Bangalore’s lucrative real estate market has seen a steady influx of investors in the recent past. Rapid expansion of the city in all directions due to availability of large land parcels at low prices has given a boost to the real estate market. Influx of MNCs, growing connectivity, and release of land by the government for commercial purposes have also boosted development. With new localities picking up, developer interest in affordable housing, and the sector on an upward tick, now is a great time to make property investments. Have you considered property purchase recently? If not, you might want to read on for what could be a great investment option.
If you are a buyer or investor, a real estate hotspot you must not miss out is Mysore road. This stretch between Nayandanahalli and going to NICE Ring Road Junction towards Kengeri is where real estate is picking up. Mysore Road currently has around 5,500 units of marketable residential stock from different developments.
Some of the key neighbourhoods for Mysore Road include Rajarajeshwarinagar, Kengeri, Uttarahalli, and Banashankari 5th and 6th stage.
Industrial establishments and proximity to several educational institutions like Christ University and Rajarajeshwari College largely drive Kengeri’s residential market. The Global Tech Village has also been a key demand driver, with several residential properties coming up around this IT SEZ. These properties are available at a price that is 20-21% lower than the city making them a lucrative buy. The average property prices in the region range between INR 3,500 and 5,100 per sq ft. According to research by CBRE South Asia there are more than 4,000 residential units around Kengeri ranging from 420 sq ft -1,700 sq ft. Some of the key projects in this area are by MRR Groups, Sri Krishna Constructions, and Good Earth.
Uttarahalli’s appeal lies in vast open spaces and location advantage of being close to almost all zones. The development in this locality got a boost after the laying of the Kengeri-Uttarahalli Main Road (also known as Dr Vishwavardhan Road) in 2003. The area is a great choice for budget homebuyers with several affordable housing projects priced much lower than other developments in the vicinity, with the average property in the range of Rs3000-3500/sqft. Some of the key projects are by Siri Homes, Kishore Builders, and DS Max Builders.
The Metro has been a key growth driver in this locality. Projects that remained unsold for years found sudden buyer interest and are selling fast. This area has also seen a good appreciation (as much as 13%) in property rates with residential houses and the average price ranges between INR 4,500-5,500 per sq ft.
Let’s look at 5 key reasons why investors are flocking to Mysore road:
- Lucrative investment area – Industrial clusters in this zone have significantly added to the demand and appreciation of real estate in the area. For example, the Global Tech Village by Tanglin Developers is a massive IT park which is home to many MNCs. People wanting to stay closer to their workplace are actively buying or renting houses. This has led to the launch of many residential apartments such as Salarpuria Sattva Divinity in this location that are available at reasonable prices. The posh residential environment, quality housing, and sophisticated townships are also contributing to Mysore road’s emergence as a rewarding investment area.
- Great connectivity – Connectivity and a hassle free commute are one of the key considerations for house buyers. Good connectivity has the potential of driving real estate growth and Mysore road checks all the boxes. It has close proximity to the NICE corridor, Outer Ring Road, and Metro Phase I and II. In addition there is a local bus service that connects social and economic zones making everyday life easier. It’s a relatively easy commute to the international airport (~40Km) as well as the Bangalore City Junction Railway Station (~15Km). Infrastructure developments such as the planned Metro Rail and Peripheral Ring Road are also playing a part in making this area an attractive and viable investment option. In addition the Bangalore-Mysore Infrastructure Corridor (BMIC) has reduced the travel time between the two cities to just 90 minutes. As of March 2019, 4Kms of the expressway was completed. In addition to this, 41Kms of peripheral road and 8.5Kms of link road has also been completed.
- Easy access to commercial infrastructure – In addition to connectivity, Mysore road has some of the best infrastructure in the city. It is home to world-class hospitals such as Brookefield Hospital, Mysore Hi-Tech Hospital, BMP Maternity Hospital, and Victoria Hospital, international level schools such as Orchids International School, St Joseph Boys High School, and Tattva Pearson School and many entertainment options. Wonderla Amusement Park and Innovative Film City are close by and the area is dotted with malls, movie halls, and deprtmental stores such as Gopalan Mall and Total Hypermarket.
- Open green spaces – The best part is that you get all this convenience without the congestion. Mysore road has wide, open spaces and even upcoming projects are conscious of keeping a green cover in this locality. With great infrastructure and natural beauty, you can safely choose to investment in Mysore road.
- Low prices – And finally, Mysore road offers lucrative prices with potential for rapid growth in the coming years. You can book an apartment with prices as low as INR 2,750 per sq. ft. with an average price of properties being around 68.80 lakhs. Mostly dominated by low and mid-end apartment projects the residential market in this area is still in nascent stages for high-end residential projects.
Mysore Road is all set to become the next residential and commercial hub of Bengaluru and there are several factors that contribute to this growth.
- The announcement of an arterial road between Mysore Road and Magadi Road in the Karnataka State Budget is a big plus in terms of connectivity.
- A 1000 acre dedicated hi-tech corridor has been proposed between Magadi Road and Mysore Road for clean industries in the Comprehensive Development Plan (CDP). The corridor will be 17-29 km from the city center and will house IT and IT-enabled service industries. This will also see the setup of 10 integrated townships with international standard amenities.
- There is a lot of development underway and the metro connectivity plus the potential of Cauvery water supply holds great promise for steep returns both on property values and rentals. Reach 2 of the Metro will bring Kengeri closer to the city and open up several economical residential options for people.
- The extension of the NICE road to ultimately connect with Mysore and the proposed elevated expressway will ensure seamless connectivity.
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