Since the last decade, the property prices in Bangalore have escalated at a rapid pace, thereby making the dream of owning a house almost impossible. On the other hand, buying a house in the outskirts of the city has never been seen as a practical option due to the poor connectivity. With the emergence and boom of the IT sector, the situation didn’t seem to improve. But, the major breakthrough came with the 2008 recession that hit the entire world. The recession in 2008 hampered the growth of the Indian Economy to a large extent. IT firms and the MNC’s at Bangalore were worst affected by this global recession.
There were major layoffs from the companies that had a direct impact on the Bangalore Real Estate Sector too. Due to the same, the property prices were revised and came into existence, a new concept known as Affordable Homes.
Reasons For The Emergence Of The Concept Of Affordable Homes In Bangalore
► New Target Audience – Those who were not affected by this recession like the government sector employees were targeted by the real estate developers. Due to the boom in the real estate prices, this segment of people, who could not afford to buy property, formed their new target audience. The affordable rates of the project made people come closer to their dream.
► Change In Projects – The new projects that were launched by the developers catered to the demands of the new target audience. It led to the launch of affordable homes projects, making it within the reach of a common man.
The ‘Affordable Homes’ project that has witnessed a spurt in Bangalore offers all the modern lifestyle amenities. It has turned out to be lucrative investment for the people. This segment continues to have a good grip over the market due to low interest rates. The concept of Affordable Homes in Bangalore has been able to draw the attention of buyers from all the sectors.