Old Madras Road: Set to change Bangalore real estate scenario
Old Madras Road, the much talked about area of east Bangalore, has gained significant prominence among the homebuyers due to enhanced connectivity and improved retailing scenario. This has added to the influx of more number of investors in the region, looking for an amiable residential accommodation.
The K R Puram Junction to Hoskote through the Old Madras Road has witnessed a slew of residential units in the past few quarters, from some of the leading developers in Bangalore. One of the major turnarounds in the real estate activities of the region is the enhanced six-lane connectivity lanes which is an icing on the cake for the area.
Connectivity and Accessibility
The housing demand in the region is mainly driven by IT/ITes employees since the area is 25 minutes drive from MG road and is adjacent to IT hubs ( such as electronic city, Whitefield, outer ring road and secondary business districts). Proximity to NH4 and NH7 further adds to the number of reasons for the surge in real estate activities in the region.
The closest railway station is Krishnarajapuram Railway Station, located at a distance of 6.2 km from the area. The Bangalore International airport is 44 mins drive from the area via the ORR. The area is also served by a number of BMTC buses and autos which contributes significantly towards the accessibility of the region. Indira Nagar metro station is the closest metro station from the area.
Amenities
The locality boasts of some of the best multiplexes, shopping malls and schools all located in close periphery. To add to it, the Bangalore-Chennai expressway that will link Hoskote and Sriperumbudur will further act in favor of Old Madras Road.
Some of the schools located in Old Madras road include Hilal High School, New Baldwin International Residential School and Auxilium School. Chinmaya Mission Hospital, Lotus Diagnostic Center and Axon Speciality Hospital are some of the well-known hospitals in the area which meet the medical needs of the people living by.
Real estate and Price Trends
Old Madras Road has huge potential for residential units since a demand-supply mismatch exists in the region. Developers in the region offer apartments in the range Rs 60 lakh- Rs 70 lakh to homebuyers.
One of the prominent areas of Bangalore, the price trends in the region had its share of ups and downs. In the last quarter of 2012, price per sq ft was in the range 4200- Rs 4300, however it appreciated significantly in the 1st and 2nd quarter of 2013. In April-June 2013, the price per sq ft ranged between Rs 4300- Rs 4500, displaying a sharp rise of 3%.
The rent per sq ft in the area for multi storey apartments ranges between Rs 18- Rs 20, displaying a steady hike of 11%. Some of the ongoing projects in the area includes Brigade Golden Triangle, Kalgidhar Sanjog Enclave and Laa Lavender Phase II. Home buyers in the area are generally offered 2BHK, 3BHK and 4BHK multistorey apartments, which are equipped with swimming pools, club houses, gym, jogging track etc.
