Those moving to Bangalore often decide to stay back because of the urban lifestyle offered along with pleasant weather. Each micro market in Bangalore located close to IT parks or commercial properties is self-sufficient because of the walk to work culture prevalent in the city. From schools to grocery stores and ATMs, you can find amenities at a stone’s throw from your home.
The permanent residency that most moving to the city desire is what is boosting the city’s real estate scene along
with the burgeoning population of NRIs moving to the city. In fact, Bangalore has been classified as one of the fastest growing real estate market. The configurations offered in Bangalore are a mix bag of
apartments, row houses and villas. Most developers in Bangalore, such as the Mantri Group offer multi-storey apartments where the properties are developed in the form of several towers, each housing scores of apartments.
For instance, the Mantri Energia close to Manyata Tech Park offers 2.5BHK and 3BHK apartments in various towers spread over the 11 acre area. The apartments are spacious (all of them measure more than 1000 sq. ft.) and well aerated and lit. The cost of a 2.5BHK apartment is Rs 69 lakhs approximately while for a 3BHK apartment you have to shell out Rs 75 lakhs approximately.
The standard rate per square foot hovers around Rs 4500 in this area. For areas such as Sarjapur Road, the property, pricing is almost Rs 87 lakhs for a similar 2BHK apartment. Most of the areas in Bangalore are priced within the band of Rs 70 lakhs to Rs 80 lakhs for 2BHK properties, with the average rate per square foot around Rs 5000 or so. There are a couple of areas like Madivala and Naganathapura where per square foot rate is significantly lower than the prevailing average. It can be safely said that Bangalore specialises in community housing where amenities such as gymnasium, clubhouse, crèche, children’s play area, jogging tracks and even indoor games rooms are offered within. Home owners can find every avenue of relaxation and entertainment within the premise, without having to go out for anything else except work.
NRIs too prefer staying in these areas as they offer them lifestyles which they enjoyed while living abroad. In the third quarter of 2014 it was seen that the price trends in Bangalore were more or less stagnant with the exception of a few areas such as Banashankari, Old Airport Road and Amrutahalli etc. Unlike larger cities like Delhi and Mumbai, Bangalore is yet to undergo the mass scale price correction.
Most people prefer to buy properties which are close to IT parks (main sources of employment), which is why flats in HSR Layout, Sarjapur Road, Electronic City, Bomanahalli and Whitefield are much in demand. NRIs and frequent travellers prefer staying close to the railway station at Yeshwantpur such as in Malleswaram whereas others who use the airways are snapping up flats in Yelahanka and Devanahalli. With an increase in employment as forecasted this year, the sale of apartments in multi-storeyed buildings is set to increase in Garden City.