Bangalore offers many options in the budget housing category, ranging from studio apartments to independent houses. Here is a sneak peek into the top localities buzzing with real estate activity
Bangalore is one of the fastest emerging investment hotspots in Indian real estate segment. The real estate growth in the city is driven chiefly by the IT industries. Being an IT hub, the city attracts a large chunk of migrant population annually who want to settle here for work. Their journey may begin with PGs, hostels and rented accommodation and reached out to self-owned property ultimately. This sentiment has driven the city’s real estate segment for a long time.
As a result, the city is dotted with full-fledged educational institution, multi-specialty hospitals and enhanced social and physical infrastructure. The city has witnessed continuous growth in the last couple of years when we compare with other cities in India like Delhi, Noida, Mumbai and Chennai.
Among all property segments, the demand for affordable housing is gaining prominence in Bengaluru. According to a report by real estate advisory firm JLL, the demand for affordable housing is increasing everywhere in Bangalore and the constant demand can also be observed in outer periphery of the city. It is also true that majority of the demand comes from price sensitive buyers and middle segment group.
The demand in outskirts of the city is driven by the metro rail network expansion and peripheral ring road that provides smooth connectivity. Therefore many affordable projects are developed in suburbs of city which are in different phases of construction.
The locality like Hosur Road, Sarajapur Road, Bannerghatta Road, Mysore Road and Kankapura Road have witnessed highest demand for low-cost property.
Here’s a list of localities that offer budget residential properties in Bangalore:
Hoskote: Hoskote is one of the prominent localities of East Bangalore. It is located 25 km away from the main city. The area is rated highly among other areas for real estate investment point of view. It is strategically situated at the intersection of NH-4 and NH-207 that attributes good connectivity with major parts of the city. The area has a famous medical college-MVJ Medical College & Research Centre – which makes it a good place to invest.
Average Price Range: Rs 2,300-Rs 3,500 per square feet.
Electronic City: Electronic City is one of the Bangalore’s largest IT hub located in the south-east of metropolitan city. It is popularly called as India’s Silicon Valley. As of now Electronic city has more than 187 IT companies with working population who are looking for affordable housing options in proximity to cut their daily commute time. Realty experts say that the property prices in the area are low when compared to other residential areas. The locality has a good supply of residential property at affordable prices as compared to other IT hubs in Bangalore like Whitefield, Manyatha and Uppendra manchappa.
Average Price Range: Rs 2,700-4,800 per square feet
Sarajapur: Sarajapur has emerged as an ideal location for investment over the last couple of years. It is located in the outskirts of the city, about 20 km away from south east zone. This locality too has a good supply of affordable housing projects due to city centres and IT clusters in the vicinity. The locality is buzzing with good social and physical infrastructure development with availability of land parcels at low-cost.
Average Price Trends: Rs 3,900-Rs 7,000 per square feet.