It may be among the oldest parts of the City, yet not much is spoken about the realty prospects of the western part of Bengaluru. Realty areas in West Bengaluru include Hesaraghatta, Kariobanahalli, Andrahalli, Laggere, Jalahalli, HMT Housing Colony, BHEL Colony, Peenya, Chikkasandra, Nagasandra, Dasarahalli and Abbigere. But there’s no doubt about which is the leading locality in this region — it has to be Mathikere.
Tumkur Road in North West, which is in close proximity to Mathikere, has witnessed healthy appreciation of land and apartment values in the last one year. The anticipated industrial development along the Mumbai-Bengaluru Industrial Corridor connecting Bengaluru through Tumakuru to Mumbai port has further triggered positive investor sentiments in the region.
“Earlier this year, Tumakuru was declared as one of the five National Investment and Manufacturing Zones (NIMZs) outside the Delhi-Mumbai Industrial Corridor (DMIC). As a result, the area is expected to generate lakhs of job opportunities and therefore, emerge as a buzzing residential and commercial real estate market,” opines Sunil Reddy, executive director, Concorde Group.
Mathikere is primarily residential in character with independent homes and independent floor apartments. “The capital values range between Rs 6,000 and Rs 7,500 per sq ft for relatively newer apartment development in the mid-segment category. Annual market appreciation was between three and five per cent. Given the limited availability of land for development in the area, there are very few new projects offered by developers,” says Naveen Nandwani, executive director, Cushman & Wakefield.
Plus & minus
Mathikere is easily accessible to Outer Ring Road and well connected to the NICE Road. Railway Station in Yeshwantpur and proximity to the Kempegowda International Airport (KIA) are some of the other advantages. The Metro line connecting Nagasandra to Sampige Road offers connectivity to both commercial and retail destinations located along MG Road, Brigade Road and other locations in the central business districts (CBD) of the City.
“Also, with the ease of access to developments in North Bengaluru, the demand for real estate will continue to remain strong in this location. However, as it is a developed location, supply of real estate is likely to be limited due to limited land availability for development. Although Mathikere has few infrastructural problems due to it being an old precinct, the government is likely to work on them, given the increased interest in developments towards North Bengaluru,” says Trivita Roy, associate director – research & real estate intelligence service, JLL India.
The area is also well connected to hospitals, malls, educational institutes, retail establishments and main streets. The areas and projects around Mathikere towards the Yeshwantpur and Malleswaram junctions, Rajajinagar Industrial Area, Yeshwantpur, and Tumkur Road and its surroundings has a high-density population and has traditionally been the primary industrial hub of the City. Strategically located, Mathikere is resplendent with greenery and has the old-world charm. The area is easily accessible to Yeshwantpur Railway Station on one side, and the Outer Ring Road on the other.
On the flip side, internal roads are very narrow, there is high traffic congestion and infrastructure updates like sewage pipes need to be done. Also, there is limited availability of land for future development. “Limited availability of developable land has kept supply of real estate limited in Mathikere. However, given the strong demand in this location, it witnessed a good increase of 10-15 per cent in property prices over the year, which is relatively higher than the average growth in property prices across Bengaluru,” adds Trivita.
The property rate (per sq ft) ranges from Rs 6,000 to Rs 7,300. Apartment prices range from Rs 30 lakh to Rs 75 lakh, depending on the area and amenities on offer.
West Bengaluru is characterised by a low social profile and industrial surroundings. “Being located away from the major IT-ITES corridors, it shows less potential for real estate growth. Although it has availability of land for real estate development, the demand is substantially low in this part of Bengaluru. The development of the Metro in the near future might boost the development of mid-segment residential apartments in the area,” opines Sunil.