Globalization has been responsible for the transformation of Bangalore into a melting pot of culture. The following article throws light on the multicultural ethos of the city with a subtle hint on real estate.
IT Boom in Bangalore
The Information Technology (IT) boom has been responsible or transforming the economy of Bangalore. The sixth largest Indian metropolis, today, Bangalore is known across the globe for its booming IT industry that has earned the city the sobriquet of the Silicon Valley of India.
Once the IT industry made its mark in the city, a gradual change was noticed in the city’s demographics. Once hailed as a pensioner’s paradise, today Bangalore is home to the largest number of migrant and expatriate populace. Interestingly, many of them have very easily adapted Bangalore as their hometown.
The government’s initiative in the development of the infrastructure has contributed largely in promoting the city’s economy. Sectors like education and real estate have scaled new heights. Scholastic establishments like Indian Institute of Management (IIM), Indian Institute of Science (IISc) along with several other institutes continue to add laurels to the city’s educational values.
Similarly, some other factors that have also largely contributed towards the fostering of the overall development Bangalore include constant progress in the lifestyle, improved connectivity through roadways and flyovers. Recently, the metro railway has accentuated the commutation system of city. Now, it goes without saying that the real estate sector of the city has had a positive impact largely because of the metro railway.
Areas like Koramangla, Mysore Road, Kumaraswamy has benefited to a great extent. These are also the areas where one can find large concentration of migrant and expatriate populace; Residential properties and oramangla and Banerghatta Road have several end-users who are either expatriates or migrants.
Expatriates in the City
The expatriates have been a major constituent of the population of Bangalore for a long time now. This trend fast emerged after Multinational Corporations set up their offices and often deported their employees here. Gradually, their numbers increased which led to the transition of Bangalore into a melting pot of culture.
The drastic conversion of the city began to be reflected in the lifestyle that noticed a paradigm shift. Today the city boasts of a large percentage of expatriates from a various countries across the world. From Dannish to French, from German to Americans—all can be spotted in Bangalore’s ethnic palette. An increased number of them led the foundations of Expatriates’ Club. Pretty often such clubs end up organizing events catering to this particular section of the populace.
There are international schools where one can find students from across 30 nationalities; and such trend is fast catching up. According to some expatriates, Bangalore’s lifestyle matching up to global standards has lured them to turn the city as their adopted home.
With changing times and demographics, the demand for the types of properties has undergone a change. The multicultural ethnicity of Bangalore has compelled the developers to come up with fresh concepts in housing developments solely in order to cater to their growing demands.
Effects on the Realty Market
As a result, today an end-user can choose from a plethora of flats in Bangalore. From serviced flats to studio flats, from community housing to integrated cities—name it and the Bangalore residential realty will open up the best possible option that is available.
Some of the localities where one can find some of the best residential properties include Mysore Road, Kumaraswamy, Koramangla, HSR Layout and KRPuram. Electronics City is another neighbourhood that is largely favoured by the expatriate populace. Builders have capitalized on the market values of the properties in these areas that continue to yield good results in terms of returns.
In an era of globalization, multiculturalism is the order of the day in a world-class city like Bangalore. It is believed that such multiculturalism will continue to work towards the betterment of the city as a whole.
Author Bio: An experienced writer, Sampurna Majumder has been lending her expertise to various websites like 99acres.com where one can find information related to properties in various cities across India.