There are around 1 million people working in the IT sector in Bangalore and all transactions are open. Since they have a visible income, they have visible expenditure as a result of which they are visible members of the club.
The spending by these persons generates more millionaires and this, in turn, has made the realtors a very rich lot. A real estate deal of 5 acres which was considered big around 5 years ago is a very small deal today. Today most realtors talk in terms of 300 to 500 acres of real estate deals.
Bangalore will continue to witness a real estate business boom for at least another 10 to 15 years as a result of which, many ore could end up joining the elite millionaire club.
Realtors say that this is due to the scope for expansion in Bangalore unlike in a city like Mumbai. Says Sadashiva R Reddy, a realtor: "There has been an escalation in land prices and this has generated a phenomenal amount of wealth. Realtors are talking in terms of hundreds of acres today. This never was the case a few years back."
Bangalore has become like a magnet attracting people from across the country. The IT boom, the career options and the weather have lured several persons to the city. These people have also started investing big time in Bangalore and the manner in which they are spending is only adding to more members in the millionaire club.
A view of the ICICI Onesource call centre office in Bangalore.
Photograph: Indranil Mukherjee/AFP/Getty Images
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