Real estate markets in South India such as Bangalore and Chennai come out with a minimal beating compared to the other markets in the country that went through a real estate slump. Many northern markets, especially ones that are primarily investor driven, suffered major setbacks. One of the main reasons the southern markets were spared is that speculation plays a minimal role in deciding property rates here.
Bangalore real estate is especially testament to this fact. The rise of Information Technology has transformed not only the city’s economy but also its real estate assets. Micromarkets that are dominated by the IT sector and have easy access to IT hubs are the ones that are growing by leaps and bounds. And increasingly, the IT sector is looking towards Bangalore’s suburban and peripheral micro-markets. These areas have large parcels of land available at low prices and are therefore on the radar of both businesses and home buyers.
Krishnarajapuram or KRPuram as it is known is a suburb located in the eastern part of Bangalore. Property values such as apartments are expected to appreciate as this is one of the upcoming locations in the country. The going rate for apartments in KRPuram is approximately INR 4000 per square foot. A year ago, the going rate was INR 2900 per square foot on average. Prices here have appreciated by 38 percent in the last year alone. According to a leading real estate consultant, property prices in KRPuram are expected to reach the INR 6000 per square foot mark by 2017. This micro-market, along with Hebbal, has been named as one of the top ten residential investment destinations.
The area is a great destination for those seeking affordable housing. The area has great connectivity as three arterial highways: National Highway 4, State Highway 35, and the Exterior Ring Road cross this town. The preferred budget range for properties here is between INR 40 to 50 lakhs. This is followed by the range of INR 30 to 40 lakhs. The most preferred configuration for apartments in KR Puram here is 2 BHK followed by 3 BHK. The most preferred unit size for apartments is in the range of 1,001 to 1,250 square feet. This is followed by the range of 1,251 to 1,500 square feet.
KRPuram has a strong social infrastructure. The area is located at a distance of 40 km from Kempegowda International Airport, which is located in Devanahalli. The area also has a train station. It is also surrounded by areas like Marathahalli and Whitefield which are IT hubs. Since the rates here are much more affordable than in the areas mentioned above, this micro-market is a good place for those who work in the IT companies that are based in Whitefield and Marathahalli.
KRPuram has many factors in its favor. If one is looking to invest in real estate in Bangalore, then KRPuram should be the best option.