Real estate markets are separate for rental properties, apartments, villas and plots. Of late it has been noticed that Indiranagar, Koramangala and HSR Layout are the most sought after places for rental accommodation. The demand for rent in these areas is high. Let’s find out what these areas have to offer.
The various data gathered from various sources indicate that there are more than 500 units available for rent in HSR Layout. These units are either 1, 2 or 3 BHK apartments available in sizes of 500 to 2000 sq. ft. while a 1 BHK unit is about 500 to 1000 sq. ft. A 1 BHK apartment is available for rent at a rate of Rs. 12, 000 to Rs. 18, 000 per month. A 2 BHK apartment with a square area of 1000 sq. ft. to 1350 sq. ft. is about Rs. 18, 000 to Rs. 28, 000 per month. A 3 BHK apartment with a carpet area of 1500 to 2000 sq. ft. can be rented at a monthly rent of Rs. 25, 000 to Rs. 35, 000.
The local real estate agents say that the area is quite serene with all facilities at arms-length with schools, colleges and educational institutions around. The students are in plenty who goes for 1 or 2 BHK apartments because of lesser hassles and affordability. Apart from students, this area is well liked by the IT professionals as there are quite a large number of IT companies in the Outer Ring Road belt with Electronic city and Marathahalli being 7 and 8 km away respectively from HSR layout. Apart from that it is just six kilometers away from Koramangala and Wipro Corporate office in Sarjapur. With all this and the web data suggestions, the PropIndex (July – September 2014) also suggests that HSR layout remains at the top of the preferred list of localities for availing rent.
Koramangala is inhabited by the upper middle class with people aspiring to live in premium localities without the affordability of buying one. As per the data collected from different websites there are about 500 units available for rent in this area. One can find 1 BHK units in the sizes of 500 to 800 sq. ft. and above with the rent ranging from Rs. 15, 000 to Rs. 20, 000 per month. A 3 BHK apartment of size 1600 to 2100 sq. ft. can range up to Rs. 30, 000 to Rs. 70, 000. The area has already established itself and earned a name as a hub of commercial activity and a posh locality with many IT and software companies having their offices. The Metro station in Jayanagar which is about 6 km away has further fuelled the demand for rent in Koramangala. With all these amenities and the present situation, Koramangala stands at the second most preferred area for rental accommodation.
This area according to the data has about 200 properties available for rent. This area is serene, clean and considered as a premium locality. Indiranagar has 2 and 3 BHK apartments available for rent in the sizes of 1200 to 2000 sq. ft. In Indiranagar a 2 BHK apartment can be availed at Rs. 22, 000 to Rs. 28, 000 and a 3 BHK can be availed at Rs, 30, 000 to Rs. 60, 000. 1 BHK units are available with 4 BHK as well although they are few in number. 1 BHK units here ranges from 500 to 800 sq. ft. to 4 BHK ranging from 2500 to 4000 sq. ft. The prices of 1 BHK apartment ranges from Rs. 15, 000 to Rs. 18, 000 and that of 4 BHK apartment ranges from Rs. 60, 000 to Rs. 1 crore. The locations that locals opine areas is near to M. G. Road and has a special inspirational value with lot of famous people residing in Koramangala.