IT drives growth in suburbs of Bangalore
|| Published By: Bajrang Choudhary
Good connectivity to prime locations and economic hubs, lower land costs towards the peripheries and older congested localities have fuelled hectic residential activity and demand in upcoming suburbs.
Options and price range
The LJ Hooker 2013 Residential Research Report lists out the options and price range in the emerging locations around Bangalore south. Localities around Sarjapur Road have options ranging from studio to five bedroom apartments in the price range Rs 30 lakhs to over Rs 1.25 crores. Around Electronics City, while a studio apartment will come for a little over Rs 20 lakhs, a four-bedroom comes close to Rs 1.20 crores. While options around Kanakapura Road include a studio to a four-bedroom apartment, the ticket size is from around Rs 28 lakhs with the highest option around Rs 1 crore. Emerging suburbs around Hosur Road have options ranging from one to three-bedroom apartments from Rs 25 lakhs to Rs 55 lakhs. Around Bannerghatta Road, options include two-bedroom to five-bedroom apartments in the range of Rs 50 lakhs to over Rs 2 crores. Locations around Mysore Road have two and three-bedroom apartments around Rs 50 lakhs and Rs 70 lakhs.
According to research by Cushman & Wakefield, suburbs around the Outer Ring Road (ORR) with two to four-bedroom apartments and villas fall in the range of Rs 5,500 to Rs 13,000 per sqft. Around Banashankari, options include two to four-bedroom apartments in a range of Rs 3,500 to Rs 11,000 per sqft.
Rental values, as of the fourth quarter of 2013 (average quoted rent per month), for the high-end segment in the south can range between Rs 80,000 and Rs 1.50 lakhs. For the mid-range segment, rental values in the south-east fall in the range of Rs 25,000-45,000 per month, in the south-west, Rs 25,000-40,000 per month, and in the far south, Rs 15,000-30,000 per month.
Demand and appreciation potential
Alexander Moore, Chief Executive Officer – India, LJ Hooker, states, “South Bangalore has an end-user driven market. The age profile reflects the tech employment market and is predominantly in the late 20s to 40 years bracket.”
According to Kalpana Murthy, Associate Director – Residential Services, Cushman & Wakefield, the affordable, mid and higher-mid segments are finding demand. “These locations are end-user driven and most of the demand is coming from mid and higher-mid income segments of IT/ITeS professionals in these areas. The average capital appreciation of 10-15 percent year-on-year depends on the project and location. Average rental escalation is 6-10 percent per annum”.
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