Koramangala is the destination of choice

Koramangala is a locality in Bangalore, India.  Due to the IT boom and migrants moving to this area, it has become a highly sought-after residential locality with wide, tree-lined boulevards and a mix of luxury apartments, commercial structures, and posh bungalows.

Its location between Bangalore and Electronic City had enabled many migrants to move to this part of the city from across the country during Bangalore’s tech boom of the late 1990s. As a result, over the years it has developed into a busy residential and commercial hotspot.

Several high profile builders in Koramangala have lined up several projects and the area is dotted with projects conceived by them. Such is the demand for property in koramangala, that many builders have introduced innovative twist to their projects to suit their customer’s needs and preferences.

Koramangala was a suburb of Bangalore in the nineties, but with the advent of IT, it turned into a concrete jungle due to building frenzy in the late nineties and thereafter. With migrant population ever increasing in Bangalore in general and Koramangala in particular, this area has seen explosive growth since then.

Resale Flats in Koramangala

Increasing number of flats is lying vacant and builders are coming up with unbelievable discounts to resell them to prospective buyers. Actually customers are reluctant to shell out extra money for flats that have remained unsold and as a result demand has fallen substantially and the unsold inventory are offered at lower prices than expected.

Koramangala is a concrete jungle dotted with flats that are meant for resale and the same is adjusted to suit the buyer’s preference. Flat which are put on resale do not fetch the value it deserves since the real estate market has shown signs of decline due to fall in global real estate prices.

Koramangala has developed over night due to influx of migrants from other parts of the country and this has led to oversupply of properties with resale value. There are different price ranges for flats in these areas and they range from 25 lakhs to over few Crores but there are few takers for such properties due to high price tag attached to it.

There is building frenzy going on in Bangalore and supply has exceeded demand by few percentage points. This has not deterred the builders and the real estate companies from marketing their projects with pace.

Despite coming up with high profile Flats and Apartments, neither of the two has managed to garner much demand from the buyer community due to the premium price it comes with. This has led to much stagnation in the market and real estate companies have to cope with burgeoning enquiries from the buyers which they have not been able to turn into potential sales for themselves.

Nevertheless Koramangala is the location of choice for many aspiring buyers, including first time buyers who have been scouting for a suitable location within Bangalore city. Whatever be the price tag, people are not willing to go the extra mile to shun their conservative status and opt for spacious flats which was otherwise difficult to locate few years ago.

Thanks to the government policy of regulating the real estate prices which has been in place since the advent of IT industry in Bangalore. Koramangala will never be the barren piece of land it used to be and there is hope amongst buyers that the resale value will stabilize further and they can opt for the property of their choice.