Bangalore's real estate market has been much stronger than that of other cities even in the posh localities. With high prices, these localities remain popular among IT employees and executives and NRIs. Let us analyse which localities have garnered the highest capital rates in Bangalore and the reasons for the same:
Which are the posh areas in Bangalore?
Rajajinagar
Based on the listings with 99acres, Rajajinagar emerges as the most posh area in Bangalore with residential capital values averaging around Rs 12,370 per sq ft. The locality enjoys good social infrastructure with the presence of several banks, hospitals and educational institutes. The locality further scores on proximity to Malleshwaram, Basaveshwara Nagar and Vijaynagar.
“The neighbourhood has witnessed rapid commercial and residential development due to the infrastructural expansion along the Yeshwantpur-Rajajinagar-Malleshwaram corridor,” states Pawan Jasuja, Director, Finlace Consulting Private Ltd.
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Malleshwaram
Located in the north-west part of Bangalore, Malleshwaram is one of the oldest localities in the city. Currently residential prices in the locality averages around Rs 11,100 per sq ft. The neighbourhood boasts of a fusion of old culture and modern lifestyle and has many commercial hubs in the vicinity such as Sampiege Road and Margosa Road. The locality enjoys good connectivity via Majestic and Yeshwantpur railway stations and the Bangalore International Airport which has been further boosted by the arrival of Namma Metro.
Pratik K. Mehta, Managing Director, Unishire comments “Malleshwaram is primarily dominated by independent homes and the lack of land parcels makes the realty of this locality touch roof.” The peaceful ambience, lush greenery and proximity to major locations of the city are other notable reasons for the popularity of Malleshwaram.
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Richmond Town
Richmond Town is another old neighbourhood of Bangalore and is considered as one of the most expensive areas in Bangalore. According to listings on 99acres, capital rates in the area vary around Rs 11,090 per sq ft. The locality is surrounded by hospitals, schools, religious centres and recreational zones which boosts its social infrastructure quotient. It also enjoys close proximity to important areas like Brigade Road, MG Road, Hosur Road and Richmond Road. This centrally located neighbourhood has excellent road and metro connectivity and also offers some luxury projects which adds to its appeal to high-end customers.
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Benson Town
Benson Town is a residential locality in the northeast Bangalore with average capital values around Rs 9,300 per sq ft. The locality has turned into a much coveted residential destinations in the city owing to its location, connectivity and comfort value. Some high-end properties in the richest area in Bangalore even ask for five or six figured monthly rents.
Cinappa Garden Road, Netaji Road and Basaveshawara Main Road are major roads that connect this locality to other parts of the city. Prominent places of interest such as Brigade Road, MG Road, Commercial Street, Cantonment Railway Station, Fraser Town, Jayamahal Extension and Shivaji Nagar can be easily accessed from Benson Town. Several government offices and small industries are also located in the vicinity.
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Ulsoor
Ulsoor is a centrally located neighbourhood of Bangalore which has been developed around Bangalore’s biggest lake, Lake Ulsoor. Excellent road and metro connectivity along with social amenities, great realty options and abundant greenery make it a popular choice for residential buyers. The locality has been housing native Kannadigas for generations. Hence, the locality is full of independent homes with capital rates around Rs 10,000 per sq ft.
Mehta points out that most of the old localities of any city are dominated by independent homes which have been handed down over generations and thus, have a hereditary emotional value which makes their re-sale a very difficult task. “This impacts the supply of land in such areas which then increases the prices,” he adds.
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Basavanagudi
The phenomenon prevalent in old neighbourhoods as explained by Mehta is also visible in Basavanagudi, another old and expensive suburb in the ‘Garden City’. Capital rates of residential properties here similar to those prevailing in Ulsoor, i.e. Rs 9,900 per sq ft. The locality has sound infrastructure including good road and metro connectivity and a wide variety of eateries. Gandhi Bazaar, DVG Road, Indian Institute of World Culture are some popular establishments close to the locality. All these factors make it a prime choice for residential real estate.
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Koramangala
Located in the South Eastern part of Bangalore, Koramangala is one of the most popular and posh areas in Bangalore. It is connected to the rest of the city through Inner Ring Road, Sarjapur Road and 80 ft Road. The locality houses several renowned e-commerce and software companies such as Flipkart, Wipro, Infosys, Siemens and Toshiba among others. Jasuja shares that the neighbourhood offers some high-end and upscale luxury apartments.
Despite the frequent traffic jams that the neighbourhood suffers from, realty prices are quite high in Koramangala prevailing around Rs 10,000 per sq ft due to the exemplary connectivity, sound infrastructure and shortage of land.
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Indira Nagar
One of the costliest areas in Bangalore, Indira Nagar’s realty scene is dominated by independent houses and bungalows owned by defence personnel. The area enjoys beautiful greenery and is home to one of the prestigious clubs of Bangalore, The Indira Nagar Club. High-end international brands and multi-cuisine restaurants are the highlight of the commercial scene here.
Indira Nagar boasts of good social and physical infrastructure with good connectivity to MG Road and Whitefield through Inner Ring Road. Its proximity to Embassy Golf Links Business Park that houses many big IT names is also a big pull for residential demand. With the operational Metro Line, the connectivity to the area has improved and is showing a direct impact on the realty prices. Current capital rates in Indira Nagar are around Rs 10,200 per sq ft.
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Know your neighbourhood well
Cooke Town
Cooke Town is a suburb in Bangalore Cantonment with capital rates of around Rs 9,000 per sq ft. “The locality has grand bungalows, low rise apartments and a wide range of recreational areas and eating joints which makes it a much sought after location in Bangalore,” shares Jasuja. According to data from 99acres.com, a 2BHK unit in Cooke town is available for monthly rent of Rs 22,000 - Rs 25,000 while a 3BHK can be rented at anything over Rs 35,000.
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RMV Extension
Located in North Bangalore, RMV Extension is surrounded by many important localities including New BEL Road, Gandhinagar, Mathikere and Sanjaynagar. It has good connectivity via road and rail transport and is also plied by enough public buses. Experts share that the locality offers some great residential options to live in and many commercial and NRI residential projects have sprung up in the region. The sound infrastructure is the major reason for capital rates in the locality being as high as Rs 8,900 per sq ft. As a general rule, property prices in any locality are defined by the demand and supply gap of that area. If the gap is huge with more demand than supply, prices go up and vice-versa. This principle is visible in almost all the posh localities in Bangalore.
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