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(Bangalore, India)—Bangalore, well known as the hub of India’s IT industry, can also claim the title of the country’s most affordable major city, according to the Economist Intelligence Unit’s 2017 Worldwide Cost of Living report. Real estate authority SmartOwner, a property aggregator that offers deep discounts on premium properties, hailed the report as an affirmation of the city’s position as a property investment hotspot.
Money goes farther in Bangalore than in Chennai, Mumbai, or Delhi, with Bangalore receiving the lowest cost of living index in India. In fact, worldwide, Bangalore ranks in at a rupee-saving 131st out of the 133 metropolises. This is Bangalore’s third consecutive year as India’s least expensive major city, having held the title since 2014, the very first year the “Silicon Valley of India” was first included in the report.
What separates Bangalore from the rest is the fact that a good deal of the city’s affordability derives from the real estate market. Homes in Bangalore are substantially less expensive than they are in markets like Delhi and Mumbai. Additionally, salaries are, on average, higher in Bangalore. Accordingly, a home in Bangalore is around five times the annual median income, whereas a home in either Mumbai or Delhi can cost over twenty times as much. Even as this once-sleepy city has blossomed into the world’s fastest-changing metropolis, property prices in Bangalore have remained reasonable.
According to a smartowner.com spokesperson, “The report is a confirmation of the Bangalore real estate market’s potential. For the discerning property investor, Bangalore’s affordability should serve as a green light. Property remains relatively cheap in the city, and with demand expected to increase, now is a favorable time to invest.”
Market fundamentals support this assessment, as affordable housing prices coupled with high demand invariably lead to future development. Demand is set to rise in the near future, driven by cooling inflation and low interest rates. Indeed, the EIU’s report joins a growing number of signals indicating that Bangalore’s real estate boom is set to continue.
Founded by Silicon Valley veterans, SmartOwner aims to make Indian property ownership a safe and profitable experience. SmartOwner offers carefully curated properties from the fastest-growing cities of India, in the best locations within those cities and from the top developers. Each project comes with a title opinion from a top law firm and is offered only after passing rigorous due diligence. For added security and transparency, all transactions take place through an escrow account at a leading bank.
After a holding period, the client may opt to resell the property through SmartOwner’s marketing subsidiary. The company’s innovative approach has made it possible for clients to earn reliable profits in a hassle-free manner. In the 10 projects that SmartOwner has launched and exited, clients have earned average annual returns in the range of 21-24 percent.
Another Source: SmartOwner Analyzes State Of The Bangalore Real Estate Market