Nagarbhavi, literally translates to ‘well of snakes’. Not an appealing term for a residential arena, is it? But despite its name, Nagarbhavi has grown by leaps and bounds over the past two decades. Located in Western Bengaluru, Nagarbhavi is surrounded by Vijayanagar, Magadi Road and Mysore Road.
Perhaps you can recognise this area by the presence of the 1,000-acre campus of Bangalore University.
The area is broadly divided into two stages, Nagarbhavi 1st and 2nd stage, which comprise areas like Teachers Layout, MGF Layout, Vinayaka Layout, Canara Bank Colony, Kalyan Nagar, and Moodalapalya. “Nagarbhavi 1st stage is slightly cramped as it is an old area and the demand for property there is low.
Nagarbhavi 2nd stage, on the other hand, is a relatively new area with wider roads and good connectivity. Well-planned residential localities like Annapoorneshwari Nagar, ITI Layout, MPM Layout, NGEF Layout and Papareddypalya form a part of this area,” explains Satish B N, executive director, South, Knight Frank India. A lot of development has been seen in this area, especially in terms of plotted developments and sites.
Home to people from the middle class and the business class, Nagarbhavi enjoys a good mix of residents. “This area is thickly populated (approximately five lakh) and is engaged in a lot of commercial activity along the Nagarbhavi Main Road. Since its inception in 1973, the region had mainly been home to the middle income group,” says Ram Chandnani, MD – transaction services, CBRE South Asia Pvt Ltd. The major selling points for Nagarbhavi include the presence of noted educational establishments and hospitals like the Bangalore University, National Law School University, Ambedkar College, Fortis Hospital, Panacea Hospital and so on.
“The property prices range around Rs 4000-5000 per sq ft for apartments. Appreciation has been slow, but there’s definite improvement as compared to the first six months of 2015,” says Satish.
“Home buyers will have to shell out anywhere between Rs 50 lakh to Rs 1.4 crore for a residential plot area ranging between 1200-2000 sq. ft. Prices for residential apartments range from Rs 3,500-6,000 per sq ft,” says Ram.
Bound to expand
But the future real estate prospects of the area are marred by many civic problems — be it the ubiquitous garbage disposal issue or the load shedding issue. “The area needs to improve on civic and social infrastructure. Many more schools, retail chains and healthcare facilities are required for overall development in this locality,” explains Satish, who believes that Nagarbhavi makes for a good investment for long-term purposes and since it is an end-user market, prices will go up in the long run.
Apart from this, Nagarbhavi also suffers from slow commercial development and doesn’t have access to many retail ventures. Transportation also needs working upon. Once an efficient system for water supply and sewage are in place, it’s only a matter of time before Nagarbhavi sees large-scale developers making a beeline for a piece of the realty pie.
For a good deal“Contrary to conventional market trends, home buyers prefer to buy plots over high rises for attractive returns in the mid-to-long term,” believes Ram. Nagarbhavi is for those who are looking for a good deal. And as there are only a few pockets that are expected to witness realty growth in the coming years, buyers are in a hurry to take their pick, adds Ram.
With infrastructure developments in place, such as Metro Rail connectivity, the region is expected to gain lot of traction in terms of demand from home buyers in the near future. Whether it is buying a new home or investing your hard-earned money, you can be guaranteed to find fair prices in this part of the City.
‘It’s serene and fresh air prevails all day’ Nagarbhavi was once just a nondescript village. But the establishment of the Institute for Social and Economic Change (ISEC) in 1972 set the ball rolling. Further, when BDA was formed in 1976, Teachers Layout was formed in Nagarbhavi. The establishment of Bangalore University and the National Law School of India University brought further focus to the area. Over the years, it has grown into a fine residential space. Today, you can find a number of notable schools, corporate offices and retail elements here.
The best aspect of this area is the pure residential feel it emanates. A major contributor to this is the presence of the lush green campus of Bangalore University. You don’t feel like you are a part of the hectic city life. It’s calm, serene and fresh air prevails all day long. There was also a river here in the earlier days, but when the Yeshwantpur Soap Factory was set up, it became unfit for use.
All in all, Nagarbhavi enjoys good connectivity and has no major problems as such. There are good parks in every layout and roads are good enough. With increasing development, the real estate prices have also gone up.