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From time to time again the market volatilities have been tested and in the last two years, the market strength has been truly tested. The Indian real estate market has performed up to expectations and has been extending returns even on hard times to its investors. This positive in times of up and down has showcased the growth potential and secured greater expansion in coming years.
In the year 2022, the Indian real estate market has grown exponentially reaching a new plane. Both the commercial and residential sectors performed highly as per data has shown this comes when the global economy went through unprecedented fiscal upheaval. This marked a new phase of the real estate market to expand and grow. Assetz Marq 3.0 best residential project in Whitefield Bangalore. Bangalore Real estate trajectory: Knight Frank a property brokerage firm reports that the city of Bangalore underscores an tremendous growth both in commercial and residential industries in (Q4) of 2022). According to the data provided by the firm, the commercial rents in the city in the year 2022 (Oct-Dec) highlight an annual growth of 11%. This increase has helped the city earn a place to find a place in the top rank in the Asia-Pacific region. Continuing it has been pointed out that the superlative growth is driven by guided demands it is only next to Mumbai and NCR in terms of annual sales. In retrospect, Bangalore in 2022 is touching new heights in terms of sales and growth of the real estate market. The Asia-Pacific outlook 2023 by the international property consultancy, Knight Frank reviews the asset classes and Bangalore city is listed in the 24 markets of the APAC region. Out of the 3 Indian cities listed in the review, the city sits on the 2nd best market to be looked out for in the year 2023. In the YOY 2023, the residential market of Bangalore is projected to cultivate by 5% and the commercial sector to grow by 5%-7%. The growth projection is the highest compared to the three leading Indian markets and also the largest amongst the 24 APAC cities. The outlook report clearly indicates significant growth for Bangalore city in the year 2023. Extension of upgraded infrastructure for Bangalore in 2023: Compiled with its growth in the real estate industry Bangalore is also all decked to host new infrastructure for better acceleration. The 2023 Union Budget allocated a large sum for the city’s development of robust infrastructure. This huge allocation of funds on top of the growing real estate market will push the city to outperform all others in 2023. The introduction and expansion of suburban rail, the STRR 280.8-km long project, and the special high-speed trains connecting the city to other parts of the state will boost the existing infrastructure. The proposed satellite towns project around Bangalore will contribute to the growth and lower congestion. The ongoing project of Bangalore Satellite Town Ring Road (STRR) is targeted in the location of Devanahalli, Doddaballapur, Nelamangala, and Bidadi. This STRR project when completed will enhance the connectivity coupled with the Bengaluru-Mysuru Expressway. Connectivity: The revamped infrastructure to be delivered in Bangalore will redefine connectivity and bring and bring about a new seamless experience. A 518 km long, six-lane of Bangalore-Vijayawada Expressway will assist the city to offer new convenient connectivity as well as reduce the commute time between the two cities from existing 12 hours to 6 hours max. The mega project is estimated to be completed by the year 2025. Also, the Bengaluru-Chennai Expressway which is 262 long is constructed to cut the travel time extensively by 2-3 hours. As announced recently by the Road Transport and Highway Minister the infrastructure project is to be open by March 2024. This restructured development of Bangalore's infrastructure is to help the thrust of the real estate market. Many prospects of North Bangalore: Assisting Bangalore real estate growth in 2023 The region of North Bangalore is underlined as one of the highest-growing locations of the city and the perfect destination for any real estate investment. This is compelled by many factors why it is the ideal destination for the real estate industry. The presence of the Peripheral Ring Road and the Satellite Ring Road is on the top list. The seamless metro connectivity powered by the government Metro Rail Phase-2B provides the needed infrastructure and is convenient to the region. The area is also known as the IT hub of the city as it is home to many of the largest IT/SEZ and business parks of the city. As a report by the consulting and advisory company Meraqi suggests by 2025 around 350, 000 new employment opportunities are to be generated pooling a 30% overall office absorption by the year. Source: https://timesofindia.indiatimes.com/blogs/voices/bangalore-realty-to-shine-brighter-in-2023-with-upcoming-infra/
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