Domlur in demand for commercial spaces

With the consumption of the major commercial spaces in Bangalore, demand for an office location in the city has been on a rise ever since. Renting a commercial space around prime locations, may seem next to impossible and fall out of the affordability range. In such a case, the bye lanes of Domlur seem to be the only viable option now. To avoid the burden of skyrocketing rentals for commercial space prevailing in the city, Domlur has emerged as the next probable low-priced alternative.

Furthermore, lack of commercial spaces in hotbeds such as Indira Nagar and Old Airport road have led almost all the old structures get converted into offices. With minimum changes to such structures, the old homes are made available to buyers at 30-40% lower than the market price of the area by the developers. Such a crunch for space has led Domlur rise up as the next possible commercial destination for property buyers.

Why Domlur is in demand?

Domlur is positioned on the eastern Bangalore and is exposed to Kodihalli, Old Airport Road and HAL, areas which are considered the most busiest ones. Being adjacent to two notecable areas- one with a Defence Colony and Air Force Area, and another a commercial place with numerous offices like IBM, Microsoft, Yahoo etc. the locality has always been eyed as one of the potential places for real estate investments.

With numerous economic locations in Domlur, a number of offices have rented space in the area to contribute to savings. According to market experts, the rental price for commercial spaces in Domlur is slightly higher than the rentals for residences.

Rentals

In the third quarter of 2013, highest rental price for Domlur were registered at Rs 22 per sq ft. that measures to 10% rise in comparison to the second quarter 2013. This is far more than Indira Nagar, which recorded an average increase of 30% on the third quarter of 2013.

BDA, earlier in 2013, the Bangalore Development Authority recorded a number of encroached properties. In a move to remove the illegal structures, all the unauthorized sheds and shops that were located on BDA sites in Domlur were taken out and around 4000 sq ft of land were recovered. This gives area for more commercial developments and gives Domlur a much cleaner appearance