Affordable housing belts drive residential demand in South Bangalore

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south bangalore

Arakere and Doddathoguru in south Bangalore emerged as top grossers in Jul-Sept 2017. Offering price-competitive housing units as compared to more expensive counterparts - Hulimavu and Electronic City, the former locales have recorded maximum popularity in the region with a five percent increase in the average capital values QoQ.

While the housing market in North, West and Central Zone did little to propel the property prices, residential pockets in South Bangalore, particularly towards the periphery, remained a popular choice for homebuyers.

According to Shivaraju, Proprietor, SLN Estate, Bangalore, “As affordable housing demand has gained ground in Bangalore, localities towards the southern outskirts have sought attention. Besides, proximity to IT hubs, sound infrastructure and availability of large land tracts at lower price points, have augured well for the residential market of south Bangalore.

Benefitting from the trend, several southern micro-markets reported positive price movements in the preceding quarter. However, Arakere and Doddathoguru remained the top grossers in the region. As per 99acres Insite report (Jul-Sept 2017), both the housing localities clocked a five percent increase in average capital values QoQ.

Let’s evaluate the key factors that attributed to the popularity of these locales in the region.

Arakere

Along the Bannerghatta Road, Arakere has emerged as a potential housing locality offering a range of housing units across all budget categories. However, the area has recently climbed up the popularity charts principally owing to the adequate availability of affordable housing inventory coupled with spill over demand from the neighbouring pocket of Hulimavu.

As average capital prices at Arakere stood at Rs 4600-4800 per sq ft, anything in Hulimavu varied between Rs 5200 and Rs 5400 per sq ft make the former a preferred choice for potential end-users hailing from lower and middle income group. According to 99acres.com, it is for the first time that Arakere has emerged as a bellwether and this can be largely attributed to its proximity to reputed number of IT and BPO companies, IIM Bangalore coupled with sound physical and social infrastructure.

Doddathoguru

Doddathoguru has been another residential market in Bangalore that has immensely gained on the back of affordability. While the capital prices in the bustling IT market of Electronic City have been consistently growing, homebuyers scouting for budgeted options have shifted their interest to nearby pocket of Doddathoguru. The market not only puts the end-users closer to their employment hubs but also effectively meets their housing requirements by offering an assortment of 1 and 2BHK configurations.

While average capital price points at Electronic City vary between Rs 4200 per sq ft and Rs 4400 per sq ft, the weighted capital values at Doddathoguru range from Rs 3700 per sq ft to Rs 3900 per sq ft. The area has gained prominence owing to its strategic location, however, inappropriate infrastructure such as sewage clearance, inadequate drinking water supply and damaged roads still remain the posing challenge.

 


Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.


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