The manufacturing sector is set for growth around the city.This will fuel demand for residential property in the vicinity,
Whe city's realty sector,to a large extent,has been driven by the IT sector.The mid-90 s price correction and even the 2008 price correction were tied to the swings in the IT sector.
The influx of techies into the city and those looking for a career in the IT sector drove realty prices in and around the city.The large campus developments and IT belts contributed to the demand for residential property in the vicinity.Therefore,any movement in the IT sector growth or slowdown had a corresponding effect on the property sector.
The IT sector,with its estimated five lakh workforce is a large market segment.Property,entertainment and retail sectors tapped the purchasing power with this market segment.The commercial development across the city such as more shopping high streets,mixed development,and new retail formats,is reflected in the boom in these three sectors.
While the IT sector is now reviving again with more hiring and expansions,the manufacturing sector is beginning to open up too.This promises to be a new dimension in the city's commercial landscape.A growing manufacturing sector and corresponding growth in the ancillary space will create new industrial belts in the suburbs,lead to employment opportunities and fuel demand for residential areas in the vicinity.
Many of the suburbs around will have more residential options coming up thanks to this demand."We have been receiving a large number of applications from the manufacturing sector.Jigani and Hoskote towards the east,Harohalli and Bidadi Phase I and II towards the west and Dabbaspet towards the north are among the major hubs.Electronics waste disposal,precision tools,components for different industries and ancillary units are being set up here",says A S Sadashivaiah,Chairman,Karnataka State Pollution Control Board."It is good to see more entrepreneurs looking at the city as a base.It is the quality of life here,along with availability of skilled manpower that is drawing them.There will be more industrial development around the city in the months ahead",he adds.
Skilled manpower is a crucial factor in industrial development.The city's cosmopolitan culture and availability of quality social infrastructure help draw manpower from other cities in phases of growth and largescale hiring.This in turn fuels growth in the city's residential property market."There is demand from the hightech industries such as aero space engineering and IT hardware.We have 3,000 acres near Devanahalli out of which 1,000 each are earmarked for aerospace engineering,IT hardware and software sectors.Half of the space is already sold out.Going a bit away from Bangalore,we have textile and auto hubs",says V P Baligar,principal secretary,department of commerce and industry,government of Karnataka.The dynamics of the property industry is set to change again as the manufacturing sector takes shape around the city.
