Real Estate Promoters in Bangalore

About Bangalore

Bangalore is an ideal combination of the old and new. The city is lined with trees and parks. Bangalore summers are very short. They last for just about 45-60 days. Who can escape from the citys innate charm?

Currently Bangalore is truly an 'International City', with prefixes such as Silicon Valley, most preferred destination etc. Very different in comparison to the late seventies when terms such as Garden City and Pensioner's Paradise came to mind when one spoke of Bangalore. It is within the parameters of these 'keywords' that one can trace the unprecedented growth of the city in the last 15 years leading to the current time.

Till the late 70s and the early 80s Bangalore real estate promoters was a stranger to vertical growth. Independent houses stood under the shade of trees. Civil contractors and in some rare instances architects fulfilled the need of an individual who wanted a home of his own.

The existing infrastructure was enough and the people were happy. Things were picture perfect.

The Real Estate Promoters

The insurgence of people and business houses led to the increased need of both residential and commercial complexes. This led to the birth of a new breed of people. The

Real Estate Promoters.

The unprecedented boom of the early 1980's saw the real estate market turn topsy-turvy. Prices hit the roof. Projects started mushrooming all over the place; the skyline of Bangalore began to change. Fortunes were made overnight. Property development and real estate became important.

Whilst talking of Bangalore real estate promoters, one must remember that a large number of people moved to Bangalore from Bombay. These people were used to living in apartments. They found them more safe and friendly. They wanted to live in similar environs in Bangalore and asked for the same from the Real Estate Promoters. This was the beginning of the vertical growth in Bangalore.

Vertical growth in such gigantic proportions and market cycle could not be sustained for long. And as anyone in the profession will vouch that any structure built on unsound foundation was sure to come crashing down. And that came true with dramatic changes in the late 80's. The glut of project launches slowed and a lot of opportunistic operators in the profession went out of business and prices came down. It was the strong and stable promoters who stood the test of time. Many fell on the way. Those who survived have done well and have great constructions to their credit.

The uncertainties have had a positive side to it as well. It has helped in separating the grain from the chaff. The 'weeding out' of the bad players out to make quick money meant that only the committed, truly professional organizations survived This in turn had a positive impact on both residential and commercial projects. The ideal package comprised a mix of pricing, quality and time. Completion of projects in time assumed great importance. The market had come full cycle.

The years that followed, till the late 90's was not easy for the Bangalore real estate promoters sector. The inherent strengths of those who made it through those difficult times helped the industry. Smaller numbers of projects were launched in both residential and commercial categories, but those launched were quality projects with the utmost emphasis on servicing the client's specific requirement.

This brings us to the current times and also shows us what lies ahead. There has been a distinct revival of rates and this has been looking up across the board and on categories of

projects that have been commenced, completed and delivered. And yet, for the present trend to sustain there is a need for the ideal blend of various factors to synchronize into one harmonious whole.

Limitations as far as the infrastructure is concerned are a major drawback. One can notice with content that this aspect is being addressed on a priority basis, as a result there is healthy progress on the outer ring road and the signing of a few power purchase agreements are small but significant steps in this direction.

Most of the commercial space in the city has been taken up. The city is now moving towards the suburbs and will be IT driven. The emphasis will be to build-to-suit projects within minimum time. Those who gear themselves up to service this trend will reap great benefits. In recent times, IT companies are showing an inclination to move into their own campuses with luxurious landscaping.

On the residential front the present and future demand is veering to residential complexes worth Rs. 25-30 lacs with a major percentage of this originating from IT professionals. The IT revolution has been one of the main reasons for the revival of demand in quality housing. The demand for strong row houses that combine the comforts of an independent house are on the rise.

This is the ideal time for Bangalore real estate promoters to take advantage of the prevailing upbeat market. The professional and the proactive will find the going easy. This can be made possible by studying and understanding the prevailing market trends and having a clear vision. Projects should be designed to help the buyer and not the other way around. Product packaging is of utmost importance.

The interest of the Real Estate Promoter

The interests of the Bangalore real estate promoters are taken care of by the Karnataka Ownership Apartment Promoters Association (KOAPA). The guide lines laid by KOAPA benefit both its members and the buyers. Residential and Commercial Complexes that have the stamp of KOAPA are considered safe and secure.

Karnataka State Land Developers Association is another institution that takes care of the interests of the Real Estate Promoters. They interact with the bureaucracy and the government and also fight unscrupulous developers who spoil the reputation of the Bangalore Real Estate Industry.