The residential property mix available here includes multi-storey apartments, residential houses and builder floor apartments.
The area has many colleges and educational institutions, thus, is a preferred choice for rental accommodation. “Students mostly look for 1 or 2BHK units to rent as these are easy to maintain and are affordable. From medical facilities to grocery shopping to banking facilities everything is available here,” says Ravi S, Vandana Group, a local real estate consultant in the city.
The area is also suitable for IT professionals as it is close to the IT Hubs – Electronic City (7 km), Marathahalli (8 km), Wipro Corporate Office Sarjapur (6 km) and Koramangala (6 km).
HSR Layout continues to maintain its status at the top of the list of preferred localities for rent, as per PropIndex (Jul-Sep 2014), a City-wise India Apartment Index report by Magicbricks.
Kormangala is an upper mid-class locality with those aspiring to live in premium localities but unable to buy one, are driving the rental market here. As per Magicbricks data, there are over 320 units available on rent in this locality.
You can find 1BHK units in sizes of 500-800 sq ft within the rental range of Rs 15,000- 20,000 per month, 2 BHK units of 1200-1500 sq ft at rental values of Rs 25,000-40,000 per month. A 3BHK unit of size 1600-2100 sq ft and above is available within a monthly rent of Rs 30,000-70,000.
The areas proximity to IT hubs and connectivity push up the rental market here. The locality has many software companies and is thus a popular residential destination for IT and corporate professionals. The preference for houses at rent in Koramangala is also fuelled by the presence of the Namma Metro Station at Jayanagar, about 6 km away.
As per PropIndex, the area is the second most preferred locality in the city for rental accommodation.
The locality is a complete residential layout with peaceful and serene environment. It is an old locality with a premium tag. There area has over 160 properties available for lease.
Indira Nagar mainly offers 2 and 3BHK units, which are available within sizes of 1200-2000 sq ft. While a 2BHK is available for Rs 22,000-28,000 per month, you can find 3BHK units for Rs 30,000-60,000 per month.
Though few in number, options of 1BHK (500-800 sq ft) and 4BHK (2800-4000 sq ft) units are also available. You can avail a 1BHK on rent at a monthly cost of Rs 15,000-18,000 and a 4BHK unit within Rs 60,000 to Rs 1 lakh and above. “The area enjoys proximity to MG Road, Brigade Road and Koramangala and has an unparalleled inspirational value attached,” says Ameen of Proud Assets & Co.
“It is close to a few IT Hubs such as EGL, Bagmane Tech Park, Vrindavan Tech Park, EMC2 and Embassy Tech Park. The demand from professionals working here drives the rental market of the area,” adds Ameen.
With a number of lifestyle outlets and the Metro passing through Indiranagar, commuters are able to reach MG Road or Brigade Road within 10 minutes. It is this strategic location that continues to keep Indiranagar attractive for those looking for an apartment on rent.
CMH Road, which houses big shopping malls, lifestyle showrooms, supermarkets, ATMs and popular restaurants services the residents of Indiranagar.
As per PropIndex Report, it is placed at the third position in the list of the most preferred localities for renting purpose.