NEW DELHI: Sadashivanagar in Central Bengaluru is the most expensive residential location in the city, with homes priced at an average of Rs 24,047 per square feet, according to property advisory firm.
Richamond Town in Central Bengaluru comes a close second, with home priced at Rs 19,204 per sq ft in 2015, followed by New Tippasandra on Old Madras Road at Rs 16,349 per se ft and Cox Town and Frazer Town in Central Bengaluru at Rs 10,579 per sq ft each.
In terms of price appreciation also, Sadashivanagar in Central Bengaluru has registered the highest growth by 5.5% in the December quarter last year. However, home prices in large number of locations have either been flat or showcased a 0.5-2% growth on a quarter on quarter basis.
“The surge in property prices is witnessed due to improving market sentiments, prime residential location, close proximity to nearby locations such as Koramangla, Yeshwanthpur, Hebbal & Marathahalli etc. along with limited supply,” said Hitesh Singla, principal partner and head research at a real estate portal.
In terms of price appreciation over the past 2 years, the micromarket of Old Madras Road, comprising locations such as CV Raman Nagar, Hoskote, KR Puram, New Tippasandra, Rammurty Nagar, topped the chart, with home prices rising by over 38.76%, to Rs 5,900 per sq ft in 2015, from Rs 4,252 in 2013.
Electronic City zone, comprising Electronic City, Anekal, Attibele, registered the lowest price appreciation since 2013, at a modest 2.5%.
In terms of absorption, micro markets such as Hennur Road, Electronic City, Marathahalli to Whitefield, Bannerghatta Road and Kanakapura Road have demonstrated an absorption rate of 60% and above.
The report bets big on upcoming high job density locations such as Hebbal, Devanahalli & Whitefield etc. to attract a large traction of real estate activities. “Upcoming real estate projects such as Outer Ring Road, extension of Namma metro and Peripheral Ring Road are also expected to make a significant impact on the real estate industry dynamics of the city,” it added.
Credits ET Realty