Banaswadi is an established residential precinct in Bengaluru which has seen rapid residential and commercial real estate
growth as it is strategically located near Tech Parks. It is divided into two main regions — Chikka and Dodda. The locality is well connected to the core city along the 7th Main Road, which further connects it to the Outer Ring Road. This gives residents easy access to prominent areas like Hebbal, HBR Layout, Nagawara, Sanjay Nagar and Hennur in the North; CV Raman Nagar and Kaggadasapura in the East; and Sarjapur Road in the South. It is also close to Bengaluru airport and the railway station.
The good connectivity and IT set-ups in and around Banaswadi have attracted a lot of commercial and residential investors. Proximity to IT/ITes parks like Embassy Manyata IT Park has caused investors to look keenly at Banaswadi to cater to the housing requirements of the employees working in these IT parks.
Although this location faced the challenge of demolition of properties situated on the lake bed, it has seen sustained strong demand for residential as well as retail properties due its good social infrastructure. For shopping, purchase of groceries and eating out there are numerous options available here. Some of them include Reliance Fresh, Big Bazaar, Food World and restaurants such as Tamarind, Uttam Sagar, Malgudi Southern Cuisine, Pizza Hut, etc. Shopping malls in Bengaluru are just a short drive away.
The demand for housing is growing, thanks to developers offering pocket-friendly apartments, and the availability of basic infrastructure essential for a quality life. Many projects being offered here are in the under-construction phase. Some ready-to-move-in options by reputed builders are also available. The average property prices in Banaswadi range between ~4,200–4,900 per sq ft, depending on the exact location, project’s completion status and amenities available. Some of the developers active in this area are Sobha, Prestige Group, Purvankara and others.
The writer is managing director-Bangalore, JLL India