Witnessing the rise in residential and commercial property owing to the arrival of IT companies, followed by many other real estate developers investing money in the locality. Highlighting the area is not only witnessing high demand for residential property in Bangalore but also the commercial property too.
Diminution of space in Bangalore has led to a sharp rise in prices and the flooded demand from IT and software professionals from the city and abroad has made it a plush (Luxurious) area to live in. IT companies include National Instruments, Oracle, Infosys, IBM, CISCO, Accenture are among others.
The capital value of multi-storey apartments have increased by 2% in the month of October – December quarter compared to July – September quarter last year. As of, residential property have seen a rise of 17% in values during the same period.
There has been an increase in the sale of property in Bangalore which has led to a rise in average capital values along the stretch. Robust rental demand has kept the locality among one of the top localities in the city.
Bannerghatta Road is becoming a hub for many high-end residential property surrounded by Meenakshi Temple and the Kammanahalli Main Road. As Bannerghatta Road is dominated by IT companies and BPO's therefore the area is excelling in terms of residential and commercial property. Looking at the residential segment there is a huge demand for apartments – 2BHK and 3BHK in comparision to land.
The prevailing price in the area depend on the project location and amenities offered by the developers in their residential property. One can get a expected return of 15% in 3-5 years from the residential property investment in Bannerghatta Road. The investor should look at a 5 years horizon while buying property in Bannerghatta Road that would fetch about 100% appreciation in this period.
In commercial property in Bangalore the growth of the locality is driven by easy access to IT zones, medical facilities and shopping complexes. Its the house of some Bangalore's biggest and most prominent housing complexes such as L&T South City, Mantri Developers, Puravankara Projects Ltd, SJR Luxuria etc. Bannerghatta Road is also a hub for granite and marble retailers as well.
Expanding imprints of existing companies is pushing commercial real estate demand and values in Bangalore. Experts have noticed that the demand is not only from IT professionals from India but also from abroad too. There has been a steady increase of 25-30% in demand from NRI's in last quarter across Bangalore. In Bangalore NRI's mainly lookout for premium properties over Rs 1 Crore a property of high-end apartments or villas this is basically the demand specifically coming from European Countries, America, Dubai and other middle-east countries.
The NRI's from these countries buy residential property in areas like Bannerghatta Road, Whitefield, Electronic City and so on due to its close proximity to IT hub, good Schools and social infrastructure in Bangalore.
As phase two of Metro is starting soon and would benefit the areas which is significantly situated impacting real estate values drastically. Impacting both residential and commercial property in key areas of the city.