India’s IT Hub Bangalore
Bangalore, the IT capital of India, is currently evolving into a new investment hub in the country. In the 1990s and 2000s, Bangalore was known for its pleasant climate, strong defense and engineering base, and as a paradise for retirees.
Over the past 12-15 years, outsourcing and BPOs have become common terms in the city. The city has become a brand, blending both IT and business to create a hotspot for property investment.
The Rise of IT and BPO
The IT and BPO sectors have given rise to a new knowledge industry and a young, affluent society focused on leisure. In 2000, Bangalore saw a surge of businessmen with ideas and online presence, attracting entrepreneurs to build or sell properties.
Market for Retail and Lifestyle
Bangalore emerged as a launch market for various retail and lifestyle concepts and international brands, who wanted to conduct market research with an elite audience without substantial investments.
Potential for Growth
Bangalore is not land-locked, providing ample potential for consistent growth. Despite urban planning not keeping pace, the city has developed ring roads and a few flyovers. Each expansion has resulted in self-sufficient townships that can evolve into commercial and residential spaces.
Expansion and Real Estate
The workforce is aiming to create second homes on the city’s outskirts. The new airport, opened in 2008, 45 km from the city center, has also contributed to this expansion. Driven by a historical link with the NRI community, developers started converting small townships into high-end communities, allowing NRIs to remain connected.
Bangalore’s Political Significance
According to a recent survey of the electoral list, Bangalore accounts for 25% of the state legislature. The investment potential of Bangalore was proven during the 2008-2012 recession period, as the city began witnessing iconic properties.
Future Vision
To achieve the status of India’s most livable city, Bangalore needs more planned growth, including retail spaces and social infrastructure as part of the overall vision. This comprehensive approach will ensure a sustainable and thriving future for the city.