Bangalore, also known as the “city of gardens” is one of the hottest property destination of Southern India. It is a perfect blend of contemporary as well traditional values, where a cosmopolitan population exists. As per the few recent surveys, a tremendous growth in the number of permanent residents has been observed in Bangalore in the last decade. The primary reason for this relocation is the surging number of multinational companies, manufacturing units and industries due to which more career options are emerging. With the growing number of professionals, the demand for property in Bangalore is also escalating and to provide a modish living style at affordable price various builders are coming up.
The city is gearing up with several infrastructural developments to meet the world-class benchmarks and provide a healthy living standard such as:
- To strengthen the city’s physical and civic infrastructure: The local government has approved the innovative methods for generating the funds, including the premium for FSI and cess for new layout approvals.
- The implementation of the single window clearance system for the smooth sanctioning of MIG building plans which is pushing the average price housing prices up.
While making a final decision for purchasing a property, infrastructural development of particular area should be checked. There are various factors that should be considered before making any final decision such as proximity to workplace, international airport, schools, colleges and shopping centers. Over the years, North Bangalore has come up as one of the prominent real-estate destination which is offering residential properties at affordable prices. The major stimulation in realty sector has been due to the presence of IT companies along with the key infrastructure projects. According to latest 99acres Insite Report, South Bangalore and North Bangalore are offering most of affordable residential properties that are equipped with all modish amenities.
Jallahalli, Peenya, M S Palya, Jakkur, Abbigere are few of the fastest emerging new affordable locations which are offering 2 and 3 BHK properties within a decent budget
|Localities||Price (Rs per sq ft)|
|M S Palya||3,000|
In last 6 months, the average housing prices in Southern and Eastern Bangalore has witnessed a positive growth of two percent. There is high demand of residential apartments in the areas such as Arekere, KR Puram, Bannerghatta, Sarjapur Road, Kormanagala. Arekere is located in South Bangalore has shown a progressive capital chart with the massive surge of 9 percent and this is primarily due to proximity to IT/ITeS hub located in Bannerghatta. The proposed metro connectivity between KR Puram and Silk Board has added value to the locality, leading to a quarterly spike of 5-8 percent each. Whereas Sarjapur Road, in east and Kormanagala and Bannerghatta in South has reported a capital rise of around 7 percent and owing the enhancements to improved roads.
With the advent of more MNC’s and IT companies, the rental property market of Bangalore is flourishing more with every passing day. Areas such as Ulsoor, Kengeri, Vidyaranyapura, Hegde Nagar and Richmond Town are among the most preferred rental localities. Emulating the inclusive rental trend of Bangalore, the rents for builder floor too grew up by 4 percent.
Riding the wave of demand and supply, the upbeat office market, the availability of land parcels, the Bangalore’s realestate market seems to be on the cusp of retrieval. The popularity of independent houses and builder floors has exceeded in comparison to demand of residential plots.
When it comes to budget, the preference for affordable properties within Rs 40 lakh continues unbated in Bangalore. Although mid-income housing Rs 40-60 lakh is the second most-favored budget category. The majority of the affordable and mid-housing segment projects are based in South Bangalore, while the eastern zone boasted with a number of high-income premium properties.
Various reputed builders have come up with advanced commercial as well as residential properties. Some of the best investment area of either sale/purchase/rent, includes areas like Bannerghatta Road, Begur Road, Whitefield and more.
November 25, 2016