Looking For Property In Bengaluru? These Localities Have Option Galore
The festive season is a good time for not just homebuyers but property developers as well. The time is just perfect for homebuyers as they can expect lucrative deals since developers, who could be cash-strapped, would be willing to offer heavy discounts and even be open for price negotiations.
While new launches have seen a rise in Bengaluru, there are several localities which still have the maximum stock of residential units that developers are trying to clear. Bengaluru is closely following Chennai and the National Capital Region (NCR) with a high unsold inventory aged over three years.
Here are the top five localities buyers can consider for an investment.
Hosur Road
Nestled on the National Highway 7, Hosur Road is a sought-after residential locality owing to its proximity to the IT hub - Electronic City and the Kempegowda International Airport. With over 10,000 units available, buyers have ample options to choose with about 75 projects which are under construction and 890 projects in the ready-to-move-in category. Property rates have an average value of Rs 3,900 per square feet. The prices start from Rs 40 lakh for a 1 BHK home and go up to Rs 1.4 crore for a spacious 4 BHK apartment.
Bengaluru North
North Bengaluru, along with Hosur Road, is contributing to the high unsold housing inventory levels in Bengaluru. It is a preferred destination for aspiring buyers seeking a sophisticated lifestyle at affordable prices. The locality surpasses Hosur Road with 1,459 residential projects comprising of 103 under construction ones and as many as 1,301 ready-to-move-in projects. Over 10,000 units are available at an average rate of Rs 5,400 per sqft. Apartments are priced at Rs 55 lakh for a 1BHK unit and Rs 9.5 crore for a sprawling 5 BHK house.
Old Madras Road
A well-developed area with great connectivity, the Old Madras Road, provides an ideal lifestyle for families with nearby IT parks as a huge location advantage. There are over 5,000 residential units available at an average rate of Rs 4,300 per sqft. High-rise projects in the area, a total of 397, offer a variety of options from a compact 1BHK house for Rs 32 lakh to a six-bedroom house for Rs 6.1 crore. As many as 332 projects are in ready-to-move-in stage while about 59 are under construction.
Bengaluru East
The region includes localities such as Indira Nagar, KR Puram, Varthur, HSR Layout and Hoskote - all of which are well-established residential areas which offer a quality lifestyle. East Bengaluru closely follows Old Madras Road with over 6,000 units available. These are available at an average price of Rs 4,700 per sqft. For buyers looking for ready-possession options have over 800 projects to choose from while those looking can make a selection from among 66 projects. The apartments are priced between Rs 31 lakh for 1BHK size to Rs 5.5 crore for a 5BHK house.
Kanakapura Road
A bustling suburb with excellent connectivity and an upcoming Metro link, Kanakapura Road is a south Bengaluru locality with over 5,000 units available, at a price of Rs 5,700 per sqft. There are 33 under-construction and 299 ready-to-move-in projects with many big-tickets developments on offer. Apartments have prices ranging from Rs 31 lakh for a 1BHK house to Rs 8.5 crore for 5BHK unit.