In the first quarter of 2016, the property prices in the locality have gone up by an average of 1% and the price of an apartment in Horamavu, stood at Rs 4300 per square feet on average.
I am thinking of shifting in Horamavu as my office is in Manyata Tech Park but I heard that there are traffic congestion during peak hours... Is there any solution?
Traffic congestion is a common problem in Bangalore these days. The traffic congestion created in Horamavu is because of the three level crossings which are generally closed for half an hour during the rush hour in the morning and the evening. Plans are there to provide under and over bridges to ease the traffic congestion but when it will become reality, nobody knows.
Major issues in this locality is that there is no metro water or sewage connection. Most of the apartments here depends on water tankers. Bore-wells are available is some areas but the water in the bore well is at 600 ft down and even 1000 ft down.
Apartments by reputed builder are sold for Rs 4,500-5,500 per sqft. Spacious one-bedroom flats are being sold within the price of Rs 22-33 lakhs. Two bedroom units are priced ranging from Rs 32-60 lakhs and three bedroom ranging from Rs 60 lakhs up to more than Rs 1 crore approximately.
Hormavu is undoubtedly well-connected to the complete city. It is located 2 kms from Outer Ring Roa. ITPL, Whitefield and Nagavara are hardly 5-10 km away. Hormavu is also approachable via the rail and air transports.
Hey Lakshya, Horamavu is one of the preferred locality by the home buyers who has a budget of Rs 20 to Rs 40 lakhs. You will surely get a 1000 sqft apartment in this budget.
The locality is quite developed and is still in the phase of developing. The Real Estate sector is also developing along with the development of the area.
Availability of land at reasonable prices has attracted many mid-income buyers. Horamavu is an affordable location that has gained on several fronts. One of the main reasons for development in and around Horamavu is the Marathahalli-Whitefield corridor.