Old Airport Road, which witnessed a drop in property values during the period 2011-2012, has now gradually bounced back reporting a significant growth in Oct-Dec 2013.
The area which witnessed a drop of -8 per cent from the period Oct-Dec 2011 to 2012 reported a 26 per cent increase in property value in Oct-Dec 2013. Prices ranged around Rs 5500 to 6500 per sq ft in the latter half of 2013.
Real estate agents and consultants attribute this rise in residential values to increase in commercial activity and presence of an active metro rail.
“Airport Road about 15 years back was viewed as the area for the old rich; used to be recommended for retirees, single professionals and families, as it was a nice and quiet area, close to the airport with upmarket shopping at hand. Today it continues to be much feted due to the presence of several hi-street stores in Indranagar and easy access to travel because of the Metro,’’ says M Siddappa, proprietor, Siddappa & Sons Realty. “Many of the old settlers have reconstructed their old homes into new high-end apartments or office/ commercial establishments. This step has helped keep the shine on the area.”
Thus despite traffic congestion and jams being a normal feature here, property value continues to grow.
“Yes, the area has several issues mainly due to heavy traffic. Auto-rickshaw drivers demand extra over and above the meter, as the time waiting in the traffic is immense. Often you have to wait helplessly for about 45 minutes to actually reach the destination,’’ observes Chandrika Balasubramaniam, a resident of Airport Road. “Yet proximity to the CBD and presence of several green spaces in Indranagar close by make the area extremely attractive.’’
The overall cynicism seems of residents in the area which had increased post the BBMP budget in mid-2013, seems to have had little effect overall by end of the year. The 2013-14 BBMP budget had given Bangalore City a miss, hence projects taken up in 2012, like road widening are yet to see the light of day.
“The area has actually witnessed a steady growth in rental values for residences in the last quarter of 2013. With the residences taken up increasingly for commercial activities, the rental values have shot up further in such areas. Airport Road probably has the largest number of mid- and high-end eateries in the city. From fast food joints to fine dining, the entire stretch caters to a wide segment of budgets. Many of them are on a two-year lease, so every couple of years, there are certain stretches that witness increase in rental values,’’ says Siddappa.