Koramangala once use to call ‘Sollemangala’ (Solle means mosquitoes in Kannada). The areas spread across 1,800 acres in eight blocks which was once petrified by mosquitoes menace and mangroves. It was the village and was considered not a great place to live for a Bangalorean in the 80s and 90s.
As today it is one of the hottest real estate destination in India’s Silicon Valley. One would kill himself/herself to get a place in Koramangala as said by Mr. Jagannathan jokingly. It used to be in the outskirts of the city when they could afford it. Now unfortunately they cannot buy a place over there. As this is just a glimpse of how much the landscape and aspiration for Koramangala has changed over the years.
Once had an offer to buy a plot in Koramangala for a few Lakhs in the 90s. That time if he would have stretched a bit he could have actually owned something in Koramangala, but it was not so good then.This is the one reason he regret to have made.
Presently, the rentals for mid-segment residential property in Bangalore are expected to grow by 5-10% within the Koramangala locality over succeeding few months. this is often because of sensible social in addition as physical infrastructure, sensible connectivity to varied business districts and availability of premium developments.
Rentals for residential property in Bangalore within the high-end section are expected to stay stable whereas mid-segment are expected to witness more will increase on account of persistent demand. whereas within the business workplace market area in addition as within the retail section, rentals might stay stable within the short to medium term. While the speed for land parcels vary between Rs 13,000-15,000 per sq. feet, not a lot of of business area is offered for sale. At present, no major land parcels appropriate for developers are out there in Koramangala. solely a couple of scattered tiny plots ranging up to a size of 3,500 sq ft owned by people are out there. The residents of Koramangala are shopping for no matter is offered. Recently, a well known native businessman bought 2 adjacent plots within the vicinity.
Rahejas, property developers, are usually credited with changing the landscape of Koramangala after they return up with mixed-use project known as Raheja Arcade. Several corporations at those days shifted from alternative elements of Bangalore to Raheja Arcade. Then came the Forum Mall, that any increased the worth of the locality. Indeed Forum is one in all the earliest malls within the country, that was created to fulfill international standards. Even to the present day, it's one in all most successful malls within the country.
In addition to Koramangala there are alternative suburbs yet that is well established destination for Bangalore Property like Bannerghatta Road is witnessing rise in residential and industrial property demand because of the arrival of IT firms, followed by several property developers investing cash within the locality. Rajarajeshwari Nagar, that enjoys a serene atmosphere, is provided with all facilities within the neighbourhood like faculties, hospitals, banks, supermarkets and multiplex and proposed metro. The locality has evolved as a decent location for middle income patrons. The locality boasts of ton of well-planned and well-maintained parks for recreation. Situated ten kms from railway station and bus depot, it's instructional establishments and multi specialty hospitals like Manipal and BHS. Vidyaranyapura, situated in Northern Bangalore is found near a number of the large government sector factories like Bharat Electronics Ltd (BEL) and Hindustan Machine Tools (HMT). The locality has grown recently jointly of the highly favoured residential destinations these localities are few among others within the market of property destination.