Properties within Rs 30-Rs 40 lakh: NICE road under spotlight
With the city extending its arm towards peripheries, residential units in Bangalore have come of age and grown extensively, to meet the requirements of a burgeoning population. As major multinational corporations are making their presence felt in far-flung areas, demand for housing in outskirts and areas close to NICE road have eventually gained momentum.
For a limited budget, ranging between Rs 30- Rs 40 lakh, outskirts which are adjacent to NICE road such as Bannerghatta and Kanakapura, are the perfect localities to get value for money. With adequate infrastructure facilities and trouble-free connectivity, such areas offer the opportunity for buyers to avail a home at an affordable range, without taking a toll on bank balance.
Localities offering Rs 30- Rs 40 lakh properties
North Bangalore has been witnessing a lot of residential activity for quite sometime and has been highlighted with a number of new residential projects. The area is attributed as a fast-developing region, especially after the establishment of the International Airport, however, properties here are tagged above Rs 50 lakh.
Coming as a breath of relief for home buyers, properties on the outskirts or close to NICE road fall in the price bracket of Rs 30- Rs 40 lakh. For people employed in Electronic City and commuting via NICE road, such areas fit the list of budget housing. With basic infrastructure facilities and smooth connectivity, the outskirts seems to be the perfect setting for an investor with limited budget.
According to market reports, a large proportion of the working population in the city who look for 2BHK apartments below Rs 50 lakh, end their search in areas such as Bannerghata and Kanakapura.
Bangalore market-Status quo
In comparison to other metropolitan cities, namely Mumbai, Delhi, Hyderabad and Chennai, the luxury market of Bangalore is not that big. The city is loaded with only a handful of investors for luxury properties, since investors at present do prefer to block their investment in luxury properties. Furthermore, investors go by the notion of putting money in two flats costing between Rs 40-45 lakh each, instead of purchasing one property for a crore.
For lucrative returns, a calculated approach should be made. In regard to the present economic status, it is easy to deduce that there exists low customer sentiments in the market. Nevertheless, for an investor the ideal time to invest and make the most of it is when the market running low.
