Bengaluru voted best place to live, but denizens reel under inflation

Bengaluru: The people of Karnataka despite it being one of the most prosperous and contributing states in the country are worst affected by inflation in every sector.

The results of the assembly elections in Karnataka showed how ordinary people suffered due to the rising prices of staples, and veggies and the overall cost of living index.

The guarantee schemes of the Congress, which were rubbished by the BJP leadership as the politics of freebies, helped the grand old party to register a thumping victory in the elections. The Congress and Chief Minister Siddaramaiah made inflation a major issue in the elections which struck a chord with the people.

However, the IT sector is giving a boost to this scenario by helping the economy of Karnataka, according to experts.

Bhavesh Kothari, Founder and CEO of Property First, told IANS that, “The cost of living in Karnataka is 1.29 times more expensive as compared to the rest of India, thus putting the state in the 4th spot in the most expensive places to live. But at the same time, this higher CLI has a positive bearing and this is evident from the fact that the state is ranked as the best place to live in India.”

“Owing to the region’s overall vibrancy of business and economic activities, the standard of living in Bengaluru is also going through a major transformation. Being a global tech centre with a lot of opportunities, the city is attracting talent from other cities thus raising the cost of accommodation.”

Kothari said that over the last few years, the city and its various submarkets have not only seen an uptick in rentals but also a considerable rise in the per sq. ft rate, resulting in rising property prices.

Since the region offers good prospects and people have jobs, high salaries and disposable income, the focus has also shifted towards the upgradation of life.

As a result, the luxury property market in Bengaluru witnessed a steep growth and owing to the continued demand, the overall cost of living is on an upward trajectory. It is anticipated that inflation might ease, but the city’s future growth chart will strike the balance between rising costs and overall quality of life, he maintained.

However, unaffordability has affected the middle class, lower middle class and the poor sections to a great extent.Post the Covid pandemic, most families are opting for health insurance.