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Banglore
Bangalore – The Garden City with a global attitude!
A fast growing metropolis, the garden city of Bangalore, now known as Bengaluru has made its mark in the global scenario owing to the IT / ITES and outsourcing boom. Populated by a cosmopolitan crowd, the city offers the best of both worlds and is a favourite destination for the ‘global’ Indian.

Stupendous Growth of the Real Estate Market
The growth of the IT sector has catapulted Bangalore to the third position, after Tokyo and London in the sales of ‘A’ grade commercial space. The prices of residential apartments have risen by 70% and land values have gone up by 100%. The garden city accounts for an enormous 32% i.e. one-third of the total demand for office space across all metros in India.

Bullish trend in the Residential Real Estate Market
Bangalore is witnessing astonishing developments in the residential sector. Real Estate developers have begun to offer innovation and exclusivity to attract prospective buyers in the city. Wide traveling and demanding needs of NRIs has initiated and encouraged a wide variety of developments like European style villas, skyscraping residential complexes, single apartments on each floor and even apartments with its own helipad.

The soaring real estate markets have fuelled the market rates as illustrated below, in various residential areas in the city.

Location

Residential

Commercial

M. G Road

2800 - 4000

4000 - 9000

Cunningham Road

2800 - 5500

4500 - 5000

Jayanagar

2500 - 3400

3000 - 4500

Basavangudi

2100 - 3200

3000 - 4000

Koramangala

1800 - 2800

2500 - 4500

Ulsoor

1800 - 3000

2000 - 3000

Langford Road

1600 - 2800

2000 - 3000

Richmond Road

1600 - 2800

2000 - 3000

Palace Cross Road

1200 - 2200

2400 - 3200

Lavelle Road

2500 - 4000

3000 - 4000

Domlur

1500 - 1800

2000 - 3000

Bannerghetta Road

1100 - 1600

2000 - 3000

Nagarbhavi

1200 - 1600

1800 - 2800

R. T. Nagar

1500 - 1800

2000 - 3200

Cox Town

1800 - 2500

2800 - 4000

Yelahanka

1150 - 1600

2000 - 3000

J. P Nagar

1500 - 2100

2000 - 3000

Augodi

1200 - 1400

2000 - 2500

Maker Circle

1400 - 2200

2000 - 2700

Dollars Colony

1600 - 1800

2000 - 3000

Brigade Road

3000 - 4500

5500 - 7500


** Price as per the market value in April 07
** Property Rates are subject to change due to market vagaries and may differ by virtue of location and project, depending and facilities and other factors.
Properties in the areas of Brigade Road, M. G Road, Whitefield, Cunningham Road, Jayanagar command skyrocketing prices while the newly developing areas of Yelahanka, Augodi have affordable rates.

Burgeoning Real Estate Market spurs new trends
The influx of business travelers to the garden city has led to a new trend – ‘Service Apartments’ which is based on the concept of home-away-from-home. These apartments offer short-term stay and cater to the requirements of businessmen, tourists and expatriates.

The data compiled by Cushman Wakefield sheds some light on recent trends of service apartments in Bangalore. Operated primarily by builders or apartment owners, the city currently has 15 professionally functional service apartments that include Homestead, Chalet, Sterling Suits, and Halcyon. Located in upscale residential areas such as Indiranagar, Lavelle Road, Langford Town, Brunton Road, Vittal Mallya Road, and Airport road this trend offers a plethora of opportunities for potential investors.

Commercial Real Estate
With the development of the new international airport in Bangalore, numerous hotel chains have emerged including renowned names like Radisson, Hilton, and JW Marriott. 66 % of the net revenue generated in hotels comes from the premium category whereas the food and beverages segment contributes to 22 %.

The office space absorption has reached an all-time high of 14.2 million sq.ft, which is believed to be the second highest in the world, following Tokyo and accounts for 53% growth over the past years. The office space absorption figure is known to stand at 9.28 million sq.ft thereby carving its niche among the top four cities globally.

Thus, the garden city has gone global with the numerous IT /ITES sector companies setting up their establishments in the city and the residential real estate market soaring high on account of the higher purchasing power of the residents. Real estate has emerged as a key industry that has played a vital role in the rapid development of the city.
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