Recent realty developments have turned localities in West Bangalore into a hot destination for homebuyers and real estate developers alike. Therefore, the areas in this part of the city are seeing price appreciation in residential values. Yeshwantpur, an industrial-cum-residential locality in the northwestern part of Bangalore is witnessing a noticeable appreciation in capital values.
As per the MagicBricks.com data, the residential property prices have risen by 12 per cent in the July-Sept 2012 quarter.
The prevailing average capital rates vary from Rs 2,500-4,500 per sq ft in Yeshwantpur. The areas close to the railway station offers property ranging between Rs 4,000-4,500 per sq ft whereas, properties near Gokul-Mathikere costs between Rs 2,500-3,500 per sq ft.
So what is more in demand? “2BHK and 3BHK both are available in the locality but there is a high demand for 2 BHK with an average size of 1200 sq ft,” says a local realtor, Abdul Razzak of Razzak Estate and Properties.
Many reputed developers such as Prestige Group, Brigade Group, NK Developers, Fortune Builders, and Golden Gate Properties among others have launched their projects in Yeshwantpur.
The rapid development happening in terms of infrastructure also makes Yeshwantpur a sought after destination. “The area is well connected. There is an elevated flyover linking to Nelamangala directly, connecting to the Ring Road, International Airport Road, Tumkur Road National Highway which further connects it to areas such as Malleshwaram, Rajaji-Nagar, Mahalakshmi Layout, Jalahalli and Mathikere,” says Vishal from SS Properties.
The largest Hotel, Vivanta by Taj, which was opened recently in Yeshwantpur attests to the bright potential of the location.
Due to good connectivity and accessibility the locality attracts end-users more than investors. “The ratio between end-users and investors would be 70:30. IT professionals who aspire to own a house prefer to ignore the travel time taken to reach Yeshwantpur from IT hubs of the city,” says Razzak.
The data also shows 20 per cent rise in rental values in the same quarter. “There is high demand for newly launched projects. Therefore, rentals for these are also high in comparison to the old properties,” adds Razzak. Rent for new developed 2-3BHK varies between Rs 30,000-35,000 per month, whereas rentals for old apartments vary from Rs 18,000-22,000 per month.
Looking at the rapid infrastructure, commercial and residential development, Yeshwantpur has the potential to emerge as a strategic suburb of Bangalore.