Central, South and East Bangalore race ahead with property price appreciation in Bangalore - MakaanIQ
The Bangalore real estate market is essentially an end use market with growing interest from investment community. In an attempt to update & inform real estate investors regarding areas that have appreciated the most, Makaan.com, the fastest growing property website in India, conducted a research during the month of May 2012. The research tracked residential property prices in April-May 2012 and compared them with the corresponding figures for last year. The study was conducted across 5 major cities – Delhi NCR, Mumbai, Bangalore, Pune and Hyderabad. The research for Bangalore was conducted among 98 key localities. Here are some findings of the research.
1. Localities that have appreciated the maximum (see info graphics below) belong to different areas of Bangalore including Central Bangalore, Bangalore East, Bangalore South and Bangalore North. This is an interesting finding as it goes against the popular belief that high growth areas are limited to central and south Bangalore region.
2. Bangalore Central localities like Indiranagar has posted the maximum price appreciation of 29.7% across Bangalore metropolitan region. Indiranagar has registered maximum appreciation for two consecutive years. Typically one would not expect these areas to show high growth due to high per square feet (psf) rate but they still managed to grow smartly. This growth can be attributed to the superior connectivity, proximity to commercial areas like M.G Road, Brigade Road and Koramangala, and an unparallel inspirational value attached with these localities.
3. Bangalore East and South are on par as far as the number of localities that qualify to the race. Five localities from Bangalore East have made it to the top list. Coming first is Kasturi Nagar that has appreciated 28.5%. Other localities from East are, Basavanagar, Kundanahalli, Outer Ring Road and Kaggadasapura. Property prices here have risen by 18.3%, 17.8%, 15.7% and 12.3% respectively.
4. Bangalore South gives Bangalore East a tough competition with five localities appreciating within close range. They are Hosur Road (23.7%), HSR Layout (20.6%), Bellandur (18.2%), Uttarahalli (17.1%) and B.T.M Layout (13.7%). The main reason being closeness to the Electronic city and Bannerghatta Road, that houses many MNCs in IT industry. This well developed area is one of the most desired residential areas in Bangalore.
5. Only Hebbal from Bangalore North, has made it to the list with 11.3% appreciation over last year.
Commenting on the findings Mr. Aditya Verma – COO, Makaan.com says “This research once again reinforces that good infrastructure, superior connectivity and consumer convenience will continue to be the established mantra of real estate success. It also establishes that existing prices need not be a deterrent to the growth potential of any area”.