Hotspot: Bengaluru defying slowdown in the real estate market

(Photo: Reuters)
Bengaluru is ranked the third-most populated city in India. Rapid industrialisation and globalisation have led to a rapid rise in population and expansion beyond the city limits.

Being considered as India’s biggest information technology (IT) hub, this city has seen major infrastructural changes which has led to a strong foundation for its real estate market. One locality known as Bengaluru’s heartbeat which attracts both developers and home-buyers alike is Electronic City (E-city). 

E-City is a planned township witnessing various profitable investment options and is also a testing ground for government’s Smart City project. Located at a distance of 18 km from Bangalore, is home to more than 200 IT companies and is spread across 332 acres, divided into three zones. It is flanked by major areas like Huskur, Andapura and Bommasandra and has good connectivity through public transport. 

E-City also has well-developed social infrastructure with numerous educational institutions like International Institute of Information Technology, DPS, Xavier’s, SIBM and many more, shopping centres like Spencers Hyper Mart and Neo Mall, and hospitals like Vimalalaya Hospital and The Apollo Clinic. These factors add to the attractiveness of this location to home-buyers.

Another major attraction for residential property buyers is the development of the 9 km-long, 10 lane corridor connecting to Silk Board Junction, which has helped in reducing travel time. 

The real estate market in E-City has been doing well despite the slow-moving realty rates across the country in recent times. The current property price range in E-City is Rs 2,500-3,950 a sq ft, depending on exact location, project specifications, builder’s brand value and other factors. 

The demand for housing here is growing, and developers are offering options like villas and luxury projects while also catering to mid-income buyer needs. The locality currently offers a good number of options in over 70 projects, and there are various ready-to-move options available. 

Some of the prominent builders active here are Kolte-Patil, Prestige and Godrej, among others. 

With the presence of large IT companies and cost-effective purchase as well as rental options available, E-City’s property market is a good investment option for residential property investors looking for markets with a wide cross-section of people with different requirements.
The writer is local director – managing director – Bangalore & Kochi, JLL India

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel