Invest in Koramangala real estate-should or should’nt?
Bangalore real estate market, off late, has revived and ranked itself as one of the most stable markets in the country in the last 8-10 quarters, in comparison to other cities. Riding on the back of IT/ITes firms, the real estate market of the city near the IT dominated localities have emerged as the key growth drivers of Bangalore. Koramangala, is one such area, which witnessed a growth sprout on account of IT boom.
Over the years, Bangalore has been marked by a burgeoning multi-cultural migratory population. This as a result, triggered the demand for residential units, preferably apartments in the city. Owing to good connectivity, developed social and physical infrastructure and tree-lined alleys, Koramangala has popped up as one of the preferable choices of professionals employed in big IT firms. To ace it up, a number of software giants like Siemens, Wipro, Zenith and Infosys have set up their offices in and around Koramangala.
Its location is its USP
One of the biggest advantages of Koramangala that has done wonders for the locality is its location. Being located on the tip of Bangalore’s prime transport corridor-Inner Ring Road, Hosur Road, Sarjapur Road and Outer Ring Road, the locality promise easy accessibility. As per market reports, the residential pricing in the area runs between Rs 10000-Rs 12000 per sq ft.
Tagged as an established micro-market in Bangalore, the apartments in the locality are divided into high-end/premium units that fall in the price bracket Rs 1.26 crore-Rs 5.5 crore. Owing to its excellent location that triggered its demand from a number of buyers, the capital value in the region has witnessed a steady rise.
Unprecedented demand
The locality, with time, has registered an unparalleled demand for premium residential units, which includes individual houses. As a result, with the rise in demand in the segment, the property rates, as per industry experts, have almost doubled in the last few years. According to market experts, for end use and investment purpose, Koramangala just meets the need.
Being brimmed with well travelled expat population, Koramangala has witnessed a rise in demand for premium properties. Registering such a high demand, some key developers have come with numerous options for the HNIs and HIGs clients to quench their hunt for luxury living. Much of the demand can be attributed to establishing of the Electronic City as the IT hub of Bangalore.
