Bangalore’s meteoric rise and rapid expansion due to the IT boom has expanded the city beyond its boundaries. The surrounding hinterland has transformed into busy neighbourhoods offering residential options to thousands that have moved to Bangalore looking for better opportunities. Yet, the city centre and its neighbouring areas retain their charm and appeal and are counted amongst the most expensive localities. Before listing the toniest addresses of Bangalore, let’s first understand what factors decide the value of a residential area:
Location: It remains the golden standard of real estate valuation and is inarguably the single most important factor determining the value of any locality. Typically, real estate values are the highest at the city's centre and decline as we move to the peripheries.
Infrastructure : Infrastructure in the form of roads, flyovers, malls, bus terminals and other facilities nearby helps in increasing an area’s value. At the same time, social infrastructure that extends to entertainment hubs, medical facilities, educational institutions, and retail centres also add appeal.
Amenities : Localities that provide facilities such as proper electric connections, telephone lines, community centres, parks, and parking lots have an edge in the property market. Moreover, luxury home developers are offering features such as golf courses, helipads, and five-star concierge services and are redefining the concept of luxury amenities.
Presence of commercial real estate: The development of offices and Special Economic Zones in the proximity of residential areas helps in reducing commute time and has a direct impact on the prices of real estate in the area.
Availability of land : Availability of large parcels of land for the development of real estate reduces the valuation of property in areas compared to those where land is comparatively scarce.
Demand and supply : Lastly, the price of real estate is inversely proportional to its supply. Hence, the more sought-after the locality, the higher its value in the property market.
Based on the above parameters, here’s a snapshot of the seven most expensive residential areas in Bangalore:
1. Sadashivanagar
Close to central Bangalore and also accessible to the northern suburbs, Sadashivanagar is the chosen address of several politicians, industrialists and movie actors.
This posh and upscale neighbourhood was one of the locations of the four pillars constructed by Bangalore’s founder Kempe Gowda, to mark the ancient city’s limits. Built on former palace grounds, Sadashivanagar embodies an old world charm of the bygone era.
With its tree-lined lanes and stately mansions, the area commands amongst the highest real estate values in Bangalore.
Capital values: Rs 16,000/sq ft
2 . Shanthala Nagar
Shanthala Nagar comprises of Lavelle Road, Vittal Mallya Road, and Kasturba Road and is a posh area located right in the heart of Bangalore. Populated with both old apartments and new commercial establishments, it is one of the most esteemed addresses. Lavelle Road is teeming with shopping centres and restaurants and is also home to the historical D’Souza Layout.
Vittal Mallya Road houses some renowned luxury brands and is also home to the luxury mall, UB City, as well as many prominent hotels.
Kasturba Road is the address for landmark buildings such as the Government Museum, Visvesvaraya Museum, Venkatappa Art Gallery, and the Kanteerava Stadium.
Capital values: Rs 16,000/sq ft
3. Malleswaram
Located in the north-west part of the city, it is one of the oldest localities in Bangalore. Malleswaram seamlessly blends the old and the modern and is home to popular retail hubs like Sampige Road and Margosa Road.
The area enjoys good connectivity via the City and Yeshwanthpur railway stations and recently, Namma Metro. It is mostly populated with independent homes, and the lack of available land parcels has further enhanced the locality’s value.
Capital values: Rs 12,400/sq ft
4. Richmond Town
This centrally-located area is a yet another old and prized locality in Bangalore. Known for its colonial heritage, Richmond Town is an integral part of Bangalore’s multi-cultural ethos. Surrounded by hospitals, schools, and recreational centres, Richmond Town also enjoys close proximity to prominent retail districts such as Brigade Road, MG Road, and Richmond Road.
Along with excellent road and Metro connectivity, the area also boasts of some of the most luxurious residential projects in the city.
Capital values: Rs 11,000/sq ft
5. Koramangala
Located in the south-eastern part of the city, Koramangala is one of the most premium areas in the city. It used to be swampland once upon a time, but the IT revolution transformed the area to its modern, swanky avatar. Known for its leafy roads and elegant houses, it enjoys connectivity to the rest of the city via Inner Ring Road, Sarjapur Road, and the 80 Feet Road.
Adding to the appeal of Koramangala are several commercial buildings, retailers, restaurants, and prestigious educational institutions.
Capital values: Rs 9,000/sq ft
6 . Indiranagar
This upscale locality in east Bangalore is dotted with bungalows, independent houses, and upscale apartments. Indiranagar enjoys good connectivity to M G Road through the Inner Ring Road. Many of Bangalore’s prominent business addresses are also in close proximity, adding to its value.
A cosmopolitan locality, Indiranagar is home to big branded showrooms, pubs, cafes, star restaurants, and educational institutions. Namma Metro has improved connectivity to and from the area and pushed real estate values.
Capital values: Rs 9,000/sq ft
7. Banashankari
One of Bangalore’s largest residential localities, Banashankari in the south of the city has emerged as a prominent real estate hub.
Also known as BSK, the area extends from Kanakapura Road in the east to Mysore Road in the west. It enjoys connectivity through the Outer Ring Road and is accessible to most parts of the city via public transport, including Namma Metro.
Wide roads, greenery, retail centres and proximity to several IT hubs in south Bangalore have pushed real estate valuations in the locality. The state government has proposed to build an elevated corridor, which is expected to further connect Banashankari to Hebbal, which is in the north of the city.
Capital values: Rs 8,000/sq ft
The residential real estate space in Bangalore has surpassed other metros and evolved into a mature and lucrative market.
Even as central locations retain their charm and value, newer locations with swish, luxury apartments, and branded homes are catching the fancy of affluent buyers. With improving infrastructure, a cosmopolitan outlook, and ambitious luxury projects, Bangalore’s residential real estate market is ready for the next stage of growth.
This article is contributed by RoofandFloor , part of KSL Digital Ventures Pvt. Ltd., from The Hindu Group
Published - November 11, 2017 12:00 am IST
