Bengaluru is a popular choice for living for some North Indians. Here is why.
By Bricksnwall | 2024-10-13
Bengaluru's attractiveness can be attributed to its
job market, cosmopolitan culture, good weather, and rising entrepreneurial
culture, according to inhabitants.
"Social media has just damaged Bengaluru's
reputation, despite being one of the nicest locations to live! "I returned
to Bengaluru after five years, and nothing has changed," wrote a fintech
specialist named Pranay Loya on LinkedIn.
"Social media has just damaged Bengaluru's
reputation, despite being one of the nicest locations to live! "I returned
to Bengaluru after five years, and nothing has changed," wrote a fintech
specialist named Pranay Loya on LinkedIn.
Some members of this generation who spoke with
HT.com cited the city's labour market, cosmopolitan culture, beautiful weather,
and rising entrepreneurial culture as reasons for selecting Bengaluru as their
top choice.
It should be mentioned, however, that the IT
capital has recently received some unfavourable headlines as a result of
linguistic disputes, water shortages, traffic congestion, and other issues.
"At the end of the day, for those who want to
work and live in a metro city, our alternatives are limited to Delhi-NCR,
Mumbai, and Bengaluru. And while each city has its own set of advantages and
disadvantages, such as rising property prices/rentals in Mumbai and poor air
quality in Delhi, Bengaluru appears to be the most balanced of the three,"
said one early-career professional who relocated to the IT hub about two years
ago.
According to local brokers, more than half of
individuals who relocate to Bengaluru from other states, particularly from the
tech sector, end up buying a home here due to relative property price
affordability (when compared to Mumbai or Gurugram, for example), high rentals,
and traffic concerns.
Shivam Pathak, a sales manager at TG Developers, claims that more than half of his customers have moved to the garden city from other states in India. Largely from the technology industry, 2 BHK and 3 BHK homes are the most preferred configurations for first-time home buyers. He noted that some, who have been here for a long time, also purchase residential property as an investment for the rental income, This gives them a decent return on investment.
Moving to Bengaluru: Rent or buy?
According to statistics, Bengaluru has one of the
best rental yields and price appreciation among the top seven cities in the
country, making it a popular location for property purchases, both as an
investment and for end use.
According to a research by property consultancy Anarock, Bengaluru had the highest rental yield among India's top seven cities in the first quarter of the current calendar year, at 4.45%.
According to real estate expert Knight Frank India,
house prices in Bengaluru rose 10% year on year between July and September
2024, the fastest increase among India's eight largest cities.
NoBroker data shows that a 1 BHK in Bengaluru currently has an average capital value of ₹50 lakh and an average rent of ₹15,000 per month. The average 2 BHK house price is roughly ₹80 lakh, with an average rent of ₹35,000. A 3 BHK residential flat costs approximately ₹1.3 crore on average, with a monthly rental price of around ₹50,000.
Source: Hindustan Times
