Undeniably Bangalore’s most popular locality, Koramangala continues to thrive and is a highly sought-after area. It is situated in the south-eastern pocket of Bangalore, sprawling over 2.82 sq km. Koramangala is divided into 8 blocks, with the 3rd and 7th blocks serving as major commercial hubs.
Largely cosmopolitan in nature, it is the focal point of many important roads like the Inner Ring Road (linking the Airport Road with Hosur Road and Electronic City), Sarjapur Road (leading to the Outer Ring Road, the IT corridor and beyond) and 80 Feet Road (leading to Viveknagar and MG Road at the heart of Bangalore).
Way back, Koramangala was a parched area, unwanted and unused, with even the City Corporation not taking much interest in the locality. Senior Citizens of the city, in search of some peace and quiet surroundings, decided to form an association in an attempt to revive the area. Koramangala now boasts of tree-lined boulevards and well paved avenues making it a prime residential locality, with high-rise apartments, posh bungalows, and modest PG accommodations available for residency.
Koramangala is dotted with eateries serving a multitudinous variety of cuisines, pubs, and bars to head to after a long day’s work, few malls, and a myriad of cineplexes. Basic amenities such as ATMs, fitness centres, banks, and department stores are available in plenty.
Koramangala is also home to a large number of educational institutions, with Jyothi Nivas College and St John’s Medical College being of particular importance. Medical centres such as St John’s Hospital, The Apollo Clinic, and Beams Hospital are located in the vicinity.
Koramangala also houses major business firms and software companies such as Infosys, Wipro, and India’s e-commerce company, Flipkart.
Connectivity and Transit Points
Koramangala’s reputation as a prime residential and commercial area is synchronous with its well-established connectivity to other areas within the city.
There are bus depots on every block, with the BMTC (Bangalore Metropolitan Transport Corporation) buses taking commuters to all major parts of the city, ranging from Brigade Road to Electronic City to Kempegowda International Airport.
Auto Stands are present at every other corner, and they provide easy intra-city transportation.
Bangalore’s major railway station, Bangalore City Junction, is 9 km away from Koramangala, and the Kempegowda International Airport, albeit 41 km away, is easily accessible via KIA buses.
Factors for Growth in the Past
Previously a junkyard of sorts, Koramangala was revamped and thrust into a great locality by the senior citizens of the city. They formed an association known as the “Swabhimana Koramangala Initiative" in an effort to revive the area.
They took it upon themselves to clean the dumping ground and clear the accumulated garbage, and then approached the civic authorities to landscape the cleared area. Their enthusiastic determination was well warranted for, and within a year a swanky new park, complete with a water fountain, jogging tracks, waste paper baskets and benches, was developed.
Koramangala also owes its commercialization to the birth of prime institutions, be it educational, corporate, or recreational.
Koramangala’s close proximity to the areas such as the Central Business District (CBD), Electronic City, et al, has been a major contributor to real estate and infrastructural growth. Its advantageous location and close accessibility to fundamental social infrastructure makes Koramangala a thriving residential and commercial locality.
Residential & Commercial Market
Koramangala’s diversity in population directly correlates with the heterogeneity of the residential market, proving that there is always something for everyone.
The sale prices for residential apartments in Koramangala as of April-June 2014 ranges from Rs 7,500 to Rs 8,500 per sq. ft., while the rental prices fall under the range of Rs 22 per sq. ft.
The sale prices for residential houses in Koramangala range from Rs 10,400 to Rs 12,500 per sq. ft. The rent prices for independent houses in this area range from Rs 21 to Rs 31 per sq. ft.
Typical sale prices for commercial spaces range from Rs 7,100 to Rs 12,900 per sq. ft., and renting commercial spaces averages at about Rs 55 per sq. ft.
Choked drains which are not cleaned on a regular basis emit a foul stench, bothering the residents of Koramangala. Additionally, erratic water supply, improper garbage disposal, and fused streetlights plague the streets of the locality.
Factors for Growth in the Future
Koramangala is proving to be a logistical goldmine, with many of India’s leading e-commerce companies (Flipkart, Myntra) having their main offices in this locality. This sudden boom of companies adds to Koramangala’s mounting growth commercially and economically.
Renovation of the Koramangala Traffic and Transit Management Centre (TTMC) is currently in talks. If successful, it will prove to be a haven for BMTC bus travelers, assuring safe and organised intra-city travelling. This will increase Koramangala’s connectivity to other parts of the city, thus contributing to residential, commercial, and infrastructural growth.