Buying a residence is an emotional experience no doubt. Malleswaram is one locality in Bangalore where nostalgia seems to keep the prices up and ticking. People who were born and brought up in this locality whether they are IT expats, NRIs or globetrotting businessmen, all prefer returning to Malleswaram. Almost like returning to the roots.
Ask a local resident of the place about Malleswaram and he tends to get almost lyrical.
“Malleswaram has not changed at all. It still maintains the conservative touch that it is so famous for,” says Pavithra S. “Though many of the trees have been cut and it is not as green as it was about a decade back, it has managed to retain its original flavour.”
According to local realtors who have been operating in the area for decades, the number of local-ites and their families opting to settle in the area have kept the property market buoyant.
“Malleswaram, was initially developed as a suburb for the traditional-rich Kannadiga, and over the years it has developed its own socio-cultural atmosphere,” says Anandana Chariyar, of Durga Real Estate Agency, a third generation real estate agent in the area. “Once people get used to being here, they rarely move to other upmarket places like Kormangala or HSR layout or developing localities like Hebbal.”
In the last few years, since he has taken-over from his father, about two thirds of his clients have either grown up here or aspired to be a part of Malleswaram, in their school and college days.
The price of multi-storey apartments in the area are in the range of Rs. 11,600-12600 per sq ft as recorded in the Jan-Mar quarter of 2014, a rise of 16 per cent as compared to the Oct-Dec 2013 quarter.
The rental values in the area, for multi-storey apartments, are in the range of Rs 24-26 per sq ft. This value tends to increase further in some of the newer complexes with more luxury amenities.
Residential Houses command a rent of approximately Rs 135 per sq ft.
“The locality has a good mix of large residential homes with coconut and papaya trees and large luxury apartments,” says Sameer Raghavendra, proprietor, Thirumal Realtors & Property Consultants. “Malleswaram today is a blend of old-world charm and technical India, like the Chowdiah Memorial Hall and the Indian Institute of Science.”
The area has a good mix of middle class, upper middle class and elite residential areas. “Broadly the locality can be categorised into two: the middle and working class populations live primarily in East Malleswaram, while the elite residential areas are on the west,” says Chariyar.
Malleswaram is well-connected with direct buses that are available from here to Kempegowda Bus Station and Yeshwanthpur. The locality has two famous main roads connecting it to the rest of the city – the Margosa Road and Sampige Road. The Metro construction taking place is expected to be ready by about 2015-16.