Residential options galore in Bangalore West
From an untamed forest of the mid 50’s to the burgeoning residential localities of 2014, Bangalore West has come a long way. The presence of Peenya Industrial Area and comparatively low capital value for properties has transformed the residential neighborhoods of the region into a ‘profit-yielding’ residential destination. Good connectivity and up to snuff infrastructure has given a complete makeover to the region, making it one of the prime residential markets of Bangalore.
Some 20 years ago, Rajarajeshwari Nagar in west Bangalore was an area that fell outside the radar of the developers. Riding on the back of civic infrastructure, which improved connectivity via Sirsi Circle flyover and Mysore road, Tumkur ROad, the ORR, BMIC expressway, the NICE Ring Road and the planned Peripheral Ring Road, such ‘little-known areas’ have transformed into well-established localities.
The changing landscape in Bangalore West
The area that runs between the Mysore road in the south and Tumkur road in north defines west Bangalore. According to property consultants, Tumkur Road has turned out to be a lucrative destination for developers, since it accounts for more than 50% of the overall inventory in west Bangalore.
Property valuing more than Rs 1 crore are constructed in suburban and off-central locations such as Rajajinagar and Malleshwaram. Such projects of huge ticket-size cater to HNIs and the business community. Saturation of locations such as Koramangala and Indiranagar, improved connectivity ( thanks to Metro rail) and closeness to upscale areas like Malleswaram and Sadashivnagar have led to the emergence of high-end homes in the western counterparts of Bangalore
Location and demand
In the last three quarters of 2013, west Bangalore has encountered 14 new launches in the luxury and mid-segment housing category in peripheral and off-central locations. Localities in north-west Bangalore like Malleswaram, Yeshwantpur, Rajajinagar and West of Chord road have borne witness to the increase in high-end options. The price-range for such categories in west Bangalore runs between Rs 7500-RS 12500/ sq ft.
As per market reports, capital appreciation for high-end units in the west of Bangalore stands between 25-30% and the rental returns around 30%. According to key developers, all the different housing categories in the west are growing at an exponential rate. The region accounts for 10% of the total absorption of residential spaces in the IT hub of the nation. At present, the availability in this catchment stands at 8390 units, while the annual absorption runs between 1800-2500 units.
