Bangalore: If you aspire to live in a premium locality of Bangalore, Koramangala, and have a limited budget of Rs 50-55 lakh, don’t worry. Several pockets of the area still offer properties within this budget.
According to data, one can find 1 and 2BHK units in Koramangala Block 1 and 2 within the said budget. However, in other blocks, such as 5th, 6th, 7th and 8th, the prices of property of the same configuration ranges between Rs 90 lakh to Rs 1 crore and above.
The major reason for the high property values is the non-availability of 1 and 2BHK apartments for sale or rent in Blocks 5-8 in Koramangala. “There are mainly larger units of 3 or 4BHK within the size range of over 2000 sq ft, which are available in the resale market. The 1 and 2BHK units, in sizes of 1000-1400 sq ft, are available in the resale market of Block 1 and 2 of the locality,” says K Babu, a local real estate agent.
Babu further adds, “Since Koramangala is a well-developed locality there is no scope for fresh developments and only a handful of properties are available.” Data shows that the per sq ft value is 10-15 per cent less in Koramangala Block 1 and 2 as compared to other blocks of the locality.
This is because Block 1 and 2 are in the interiors of Koramangala, while others enjoy easy accessibility to the main roads of the city. “The approach road to Koramangala Block 1 and 2 is narrow and the area also faces traffic congestion. On the other hand, 7th and 8th blocks enjoy better proximity to the major roads such as Hosur Road and Sarjapur Road. Madivala and Ejipura – bustling centers of activity from grocery markets to IT to shopping mall – are also close by,” says Punyakoti Naidu of PNR Group, a local real estate consultant in the city.
Naidu also points out that Koramangala Block 1 and 2 are situated close to Agara Village and Mandi markets, which have also restricted the property prices to be at par with other blocks. But he adds that in terms of liveability and social infrastructure, all the blocks in Koramangala are well-equipped. Local markets, medical facilities, ATMS and banks are also available here.
The area is well-known for its connectivity and the upper mid-segment occupants. Many important roads pass through the locality, such as Sarjapur Road (leading to the Outer Ring Road, the IT corridor and beyond), Intermediate Ring Road (linking the Airport Road with Hosur Road and Electronic City).
Owing to its proximity to the IT hubs, the area sees constant demand for housing in the capital as well rental market. The locality has many software companies and is thus a popular residential destination for IT and corporate professionals. The preference for houses on rent in Bangalore’s Koramangala is also fuelled by the presence of Namma Metro Station at Jayanagar, which is about 6 km away.
So, if you are someone for whom saving money and yet living in a premium locality is the criteria, areas such as Koramangala Block 1 and 2 may fit your requirement. However, keep in mind to adjust with the narrow approach roads.
Source : Neha Nagpal, Magicbricks.com Bureau