Today, Bangalore is truly an 'International City', with prefixes such as Silicon Valley, most preferred destination etc. being common place. A far cry from the tranquil days of the late seventies when terms such as Garden City and Pensioner's Paradise came to mind when one spoke of this metropolis. And yet it is precisely within the parameters of these few 'keywords' that one can trace the unprecedented growth of trace the unprecedented growth of the past 15 years leading to the present, and which would in turn give an indication of the direction in which Bangalore is headed.

The unprecedented boom of the early 1980's saw the real estate market turn topsy-turvy. Prices went through the rood. Projects started mushrooming all over the place, the skyline of Bangalore changed permanently. Fortunes were made overnight. Suddenly, property development and real estate became the field to be in, a glamour profession.

But such a vertical growth oriented market cycle could not be sustained indefinitely, being

intrinsically unsould in nature. And as anyone in the profession will vouch, any structurally unsould edifice will come crashing down on itself. And so it proved, with a drastic reversal in the late 80's. The glut of project launches slowed to a trickle, a lot of opportunistic operators in the profession went out of business and prices came down.

And yet the turmoil proved to have a silverlining after all. For the 'weeding out' of the players out to make a quick buck meant that only the committed, truly professional organizations, the ones who were in the market on a long term bases, were left. This in turn has a positive impact on all aspects of projects both residential and commercial. Suddenly, the ideal package that comprised the optimum mix of pricing, quality and timely completion assumed paramount importance. The hitherto sellers' market had indeed come full cycle.

The following years, all the way till the late 90's were not easy ones for the real estate sector. And yet the inherent strengths of those who made it through those difficult times stood the industry in good stead. Fewer projects were launched across both residential and commercial categories, but these were quality projects with the utmost emphasis on servicing the client's specific requirement on a proactive basis. For it was very much a buyer's market and those who accepted the reality of this fact showed healthy returns. Rates were steady (even to the extent of being stagnant during certain periods), and it was food for the real estate development sector.
                                      

<< Back    More >>