Where to Look for Affordable Residential Property in Bangalore

Bangalore has remained one of the most stable markets in the country for some time now. The real estate here is on the growth path with the economy looking up. Here is a look at two of the more affordable localities here.

Peenya

Peenya is an industrial area which is located in the western part of Bangalore city. It is one of the more affordable micro markets in the city. One of the most useful infrastructural projects here is the Namma Metro. The Green Line of the metro which has termini at Bengaluru International Exhibition Centre (BIEC) and Anjanapura runs through Peenya. Reach 3 and 3A were thrown open to the public in March of 2014.

The going rate for a residential property in Bangalore like an apartment located in this micro market stood at INR 4900 per square feet on average in the first quarter of 2014 between April and June. The going rate witnessed a decrease of about 12% when compared to the last quarter of 2013 when the rate stood at INR 5500 per square feet on average. The asking price for plots in this micro market falls between INR 3000 to 5000 per square feet. In 2014 there was maximum demand for a 2 bhk apartment in Bangalore situated in this area. This is followed by 1 and 4 BHKs. Properties which are sized between 1001 and 1250 square feet are mostly sought after by property seekers here.

Vidyaranyapura

Vidyaranyapura is another locality which is another locality which has the affordability factor working in its favour. It is located in the northern part of the city. The area has a good green cover and is considered to be very peaceful. The area witnesses maximum demand from those who are working in the government sector as this micro market is located to close to government institutions such as BEL and HMT. Though the area does not have a metro station of its own, the Yeshwantpura Metro station on the Green Line of the Namma Metro has become a life line for this locality. The area has good social infrastructure in place as it houses good educational institutions and health care facilities. The going rate for a residential property in Bangalore like an apartment located in this micro market stood at INR 3100 per square feet on average in the first quarter of 2014 between April and June. The going rate witnessed a decrease of about 10% when compared to the last quarter of 2013 when the rate stood at INR 3400 per square feet on average. The asking price for plots in this micro market falls between INR 4000 to 5500 per square feet. In 2014 there was maximum demand for a 2 bhk apartment in Bangalore situated in this area. This is followed by 3 and 1 BHKs. Properties which are sized between 1001 and 1250 square feet are mostly sought after by property seekers here. This is followed by the 1250 to 1500 square feet range.

Ranjitha is a freelance writer and blogger, following the Houses for sale in Bangalore and real estate sector closely for many years.