A look at locations where you can invest in Bangalore
RYN Rao, Head of Sattva Real Estate Solutions talks to us about locations where one can invest in Bangalore
There are some very prominent realty sections of Bangalore. One such massive stretch is that of Hosur Road, which begins right from Richmond road Vellara junction, through Koramangala, Silk Board all the way up to Attibele. In order to better evaluate the stretch it would make sense to divide it into segments.
Koramangala: Koramangala is a completely saturated area with almost nil scope for development. With the area being home to the MICO factory, the cemetery and several government research agencies and St Johns Hospital, the scope for acquisition and growth is almost close to none here.
Bommanahalli: Parts of Bommasandra and Bommanahalli as well as its surroundings do offer some opportunities for real estate development. This area was home largely to old industrial units such as the old MICO factory, Bhandary Steel and the like that have long since shut down. These spaces are now being converted and are opening up a wealth of land, which is now being used for residential as well as commercial development.
Parts of BTM Layout: There has been a spurt of growth in the area surrounding the Silk Board thanks to the conversion of the Panyam Cement Factory land of around 24 acres. A number of software offices have come up here and therefore there is a demand for residential units. However, there is more scope in the interiors and not much on the main Hosur Road.
Electronics City: Biocon is among the several IT companies that changed the face of Electronics City. There are several areas in and around Electronics City that are seeing a lot of real estate development. The Chadapur-Anekal as well as the Chadapur-Attibele stretches are seeing a spurt in housing communities in the affordable and mid-range segments.
Attibele: This area is now gradually morphing into an affordable housing hub with large parcels of land being acquired by a few reputed builders. The area is gradually becoming self sufficient and has immense scope in terms of development.
A wide and mixed range
Considering the expanse of Hosur Road, there are certain issues that plague it. As far as pricing goes, pinning down a fixed price is difficult. This is because several parts of Hosur Road were developed haphazardly, before they actually came under BDA limits. This has led to several small pockets of development which do not follow BDA bylaws. A good project will command a good price. However; there is a mix of projects in terms of quality that is available right now. Demolishing these low end structures is not really a possibility.
Areas closer to Koramangala will command anywhere between Rs 5000 to Rs 6000 per sqft and even more. Areas around and beyond Silk Board will command around Rs 2000 to Rs 3000 per sqft for land and between Rs 3000 to Rs 4500 per sqft for apartments. Villas will be high end in the bracket of Rs 4 to 5 crore. Going further interior, determining a price will be difficult and at the farthest point you can expect to pay around Rs 1500 per sqft for land.
Demand in the area is from the mid to lower budget segment. With time and commercial development, there is also going to be demand for high end villas and row houses. Infrastructure in the region is a bit shaky with roads being narrow. However work is on to convert 30ft roads to 60ft. As you go towards Electronics City, the areas are completely dependent on ground water which is at a good level right now. But going further, there can be trouble. This will continue till Hemavathy and Cauvery waters are brought in, to cater to the area.