“One of the major positives of Bengaluru’s real estate market is that it has always adapted well to changing market dynamics, and, therefore, remains well-positioned for future growth as well,” said Mayank Saksena, Managing Director – Land & Head – South India, Anarock Property Consultants.
According to Anarock data, the city added 8,800 units in the second quarter (Q2) of 2018, a quarterly increase of 28 per cent against the preceding quarter. On the sales front too, Bengaluru witnessed a 27 per cent rise compared to Q1 2018.
Kanakapura Road and Electronic City in the south and Devanahalli in the north have emerged the top three residential areas in the city. “These three areas have been ranked at the top based on the new supply and the inherent demand from prospective buyers,” said Saksena.
Electronic City has largely seen demand from IT/ITeS professionals, and has relatively affordable property prices. Enhanced connectivity to major areas via the metro has improved realty demand in Kanakapura Road. The advent of IT/ITeS parks in and around the area is also a major reason for the high supply of units.
Sought-after residential localities
As for the most sought-after residential localities, Saksena said they are the three suburban areas of Yelahanka, Sarjapur and Electronic City.
“Yelahanka is a self-sustained micro market, which boasts of excellent connectivity to the international airport, has ample social infrastructure facilities and is easily accessible to the IT hub in Hebbal. Meanwhile, Sarjapur is strategically located and has ample residential options across budgets. Further up, towards Sarjapur town, there are many villa projects. Also, the locality boasts of some of the best international schools in the city. Affordable property prices in Electronic City make it one of the most sought-after residential destinations in the city,” Saksena said.