The quintessential residential area, Jayanagar is a hub in south Bangalore. The ten blocks making up the locality range from the quiet and serene surroundings of the 1st Block to the dynamic and happening locales of the IIIrd and IVth Blocks. It comes as no surprise then that many of the world’s wealthiest Bangaloreans proudly call Jayanagar their home.
Jayanagar has remained a planned neighborhood right from the very start. The locality retains this quality to this day, thanks to proactive local government bodies. This aspect yields Jayanagar a self-assured and self-sustaining quality. But apart from the independent growth factor, Jayanagar also lies in good company, with JP Nagar, BTM Layout, Banashankari, and Basavanagudi being its cosmopolitan neighbors.
Although most of Jayanagar is purely residential, parts of it, like the IIIrd and IVth blocks, are commercial hubs. Jayanagar Shopping Complex and Garuda Swagath Mall are two popular shopping zones in this locale. Many well-known stores like Food Bazaar, Namdhari’s Fresh and Food Bazaar find a place here. The Jayanagar BDA Complex is an important commercial market in the locality, hosting bookstalls, banks, restaurants, vegetable and fish markets, and also a theater.
Social Infrastructure: Jayanagar’s infrastructure doesn’t end at shopping malls, grocery stores, and entertainment outlets. There are a number of reputed schools, colleges and hospitals in the area too. While Jayanagar Orthopedic Hospital, Sanjay Gandhi Hospital, and Nethradhama Eye Hospital cater to the residents’ health needs, RV Dental College, Oxford College, and Institute of Business Management and Research (IBMR) are some of the popular educational institutions in Jayanagar.
Connectivity and Transit Points
Connectivity is a high point for the locality. The IV block Jayanagar bus stop is a major bus terminus, with BMTC (Bangalore Metropolitan Transport Corporation) buses connecting this area to almost all the major points in the city, including Majestic, KR Market, and Bangalore International Airport.
The first thing anyone notices about traveling in Jayanagar is the wide and spacious roads. And these roads are very well connected to the rest of the city, including the nearby Central Business District (CBD) areas such as M.G. Road, Residency Road, and Brigade Road. Some of the key bus stops in the area, besides the Jayanagar IV block bus stop, are Vijaya High School bus stop, Nanda Theatre bus stop, and Ashoka Pillar bus stop. Apart from BMTC buses, people prefer to travel intra-city by auto-rickshaws. One can hire a cab as well, but that’s uncommon.
Bangalore’s major railway station, Bangalore City Junction is located only about 7 km from Jayanagar. Shanti Nagar Bus Depot, located just 4 km away, is the primary bus stop for anyone looking to travel out of town by KSRTC (Karnataka State Road Transport Corporation) buses. Kempegowda International Airport is much farther away, at 40 km, the spectacular airport road enables speedy travel.
Factors for Growth in the Past
Residential & Commercial Market
Residential Market Trends
Jayanagar’s residential market is witnessing a definite shift from independent houses to apartments. Back in the day, Jayanagar was predominantly occupied by families who preferred to buy plots and construct homes on them or purchase independent houses. But in the recent times, the number of apartments in the locality have been on the rise. Young IT aspirants who work in the IT hubs nearby have mostly preferred apartments over houses. Another key reason for popularity of apartments in Jayanagar is the lack of plots available in the locality.
The price of apartments in Jayanagar has been on the rise over the last couple of years. The quarter-3 (2013) sale prices for apartments in Jayanagar ranged from Rs. 7,000 to Rs 9,300 psft, while the rent rates ranged from Rs 16 to Rs 40 per sq. ft. Buying an individual house would cost anywhere from Rs 8,000 to Rs 15,000 psft.
Commercial Market Trends
Jayanagar has always been a residential locality with a few commercial pockets. But the locality is lately also witnessing commercial market development, especially individual office space development, primarily because of the lack of office space in the neighboring CBD areas.
According to the quarter-1 trends of 2014, rent rates for commercial office space range from Rs 43 to Rs 47 per sq. ft.
Factors for Growth in the Future
Some renovation projects are also in the pipeline. BDA complex, the major infrastructure in the locality, is going to be renovated completely. BDA (Bangalore Development Authority) and Nagarjuna Constructions have agreed to construct the project jointly on a build-own-operate-transfer basis. The Puttanna theatre, which is a part of the Jayanagar BDA complex, the Janata Bazaar and the Maharaja cold storage will be reconstructed. The new BDA complex will have an auditorium, parking for two and four wheelers, and will have an air-conditioned vegetable market. Such a rich commercial space is bound to attract investment in the area.