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Tuesday, 3 June 2014

Bangalore : In 2013, Bangalore turned out to be the second largest real estate market with the launch of 1.23 Lakh new units, a figure tad less than the 1.25 Lakh units launched in the Mumbai Metropolitan Region (MMR). Despite a deluge of supply, inventory levels in Bangalore at 80,000 units are much lower compared to 1.1 Lakh in MMR, signifying an inherent demand. Unlike other national markets, prices in Bangalore are stable and affordable in the range of 4,300 per sq ft. All this is good news for investors and home buyers in Bangalore as they get ample affordable options to choose from.

The choice of location to buy a home in is driven by multiple factors but primary amongst them is a buyer's current work location and budget constraints. The Bangalore real estate market is divided into four geographical markets
- North, East, South and West. Exhibit 1 shows the average BSP in these four markets.

North Bangalore :

Key micro markets contributing to residential supply in North Bangalore are Hebbal, Hennur, Thanisandra Road, Jakkur, Sahkar Nagar, Kalyan Nagar, Sanjay Nagar, Yelahanka and Devanahalli. Average prices in these markets range from 4,300 per sq ft in Thanisandra to 7,400 per sq ft in Hebbal. There are currently two business parks in Hebbal, North Bangalore- Manyata Embassy Business Park and Kirloskar Business Park, with many more in the pipeline. Some of the key upcoming commercial centres in North Bangalore are Bhartiya City on Thanisandra Road,Karle Town Centre in Hebbal, Aerospace Park in Devanahalli, IT and Hardware Park in Devanahalli. Multiple infrastructure projects such as widening of Bellary roads, completion of an expressway and the extension of Namma Metro will give North Bangalore an added edge. Buyers looking to invest in North.

Bangalore can consider the following projects -

1. Purva Palm Beach Located on Hennur Main
Road, this beach themed residential project launched by Purvankara sits on 19+ acres of land. The project is available at an attractive price of 4,644 per sq ft with a 2 BHK area starting at 1232 sq ft.

2. Bhartiya Nikoo Homes This 125 acre township
being developed by Bhartiya Group will be ideal for people who prefer walking to their offices everyday. The township will have a SEZ, 5 star hotel as well as a big brand retailer, catering to every need of the residents. Properties are available at a basic sale price of 4,770 per sq ft.

3. Sobha City Sobha City on Thanisandra Main
Road is a 36 acre township based on a Mediterranean concept. It boasts of a 60,000 sq ft club and other high class amenities. Properties in Sobha City are available at a BSP of 5,455 per sq ft.

East Bangalore :
Key micro markets in East Bangalore include K R Puram, Marathahalli, Whitefield, Outer Ring Road stretch from Marathahalli to Sarjapur Main Road, Varthur- Sarjapur Link Road and Sarjapur Main Road. The Average prices in these micro markets are 3,840 per sq ft in K.R. Puram, 4,200 per sq ft in Whitefield, 5,200 per sq ft in Marathahalli and 5,131 per sq ft for Sarjapur Road. Though North Bangalore is the most talked about real estate market, most new real estate projects are being launched in East Bangalore. Multiple large business parks including ITPL in Whitefield, Wipro Headquarters in Sarjapur, RMZ Infinity in K R Puram, Bagmane IT Park in CV Raman Nagar,Prestige Tech Park and Vrindavan Tech Park on ORR are setting up shop in East Bangalore. The presence of many key corporates lends itself to rising demand and prices. Peripheral Ring Road and STRR are a few of the key noticeable infrastructure projects in East Bangalore. Once completed, the connectivity of East Bangalore with North Bangalore will improve significantly. Buyers looking to invest in quality projects in East Bangalore can consider-

1. VBHC Serene Town Located on Whitefield road
after Sai Baba Ashram and close to Old Madras Road, this latest offering by VBHC is very affordable. The project will offer basic amenities such as a gymnasium, swimming pool and a children's play area in a small land
parcel of 2.2 acres.

2. Shriram Chirping Woods Located in Harlur on
Sarajpur Road, Shriram Chirping Woods is a 16 acre development. Priced at R.s 5,200 per sq ft, it offers 820 apartments with luxuries like laminated wooden flooring in the master bedroom and Italian marble in living/dining room.

3. Sterling Ascentia Located on ORR near
Bellandur Lake, Sterling Ascnetia is a 6 acre premium development. Priced at 5,900 per sq ft, the project will have luxury amenities and specifications.

South Bangalore :

Key micro markets in South Bangalore are Electronic City, Bannerghatta Road, Hosur Road, Kanakpura road, JP Nagar, BTM Layout and Begur Road. Prices in South Bangalore range from 3,600 per sq ft in Electronic City to 5,900 per sq ft on Kanakpura Road. South Bangalore is a hub of IT companies such as Infosys, Wipro in Electronic City Phase-1, TCS in Electronic City Phase-2, Oracle near Dairy Circle on Bannerghatta Road, Accenture and many more. A key infrastructure project in South Bangalore will be the operationalization of Phase 2 of Namma Metro that will connect it to West and North Bangalore. Buyers looking to invest in South Bangalore have options such as -

1. Sobha Silicon Oasis Sobha launched Silicon Oasis on Hosa Road near Bosch Campus in December
2013. Silicon Oasis will have 918 units in 11 towers across 15 acres of land. This super luxury project is priced at 5,300 per sq ft.

2. Purva Westend Located close to Kudlu gate
junction on Hosur Road, Purva Westend is being
developed on 8 acres of land. With 700 units, the project will have an open air cinema, swimming pool, walk of fame film reel paving and a children's musical outdoor play ground. The project is currently priced at 5,184 per sq ft.

3. Queensgate by Hiranandani Queensgate by
Hiranandani is part of its larger township containing projects like Edenhall, Kingston and Club Meadows. With 400 flats that include a 1 BHK option of 525 sq ft, BSP prices are 5,200 per sq ft.

West Bangalore :

Key micro markets in West Bangalore are Rajaji Nagar, Yeshwantpur, Peenya and Malleswaram. Amongst the four geographic segments, West Bangalore has the least number of new units launched. Prices in West Bangalore markets are relatively high compared to other markets. The average price of a new project in Rajaji Nagar is 10,300 per sq ft and Yeshwantpur is 7,080 per sq ft. ParkWest by Shapoorji in Chamarajpet near Kempegowda Nagar is the most recent launch in West Bangalore priced at 6,450 per sq ft.

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