Fringe Development of Real Estate in Bangalore
With the city extending towards new peripheries, real estate development in Bangalore has also grown to accommodate the requirements of a burgeoning working population. Many companies are going beyond the Central Business Districts (CBDs) to set up shop thereby generating employment opportunities. Additionally, viable physical and social infrastructure has come up in these far-flung areas further augmenting real estate growth. Three major peripheral areas around Bangalore that have grown into prominence are – Mysore Road in the West, Yelahanka and Dodaballapur Road in the North and Old Madras Road in the East.
Mysore Road
The stretch between Nayandanahalli to NICE Ring Road Junction, popularly referred as Mysore Road, has become a real estate hotspot in Bangalore. NICE corridor, proximity to outer Ring Road and Metro Phase I and II are giving a major boost to realty growth.
With ample land available for future development, prices are comparatively cheaper on this stretch. According to CommonFloor data, the average price of layouts and plots projects within the NICE Ring Road towards Bangalore is around Rs 3,650 per sq ft whereas the average price of layouts and plots beyond the NICE Ring Road towards Mysore is said to be Rs 1,150 per sq ft. Maximum apartment projects launched in the last three years were in the range of Rs 3,000-5,000 per sq ft belonging to the affordable to mid segment.
Yelahanka and Dodaballapur
In the Northern periphery of the city, Yelahanka and Dodaballapur Road have been gaining a lot of momentum. One of the major factors that have pushed the real estate market here is the extensive 6-lane highway that connects Bangalore city to the airport. The completion of the metro rail will also boost the connectivity. Apart from this, the location has a well-built infrastructure including good hospitals, restaurants, educational institutes and other such facilities.
Property prices in Yelahanka are also quite reasonable here despite the presence of IT companies. The location is witnessing expansion in both commercial as well as residential real estate. Right from affordable housing to high-end projects, all kind of residential projects are available on this stretch.
Old Madras Road
In the Eastern region, Old Madras Road (OMR) has become an attractive destination for real estate growth. Residential catchments in the vicinity are localities off OMR- Budigere and Kadugudi. The stretch between OMR and Kadugudi is developing with many apartments and villas projects in Mysore Road.
Property pundits expect a 20 per cent hike in prices in Old Madras Road and New Airport Road where across all brackets buyers can expect minimum 10-15 per cent increase in prices of property. Commercial and retail segments are also expected to grow here as they are largely inter-connected to the growth of the residential market.
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