A very desirable address for many in Bangalore, Lavelle Road and its vicinity, may be just slipping out of hand, as property prices here have been soaring over the last two years.
According to the April-June 2012 NHB (National Housing Bank) — Residex — Residential Housing Price Index, prices of residential property on Lavelle Road and its vicinity have shot up by 52.59 per cent over the corresponding period of the previous fiscal year — the highest for any area in Bangalore.
Prices of property on Lavelle Road and in other areas nearby had gone up by 90 per cent from April-June quarter of 2010 to the corresponding quarter in 2011.
The index has been tracking the price movement of properties across 20 cities in the country, including Bangalore, since 2007.
According to an official of the NHB, the price movement in various areas is calculated based on the details collected from banks that would have disbursed housing loans. More areas would be included in the future, the official said, and added the data was collected from various others sources that were classified and validated.
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In April-June 2012, the prices of residential properties in several areas increased by around 15 per cent, while in some clusters housing property prices dipped.
Localities such as Richmond Town, Indiranagar, HAL II and III stages, Domlur Layout, Sadashivanagar and Benson Town reported an increase in the price of residential properties by 16.21 per cent from April-June 2011 to April-June 2012. During 2010-2011, property prices in these areas had increased by 37.03 per cent.
Similarly, the prices of properties rose by 15.6 per cent over the previous year in residential areas such as Jayanagar, Rajajinagar, Koramangala, HAL Airport Road, Basaveshwaranagar, Malleswaram, J.P. Nagar, Banashankari, R.T. Nagar and Vijayanagar. Property prices had gone up by 19.67 per cent in these areas in 2010-2011.
However, prices of properties in Madiwala, Banaswadi, Jagjivan Ram Nagar, Yeshwantpur, Mathikere, BTM Layout, Sultanpalya, Lingarajapuram and BCC Layout have seen a decline of 16 per cent over the last year’s figures.
Interestingly, prices of properties in these areas had gone up by 39.13 per cent in 2010-2011.
