Sale price of multi-storey apartments in Nagawara has increased by 20 per cent in October-December 2012 quarter.
Nagawara in North Bangalore is fast becoming a one-stop destination for people looking for a peaceful backdrop. The growing popularity of Nagawara can be credited to its close proximity to schools, hospitals and IT companies.
As per the data, sale price of multi-storey apartments in Nagawara has increased by 20 per cent in October-December 2012 quarter.
“The sale prices of multi-storey apartments in Nagawara have increased by Rs 10 lakh approximately due to several reasons. The area is peaceful with good security measures. There is ample parking space and the area is also well-connected,” said an official.
The airport is just 30 minutes away. Nagawara is attracting IT professionals and emerging as a popular IT hub. “It is also near to the Railway Station and Ring Road. It is close to offices like IBN software, BHEL, Manyata Tech Park and many other MNC offices also which is making it a hot locality,” added the official.
Experts in the industry said that Nagawara is accessible to all important places of the city and its value has the potential to increase further with time. Lumbini Gardens is a famous tourist attraction and Karle Technology Park is expected to come here soon. 1, 2 and 3 BHK apartments are much in demand.
The cost of 1 BHK in 600-800 square feet area is Rs 30-40 lakh, for 2 BHK in 1100-1200 square feet area one will have to pay around Rs 50-60 lakh. Whereas a 3 BHK flat is in Rs 70-80 lakh price bracket which is spread in 1500-1600 square feet area.
The buyers mostly are IT professionals and businessmen. The user- investor ratio is 75:25. Experts also hint that a metro station is in the pipeline. Shobha Developers have a lot of under construction projects in the area.
Demand for property growing in and around Whitefield
The suburb of Whitefield in Bangalore works as a good bet for many in the city due to various factors. These include connectivity, the creation of a micro-market, proximity to workplaces and other social infrastructure. Here are some of the most prominent infrastructure projects that give a head start to this locality.
The most ambitious project in the city, the Metro Rail network, will reinforce the alreadyexcellent connectivity to Whitefield. The operational phase of the Metro till Baiyappanhalli provides a glimpse into what a mass transit system like this can do for the realty segment. With the extension of the Metro up to Whitefield and stations at Kundalahalli, ITPL and Kadugodi Industrial Area, residential and IT belts will be hugely benefitted.
In addition to the Outer Ring Road (ORR) becoming a signal-free corridor, the eight-lane Peripheral Ring Road (PRR) will be connecting Tumkur Road, Hessargatta Road, DB Pura Road, Bellary Road, Hennur Road, Old Madras Road, Whitefield Road, Anekal Road, Sarjapur Road and Hosur Road. This proposed infrastructure corridor will further give rise to extensions and layouts around them. Residential belts will spread along its length as is already seen along the ORR.
IT and industrial belts
The IT sector is spearheading growth in this region resulting in the development of residential and retail spaces too. The presence of industries and IT Special Economic Zones has ensured that many employees prefer to either rent or buy homes close to where they live. This has in turn led to the rise of social amenities. Whitefield has many good schools, hospitals and malls and most residents in this area very rarely find the need to travel into the city, as most of their shopping needs are taken care of.
The Karnataka Industrial Areas Development Board (KIADB) has given a significant boost to industrial growth and this has spread beyond Kolar. The Malur Phase IV and Narsapura Industrial Belts are well-connected with access to rail and road networks. Residential catchments too can be seen till Kolar.
Supply of premium housing
A vital factor pushing demand for residential property in this region is the supply of top grade housing to suit every budget. From gated communities to villas and high-end apartments Whitefield offers a host of options for investors to choose from.