Bangalore is still hyped as a great place to live - it might have been 20 years ago, when it was still reasonably green and had an infrastructure that could support its population.
In the Indian context (and that means a generally very low expectations of nearly everything to do with public services such as power, water, transport, sanitation), it is at the higher end. In an international context, you'll be in for a bad surprise. You'll also find an appallingly high level of pollution. There are also no taxis plying the streets that you can flag down. You either get into a trishaw and suffer the heat and pollution, or phone for a "call taxi" that turns out to be the smallest and noisiest van available on the planet. Despite what you hear, the city is not "world class" (this is the euphemism used in the subcontinent for a town that has a shopping mall).
Make sure your accommodation has a standby generator that not only is there to support essentials such as the elevator and emergency lighting, but to provide standby power for all electrical outlets.
We had a duplex apartment near Ulsoor lake, with 3 BR, underground car park and roof garden for around Rs 80,000 per month (up to 2006). I hear the landlord has become greedy in the meantime.