Banaswadi: realty in demand

With the city limits ever expanding, Banaswadi’s proximity to many of the major hubs and prime locations make it an attractive residential area. Banaswadi is located in North East Bengaluru and in the last few years, the locality has witnessed an influx of residential properties. Considered to be on the outskirts of the City until a few years ago, Banaswadi is surrounded by areas like Cox town, HRBR layout, Kalyan Nagar, Horamavu and OMBR Layout.

The area is essentially residential in nature, with mostly independent houses and duplexes. Many restaurants, shops and supermarkets are also present in this region. “The developments around Banaswadi are quite commendable and this location has gained value along with its counterparts. Social infrastructure is fairly satisfactory with the presence of commercial properties, schools and hospitals, making the locality a pretty attractive one for buyers and investors,” says Satish B N, executive director – South, Knight Frank India.

Value for money
“The capital values for the apartments range between Rs 3,500 — Rs 4,500 per sq ft on an average, especially for the mid-segment units. The land values are between Rs 8,500 — Rs 9,000 per sq ft. The rental values are in the ranges of Rs 25,000 — Rs 35,000 for both two-BHK and three-BHK configurations.

Given the limited availability of land, newer apartment project launches are limited. This location has witnessed three to five per cent market appreciation in the last one year and is likely to witnesses a similar growth in the future,” says Shveta Jain, managing director residential services, Cushman & Wakefield India.

B S Nesar, executive director, Concorde Group adds, “There are not many high-rise apartments here, but due to the influx of migrant population, quite a few apartments are coming up in this area. Major properties are leased or rented out. One of the main highlights of this area is that it is more of a residential space than a commercial hub.”

Trivita Roy, associate director — research & real estate intelligence service, JLL India, agrees that Banaswadi mostly has dense low-rise development. “Most of the development is likely to be small mid-rise apartment projects. Price appreciation in this area is likely to be decent, given its good connectivity and infrastructure. The nearest IT Park is Manyata Tech Park, which is a development of about nine million sq ft. There are other IT Parks also, which add another two to three million sq ft. Banaswadi provides for the housing requirements of the employees working in these IT parks and therefore witnesses good demand,” she opines.

In high demand

As rentals in Banaswadi are seeing a high demand, the need for new apartments is on the rise. Even the infrastructure such as wide roads, shopping complexes and eateries make it a good place to reside in. And now with talks of a popular mall coming up in this part of town, the long-standing need for a good shopping destination in the vicinity will also be fulfilled soon.

As this is an older residential neighbourhood, Banaswadi is characterised predominantly by independent homes in the mid-segment. Some of the roads also retain their old Bengaluru charm, with quaint bungalows from the British era. With the Central Business District (CBD) in close proximity to the locality — it is about seven km away — residents here have a major advantage.

Furthermore, Banaswadi is also easily connected to many of Benagluru’s IT commercial hubs like ITPL in Whitefield. It is also well-connected to Bengaluru International Airport via Outer Ring Road. Its close proximity to various good hospitals, schools and colleges add to the convenience factor.

However, residents feel that the area lacks good infrastructure when it comes to civic amenities, especially the narrow roads and garbage management. Metro connectivity would have surely given this location a great boost.

Given the limited availability of land, there are only a few apartment projects under construction, and redevelopment activities are also not much. That said, it’s a good place to invest in as the real estate prices are considerably lower than most other parts of Bengaluru. And the realty experts are unanimous in their opinion that the return on investment will be more than worthwhile in a couple of years.

Resident speak
‘There is good connectivity to the City’

We have been living in Banaswadi for the last 35 years and have enjoyed the experience. We have witnessed its growth both in terms of realty prices and social infrastructure. However, metro rail connectivity would have helped us immensely in commuting to other parts of the City and would also have boosted further growth of this region.

On the plus side, there is good connectivity to major parts of the City and schools and hospitals are aplenty. This is one of the best residential locations as it has witnessed a steady appreciation in property prices.

There’s room for development and growth for all types of residences — independent homes, small apartment projects and large gated communities. This in turn has helped investors and end users of diverse budgets.

On the flip side, there is an absolute need for a retail mall with cinema halls. It’s the one demand which is still not fulfilled.

Article sourced

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