Overview of Property Prices in Bangalore

Property Prices

With the real estate in Bangalore looking up for the coming year, property prices are all set to spike from current levels. If an investor is planning to invest in property, in the IT hub of the country for the coming year, then right now would probably be the best time to do so, with a huge appreciation in prices expected in the later part of 2014 due to an upbeat IT segment and a good second half last year.

Known for its strong long-term investment scenario, Bangalore realty is climbing popularity charts after a slight dip in the last two years. With almost 30 new projects having been launched in the last quarter of 2013, Bangalore’s real estate observed an increase in capital values across projects of all price ranges.

According to the survey done in the city, the price of the project and its location are being considered as the top purchase priorities for the coming year by prospective homeowners. In today’s times, areas such as North Bangalore, Whitefield, Sarjapur Road, Secondary and Central Business District, and Outer Ring Road (ORR) have extremely promising residential markets with an increasing demand for high-end projects (INR 1.5 crores per flat and above).

Property prices in South, Central and Off-Central Bangalore, witnessed a price increase of almost 4–6 % in the premium range, whereas those in North Bangalore increased by about 8–10%. These areas have promising residential spaces such as villas, row houses and huge, gated communities, which are the exclusive offerings of Bangalore today. Buyers here are known to be extremely selective and picky when it comes to such high-end projects and consider the size, the quality and the amenities of the projects very carefully.

The mid-segment (INR 75 lakhs to 1.5 crore) prices are expected to spike as well, mainly driven by the IT/ITES professionals working in Bangalore today. Rising disposable incomes, access to educational and medical facilities, great infrastructure, proximity to the workplace, and good social infrastructure are some of the principal driving factors for the spike in mid-level housing prices. Mid-level houses in certain areas of North Bangalore, Electronic City and Whitefield and ORR will witness growth in prices due to the above reasons.

The budget housing segment (below INR 50 lakhs) in Bangalore is mainly situated around the areas of Kanakapura, Hosur and Mysore Roads, areas of West Bangalore, the satellite town of Kengeri located on the NICE Ring Road, Electronic City and other areas of South Bangalore, certain pockets of in Koramangala and areas in North Bangalore. The availability of large land parcels at lesser prices, Peripheral Ring Road and the construction of the planned Metro Rail has increased demand for affordable housing in the above areas and on the outskirts of the city.

With the construction of IT parks and SEZs in North Bangalore, the proposed infrastructure changes by the government (Monorail, elevated expressway) and an increasing number of expatriates in the city is expected to drive the property prices higher in coming times. This means that there is no time like present to invest in that dream home in Bangalore. Go on and book an apartment right away at Chirping Woods, a premium gated community in Sarjapur road.

Your dream home is waiting for you at Chirping Woods

Affordable homes for sale at Shriram Sameeksha

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by Sridhar Kulkarni via Shriram Properties Bangalore