
Migration of Professionals
The IT professionals’ shifting from other regional cities to Bengaluru and Hyderabad has led to a real estate revolution. Both the cities investments have created an attraction for talents, where many people from all over the country and even from other countries flock to the cities to seek out talents. These people have led to increased pressure on the estates, boosting the numerical value of houses and other properties.
In Bengaluru, the existence of numerous numbers of IT organizations and start-ups has made significantly higher IT professional population. It is also important to note that Kano is cosmopolitan, has a favourable climate, and is vibrant at night—issues that make people prefer to live in the city.
Contrary to the same, Hyderabad is better in terms of the cost of living than Bengaluru; however, it is found to be cheaper than the later one. This has made it ideal for working persons and other professionals who seek better houses at comparatively lower prices. This is also a plus for the city because of the unique culture, tasty food, and hospitable people.
The demand for rental houses has also risen within the two cities, as there are few people buying houses to occupy but many opting for rental houses. This has resulted in increased interest in rent, hence enhancing the real estate business.
Government Initiatives
This paper shows that the Karnataka and Telangana governments have significantly encouraged the real estate industry in Bengaluru and Hyderabad, respectively. In the last two decades, both states have put into effect policies intended for the development of real estate and investment attraction.
Today the Government of Karnataka has implemented many changes aiming at simplification of the process of purchasing as well as selling property. The subsequent enactment of the Real Estate (Regulation and Development) Act (RERA) has also increased transparency in the market and safeguarded the consumers’ interests.
Telangana’s government has been more diligent in advertising Hyderabad as suitable for the business. The TS-iPASS system has benefited business people to access approvals and commence business operations in the city. The state has also spent a lot of money on infrastructure development, thus enhancing the growth in the construction industry.
They have also been trying to solve problems that affect the ‘Ease of Doing Business’ in their individual states. This has promoted development in Bengaluru and Hyderabad because more companies from all over the world open their branches there, thereby providing people with more job opportunities and thus increasing the demand for housing.
