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.
Bangalore has become one of the most popular real estate markets as many new units have been launched in the real estate segment. Not like the other national market the prices in Bangalore have remained stable for a longer duration. This news indeed is good for the developers, buyers as well the purchasers can freely browse a number of affordable options. While choosing to buy a home one must keep a track of a lot of requirements. The most important of all is the location of the home and also the time invested in travelling to and fro from the chosen location to the other places of daily commute. The second most important constraint is the budget which is a clear understanding on how much to spend over the residential property.
The Entire Silicon Valley of India is divided into four major locations in the four different locations of East, West, North and South.
The major markets in the residential segment in Northern banaglore are Hebbal, Hennur, Thanisandra Road, Jakkur, Sahkar Nagar, Kalyan Nagar, Sanjay Nagar, Yelahanka and also Devannahalli. The Near about prices in this area approximately Rs. 4300 per sq. ft. but as per the areas of Hebbal and Thanisandra are concerned the prices are around Rs. 7,400 per sq. ft. Manyata Tech Park and the Kirloskar Tech Park make this area one of the most prominents in the northern region. On the Thanisandra Road the Bhartiya City is located which is also one of the most prominent infrastructures and drivers responsible for the growth of northern Bangalore.
The eastern belt of Bangalore comprises of KR Puram, Marathahalli, Whitefield, Outer Ring Road and also the stretch from Sarjapur Main Road. The prices in this area vary from Rs. 3,840 to Rs, 4,200 per sq. ft. Many of the new real estate land owners and developers have planted their projects in this area. On the other hand the residential property rates in areas of Whitefield and Maratahalli are around Rs. 5,131 to Rs 5,200 per sq. ft. The area Whitefield is one of the major markets as it has the Maximum of the IT strength along with the ITPL the area receives major enquiries in terms of residential spaces and every one looks in for the closest option to stay from office.
The southern part of Bangalore consists of areas like Electronic City, Bannerghatta, Hosur Road, Kanakpura, JP Nagar and also BTM Layout. The Southern part of Bangalore is undoubtedly thickly populated as many of the major companies like Oracle, TCS, Wipro and Infosys are present here. As soon as the Bangalore metro comes into force the connectivity between the northern and the southern region of Bangalore will see a change in a better way.
Areas accounting of the western stretch of Bangalore are Rajaji Nagar, Yeshwanthpur, Peenya, Malleshwaram and many small micro markets. This area is still developing and hence there are very less new units introduced here But the area has the highest property prices which is somewhere around Rs. 10,300 per sq. ft. Whereas Yashwanthpur has the price range of Rs. 7,080 per sq. ft. The area has a huge scope of development in the time to come.
The Government in Karnataka is is said to bring about the needed change and transformation in the concerns related to property revenues this was done mainly to check deceitful land deals, illegal formation of layouts and there were corruptions in the sub registrar offices.
It was also told that the government will mount new rules and regulations to curb registration of revenue sites, it also promised to check the bourgeoning of illegal layouts and sleaze in sub- registrar offices within the city of Bangalore.
The government will make computerized online registration of properties by accelerating the ongoing process of assimilating Kaveri (Land Registration) and Bhoomi (Land Records) the two e-governance pattern of the state government.
This newly designed system will not only abridge the registration process but this will also stop the evil practices of fake registration and other corrupt activities. Such activities are much prevalent in Bangalore’s rural areas.
It is also expected that the government will soon bring in changes to the existing act to render effect to the right to center’s fair reimbursement and limpidity in land attainment, reestablishment and the resettlement act as of 2013. This will undoubtedly provide a just and fair recompense to those poor land owners who lose source of revenue due to property acquisition.
The department will soon be ready with an accurate and physical time bound plan of action. This will target for the repossession over 4.5 Lakhs acres of government property infringed by the state-run governing body.
The Deputy Commissioners have been appointed to formulate a plan of action relating to their respective districts on the directions from the high court in answer to a PIL filed by the Samaj Parivartan Samudava.
There are hopes associated that once the plan falls in its place they will probably move ahead with the operations to retrieve the invaded property.