On the backdrop of growth in the IT/ITES sector in the last couple of decades, Bangalore has witnessed massive growth both spatially and economically. The growth was further translated into a high per capita income and diverse and cosmopolitan cultural appeal.
Improved career opportunities, higher per capita income and a cosmopolitan lifestyle have resulted in influx of quality workforce from various parts of India, thereby stimulating demand for residential units. Bangalore at the moment enjoys a robust residential realty market that is registering steady appreciation. Mentioned below are 10 key residential markets of Bangalore according to the Square Yards Global Intelligence Center (GIC) Analysis
Whitefield: Once a village, Whitefield is one of the self sufficient micro markets in Bangalore, located in the Eastern quadrant. The emergence of Whitefield as a key residential micro market in Bangalore has taken place on the backdrop of a robust IT/ITES industry. The arrival of a robust IT industry has been simultaneously associated with emergence of world class schools, hospitals and malls. A robust IT industry coupled with a strong social infrastructure make Whitefield a self sufficient residential micro market.
It is estimated that Whitefield has near around 450 residential projects, out of which roughly 50% are ready to move in projects, which are concentrated in places such as Hope Farm Junction, Brookefield, ITPL and Sai Baba Ashram etc. The property prices in Whitefield have appreciated to the tune of 11-14% in the recent years and similar double digit growth will continue in the coming time. With the upcoming Namma Metro, Whitefields connectivity with rest of the Bangalore will be enhanced, that will further add to its attractiveness as a real estate investment hub.
Hoskote: Located in East Bangalore on National Highway (NH) 4, Hoskote till recently has been an industrial suburb. However its proximity to Whitefield and other IT parks in Eastern quadrant of the city along with better road connectivity to other parts of the city and the Bangalore International Airport (BIA) has resulted in increase in residential activities. A home to over 200 industrial units, its pace of residential activities is further enhanced due to presence of large parcel of land available at moderate price. With an average price of INR 4000 PSF, further upward movement is expected in the coming time.
Sarjapura Road: Located in South Eastern Part of Bangalore, it was counted among one of the mid-level housing market in Bangalore until Big IT companies Like Wipro and Infosys set up their offices in the area, thereby resulting in surge in demand for quality residential units. It is also well connected to other major IT hubs in the city such as Whitefield, Electronic City, Koramangla and Outer Ring Road (ORR) etc. It is estimated that roughly over 200,000 employees reside on the ORR stretch thereby resulting higher demands for residential units in Sarjapura.
The price appreciation in the recent time has been moderate to the tune of 7-9%; however given that the commercial markets in the nearby locations are still developing, Sarjapura will continue as a prominent realty market, showcasing steady growth in the coming time.
Outer Ring Road: Outer Ring Road or ORR, located in the South East quadrant of the city and stretching from Sarjapura to Marathahalli is among the key IT belts of the Bangalore. A powerful IT industry has been fuelling a strong residential market in the area, which is further enhanced in the presence of a powerful social and physical infrastructure. Through ORR along with Old Airport Road and Old Madras Road, this region is well connected to other parts of the Bangalore. Other than ORR, it is also preferred location for professionals working in nearby IT hubs such as Whitefield.
Electronic City: Located in Southern parts of the city, Electronic City is home to over 300 Multinational Companies (MNC). Counted among one of the largest IT corridors in Asia, its also a key residential destination. With an average price of INR 3700 PSF, its still considered among an economic alternative to other key residential markets, thereby further invigorating investors interest. The recent expressway has resulted in enhanced connectivity to Silk Board junction and cut down the travel time to around 15-20 minutes. It has witnessed a steady price appreciation of roughly 13.5% in the recent past and similar double digit will continue with the areas rising significance among the IT workforce of the city.
Kanakapura Road: Located in Southern part of the city, Kanakapura is witnessing huge attention in the recent past. Its demand has been primarily driven by saturation stages reached by other nearby locations such as Bannerghatta Road, Banashankari and JP Nagar. Nice Road interchanges in Kanakapura Road, thereby proving connectivity to Electronic City and Tumkur roads. With the arrival of metro in the second phase, there will be further enhancement in the connectivity of Kanakapura Road to other parts of Bangalore. The average price in Kanakapura Road is roughly INR 5000 PSF with a price appreciation of 18% in the recent past.
Tumkur Road: Located in the North Western part of Bangalore, Tumkur Road has been an industrial destination located on National Highway (NH4) between Yeshwanthpur and Peenya industrial corridor in northwest Bangalore, catering mainly to blue collar workforce employed in the area.
However with a range of infrastructure enhancement activities in the recent time such as elevated expressway, the Bangalore-Mysore Infrastructure Corridor and the Bangalore International Exhibition Centre coupled with the arrival of some of the large industries in the area has changed the socioeconomic profile of the area. Presently the area has an average price of INR 5500 PSF with a high appreciation of 17-19%. With the proposed Mumbai-Bangalore industrial corridor Tumkur road and its nearby location are further going to get great boost as residential location.
Hennur: Thanks to the BIA, Hennur and other locations in Northern Bangalore are emerging as the new epicenter of Bangalores commercial and cultural life. Located on the northern most tip of the city, Hennur is directly connected to BIA through Hennur Road. It also boasts connectivity to major tech parks in North Bangalore such as Manyata Tech park. Like other localities in North Bangalore, Hennur has been a late entrant in the purview of Bangalores realty landscape. Property prices are still moderately priced at INR 4600 PSF with ample scope for future appreciation.
Hennur and its nearby location have a healthy blend of both lifestyle living as well as affordable housing assignments. Though over 70% of the property purchases are done with a purely investment oriented intention, these days end users are also actively looking to the area. The property prices have appreciated with 16% in the last two years. With an increase in demand, higher appreciation could be expected in the coming time.
Devanahalli: Touted as the one of the most upcoming commercial markets in Bangalore, Devanahalli located in North Bangalore offers equally promising prospect in terms of residential investment. Until 2008 a relatively unknown suburbs of Bangalore, it underwent a sudden change in fortune with the arrival of the BIA. Large scale commercial projects are planned in the area such as aerospace SEZ, IT and Hardware Park and the Devanahalli Business park, which will boost the commercial activity in Devanahalli and its nearby places. The surge in commercial activities will translate into more demand for residential units as well.
Yelahanka: Located on the Northern parts of Bangalore, Yelahanka is counted among one of the emerging residential areas in the city. Together with a powerful social and physical infrastructure it is heading towards a self sufficient micro market. It is also home to the famous Yelahanka Railway station , which is presently undergoing capacity augmentation.
