Bangalore has always been a party town. Not in the sense of wine, women and song—not all the time, anyway—but in the sense that it’s become famous worldwide for the multiple festivals held in the city throughout the year. BangaloreIndia.org even reported that there’s no better time to visit Bangalore than during a festival; thankfully, with so many to choose from, it’s easy to come in during a citywide celebration.
A great added feature of Bangalore’s festival culture is the way that it draws people in, often for good. Many residents of Bangalore are visitors who loved the area so much that they never wanted to leave; the growth of Bangalore has often depended on these visitors, and investors interested in catering to them. With the recent dip in real estate prices across India, now is the best time for investors like you to help boost the market back up in preparation for the next big festival. Let the market grow!
Property Choices by Market
While the most profitable investment property type tends to be residential and commercial plots, in Bangalore it’s a little different. Because of the influx of tourists and prospective residents, often one and the same, it’s noticeably more profitable in the short-term to start with a pre-built property and prepare to upgrade at a later date to keep the profits up. Several Unitech apartments in Bangalore are available for purchase right now, giving investors a unique option not often available when purchasing residential buildings in India: tried and true craftsmanship.
Unitech prides itself on being able to build the home that fits every resident’s needs, and their apartments are no different. In Bangalore, current properties offer apartments ranging in size from over 1900 square feet to just under 4000, including unique garden level apartments, green features such as solar lighting and rainwater harvesting, and the security of a Unitech gated community. The Uniworld Resorts property in Bangalore is also conveniently located within easy walking distance of IT campuses like Infosys, Siemens and Wipro. Being able to offer these features to a prospective resident—even if they’re only in town for the festival season—gives investors into these properties a leg up above the competition. Furthermore, these properties are luxurious enough to have investors themselves moving in and continuing their work “from home,” utilizing the fantastic features that can only be offered by Unitech.
How to Get Started
Everyone has tips on how to buy property in India; with good reason, considering the demand for property and housing is always on the rise. As the population grows, both through immigration and natural means, there is always another person looking for their next home. When it comes to Bangalore, however, nobody tells it like Bangalore Realty. This professional service has a few recommendations to take into advisement before you buy:
#. Know what you need. Whether you intend to live in the property yourself, flip it to sell at a profit, or open it up for seasonal rental, it’s important to know exactly what you want from a property. Each situation has its own requirements, so do the research before you buy.
#. Account for legalities. Make sure that the developer has all the required approvals needed for the given property. While this isn’t an issue when it comes to buying from Unitech, it is important that you know how to obtain the necessary information in case of litigation.
#. Know where you’re going. This especially applies to properties under construction—a common investment in India. Get your development agreement and allotment letter as early into the process as possible to keep your bases covered.
Don’t Miss Out
The most important thing to keep in mind with regard to investment properties in Bangalore is the same thing visitors are told to keep in mind when it comes to the festivals: don’t miss out! The longer you wait, the higher property costs rise, and the greater the demand for new residential properties grows. Right now, you have the opportunity to get started early, before the housing market jumps back up; there’s no time to lose. Property prices are low right now, but Rebecca Bunduhn of the National reports that they’re not likely to dip much further. In fact, the market should start to turn soon, with housing prices recovering and turning upward.
Remember that Bangalore is a city of color, culture and infinite possibilities. Beloved throughout the world, there’s not a property investor in India that would turn down the chance to pick up property in Bangalore—and very few in the entire world. The city is worth too much to too many people to pass up the opportunity, so no matter what your reason, now is the time. Buy an apartment for yourself, for your family, for future tenants—just buy soon. After all, the longer you wait, the fewer festivals you and your tenants will have the chance to attend.
About The Author : The writer of this article is a Bangalore based real estate maverick covering the recent properties being listed for sale by leading developers in the city like the Unitech apartments in Bangalore. He is one of the leading real estate consultants in the city and has been featured on many leading regional dailies in the state.