Mysore Road – The Next Growth Frontier
The stretch between Nayandanahalli to NICE Ring Road Junction, popularly referred as Mysore Road, has become a real estate hotspot in Bangalore. Connectivity and development of infrastructure are driving real estate growth in localities in and around Mysore Road. NICE corridor, proximity to outer Ring Road and Metro Phase I and II are giving a major boost to realty growth here.
The region has a blend of affordable and mid-segment properties with few in the luxury category as well. With ample land available for future development, prices are comparatively cheaper on this stretch.
Key Markets along Mysore Road
Mysore Road covers massive ground – going from the outskirts of Chamrajpet right up to Nayanadanahalli and further down towards Kengeri. Following are some of the key micro markets along this stretch.
Rajarajeshwarinagar: A major benefit of the area is that it is a well-planned zone and also boasts of 60 ft- wide roads.
Kengeri: A well-developed satellite town, it will command great connectivity to South Bangalore once the Metro Phase II is complete. The setting up of the Traffic Transit Management Centre (TTMC) of the Bangalore Metropolitan Transport Corporation will bode well for the area.
Banashankari 5th & 6th Stage: These are other leading markets along Mysore Road where there is growing demand for housing over the last 3 to 4 years. They have witnessed decent appreciation of property values since 2012.
Distribution of Projects
Layouts & Plots: According to CommonFloor data, they constitute 54 per cent of the total projects launched in the area between 2012 and 2015.
Apartments & Villa Projects: Apartments comprise of 39 per cent whereas Villa Projects account for 7 per cent of residential projects in Mysore Road.
Pricing of projects
Layouts & Plots: 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.
Apartments & Villa Projects: 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 with very few in the luxury category.
Rental Market Snapshot
As per CommonFloor data, about 56 per cent properties available for rent along Mysore Road comprise of 2BHKs, followed by 3BHK (about 27 per cent). Only 2 per cent of 4BHKs are available for rent in this region.
The average monthly rent for 1 BHK apartments is Rs 3,000-16,000, the range for 2 BHK apartments in Mysore Road is Rs 5,000-21,000 while for 3 BHK apartments the range is Rs 7,000-34,000.
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