What is available?
Data with Magicbricks shows the area offers a 2BHK unit of 1050-1250 sq ft within Rs 30-40 lakh, while the same property type of a similar size is available for Rs 40-50 lakh in Bansawadi and HBR Layout, situated within 3 and 5 km distance, respectively.
Going towards Thanisandra, a 2BHK unit gets even more expensive. A similar property will cost Rs 40-50 lakh.
Why to invest in Hormavu?
Like Bansawadi, HBR Layout and Thanisandra, Hormavu also offers good connectivity and well–equipped social infrastructure. “It is well-connected to Central Bangalore, almost equally distant as Bansawadi, HBR Layout and Thanisandra. Through the Outer Ring Road (ORR) the locality enjoys accessibility to other parts of the city.
The area is also strategically located between Whitefield on one side and the Manyata Tech Park on the other, each at a distance of 9-10 km. Owing to its proximity to the IT hubs, the locality has a predominance of mid-level IT professionals,” says Nitin K Mehta, a local real estate consultant and an investor. The locality also offers good connectivity to the airport and the KR Puram Railway Station through the Hormavu Main Road and National Highway 4.
While talking about growth potential of the property prices, Mehta says, “The real estate market is slow across the country, so is the impact on Bangalore realty. Despite the current situation, properties in the locality have seen a consistent rise of 5-10 per cent in the last two years”.
The area offers comparatively affordable property because it is yet to be fully occupied by residents and is still in the process of developing as a residential location. It also has huge land parcels to offer. “The property market here is majorly driven by small developers. Some renowned developers have also acquired land parcels in the area however the announcements are yet to be made,” says Manoj Sharma, director, Property Matrimony, a city based realty firm.
Connectivity, infrastructure and proximity to workplace, Hormavu offers all. With still more scope for real estate developments, it is evident that the locality gives an edge for investments in the city.