Bangalore, the Silicon Valley of India and the City of Lakes, whatever you may fondly call it, is a prime choice for entrepreneurs, millennials and baby boomers, looking to find a living space in this picturesque city.
The IT capital of India, Bangalore is in the hive of a massive urbanization spree and has hence attracted people in hordes from across the country. The city emerged as the world’s most dynamic city in a JLL study in 2018. A thriving IT culture, robust innovation ecosystem, smart city infrastructure, excellent transport network and a strong business culture makes Bangalore one of the top cities to live in the 21st century.
Due to its immense success in the business sphere, Bangalore has gained rapid traction in the real estate sector. Bangalore is building a variety of living spaces across the city to cater to various needs, aspirations and tastes.
Investing in a Residential Property in Bangalore entails meticulous assessment and planning. It is therefore imperative to arm yourself with every facet of housing information before embarking on a property hunt.
What is the cost of living in Bangalore?
For an average family living on a budget, the expense would amount to 6-7lakhs (no kids) and 10-12lakhs (with kids) minimum in the first year itself. The expenses are tax included.
If you want to live comfortably, the expenses swell to 10-15 lakhs (no kids) and up to 20 lakhs (with kids) after tax in the first year.
For families looking to live life the affluent way, prepare to fork out 14-18 lakhs (no kids) in the first year itself. The expense balloons to 25 lakhs-30 lakhs (with kids) after tax.
|Apartments Rental in Bangalore||Price (Rs)|
|1 BHK||₹7,000 – ₹10,000|
|2 BHK||₹12,000 – ₹25,000|
|3 BHK||₹25,000 – ₹60,000|
|Accommodation||5,000 – 10,000||15,000 – 25,000||15,000 – 30,000|
|Groceries||1,000 – 2,000||2,000 – 5,000||2,500 – 10,000|
|Transport||1,000 – 15,00||1,500 – 2,500||1,500 – 3,000|
|Utilities||1,200 – 2,500||2,000 – 3,000||2,000 – 3,000|
|Entertainment||4,000-7,000||2,000 – 5,000||2,000 – 5,000|
|Shopping||4,000-5,000||3,000 – 5,000||3,500 – 6,500|
|Kids Schooling||Nil||Nil||3,000 – 12,000|
Posh and Affordable areas in Bangalore
|Posh Areas in Bangalore||Affordable areas in Bangalore|
Ready Reckoner Property Rates in Bangalore
In lieu of its rapid urbanization spree, Bangalore has witnessed an uptick in property appreciation rates over the past years and the trend has continued. Here is a list of property price rates in Bangalore over the years.
|Locality||Property Price Jan 2019 (In INR)||Property Price Jan 2018 (In INR)|
|Hennur Main Road||4,070-6790||4,400-6,650|
|Electronics City Phase I||3,160-5,800||3,290-5,420|
|Electronics City Phase II||3,340-5,990||2,860-5,080|
|Bannerghatta Main Road||3,900-6,270||3,730-6,420|
|JP Nagar Phase7||4,600-7,630||4,860-7,800|
Want to know the top localities in Bangalore?
A total of 25356 ready-to-move properties are waiting in different parts of the city to be owned.
- In Central Bangalore, Benson Town, Frazer Town and Magadi Town constitute the greatest number of properties for sale while Vasanth Nagar and Benson Town hold sway for rental properties.
- North Bangalore has Yelahanka, Devanahalli, Horamavu as the best places to look for buying a home. Hebbal, Kasturi Nagar and Yelahanka have the most properties for rent.
- Looking to buy a house in South Bangalore? Anekal City, Jigani, Sarjapura are some options to look for. For rental properties, head to Koramangala, Ejipura and JP Nagar.
- In East Bangalore, you have places like Whitefield, Hoskote and Varthur as the prime locations for buying a property, while Indiranagar, HSR and Whitefield are popular for rentals.
- For West Bangalore, places like Chamarajpet, Rajaji Nagar and Nagarbhavi hold good stock for property buyers. If rental properties are on your mind, look at Yeshwantpur, Malleshwaram and Rajaji Nagar.
Why should you live in a housing society in Bangalore?
For optimum living experience in a metropolis like Bangalore known for its racy lifestyle, choosing a gated housing society is your best bet. Here’s why.
- Secured Living: Conventional housing societies come with robust surveillance systems, intercom facilities, and boom barriers. The provision of adequate manual security is also an added shield from unwanted visitors.
- Economical living: In a gated society, you get to experience a world of amenities ranging from outdoor sports and gymnasium to kids arena and clubhouse at a fraction of a cost. Since all the facilities are available 24/7 you don’t need to venture out of the complex to fetch them individually.
- Forge relationships: Since a large number of people live within the housing society, a camaraderie builds up which ultimately leads to close ties. You won’t get such close-knit bonding in an independent house.
- Tranquil Environs: Housing societies are erected on expansive areas running into acres. They consist of huge open spaces, landscaped gardens, and jogging paths that act as a stressbuster and boost your senses. Also, the air quality inside a housing society is always better from the city outside.
- Profitable move: Coming to the financial aspect, investing in an apartment in a housing society is a smart move. With living in housing societies becoming a trend, property rates in housing societies will swell massively in the future. So, if you are investing in an apartment in Bangalore today, you will stand to receive excellent returns in the ensuing years.
Things to keep in mind before selecting a property in Bangalore
- Legal aspects: Before settling down on a property, make sure that the project is approved by RERA and the government of Karnataka. Talk to the developer to make sure that they don’t deviate from the original plan and that they provide all necessary government-approved documents including clearance and occupation certificate.
- Reputation of the builder: This research will give you a crystal-clear idea about when you will get possession of the property, the quality of construction, type of amenities on offer and overall price appreciation chances. Scour for reviews on the web, read about the history of the developer and extract every possible info. Builders like Godrej, Salarpuria and Shapoorji are known for their timely delivery and quality of construction.
- Project location: Look for convenience, transport facilities, access to employment hubs, social infrastructure and property price trends of the location you have rooting for in Bangalore. A property near to the metro will help you bypass the traffic while going to the office.
- Apartment area: While reading the property brochure, make sure that you read these area terms carefully. a)Carpet area: This refers to the actual area of your apartment. b)Built-up area: This means the total area occupied by your carpet area and the walls combined. c)Super Built-up area: The sum of carpet area, built-up area and area of the apartment complex.
- Budget: This entails not just the market price of the property that is paid to the builder but a number of add-ons that come with it. a)Parking space charges b)Service tax c)Stamp duty d)Registration charges e)Home loan processing fees f)Electrification charges g)Floor rise charges h)Water and gas supply charges i)Club membership charges
- Amenities: Apartments come with a host of amenities. Make sure you select an apartment with amenities that you will actually use. There are builders who raise the actual price of apartments by dishing out facilities that will not come of any benefit for you.
- Price appreciation: Looking at the positioning of the project and the type of structure offered, you can forge an idea about its appreciation in the future. People in Bangalore prefer apartments on higher floors as they not only offer spectacular views but also are less affected by pollution from the city below.