Bengaluru has attracted significant interest lately due to its robust residential real estate sector. Renowned for its dynamic IT industry, featuring numerous tech giants and burgeoning startups, the city has witnessed substantial economic and real estate growth. Today, Bengaluru is not only a preferred destination for the IT community but also represents an attractive prospect for individuals seeking real estate investment opportunities.
In Q3 2023 alone, Bengaluru saw the launch of 14,360 housing units across the city, accounting for 12 percent share in the total new launches amongst the eight key cities of the country, surpassing the figure in the previous quarter Q2 2023 by a whopping 80%.
Where are these new homes coming up?
With Bengaluru continuing to expand, majority of the new supply during the period Q3 2023 was concentrated in the peripheral micro-markets of Varthur, Bagalur and Hoskote.
These areas benefit from strategic locations that offer proximity to major IT and industrial hubs, contributing significantly to the demand for residential properties. Moreover, improved connectivity through road networks and proposed infrastructure projects have made these locations more attractive, attracting both developers and homebuyers alike.
Varthur: Where Urban Convenience Meets Tranquil Living
In recent years, Varthur has grown to become a major residential market in the eastern part of Bengaluru, enticing homebuyers with its numerous advantages. One of the primary draws is its convenient location.
The proximity to both the major IT hubs of Whitefield and the Outer Ring Road (ORR), and the presence of educational institutions and retail avenues position Varthur as an ideal choice for professionals and families seeking a well-connected yet tranquil living environment.
Enhanced road connectivity, primarily via the ORR, has boosted accessibility, making daily commutes smoother for residents. Meanwhile, the proposed phase IV of the metro rail network intends to connect Jigani, Anekal, Attibele, Sarjapur, and Varthur, focusing on the city’s eastern and southern fringes. This would further bolster the growth prospects of Varthur’s residential market. Presently, the residential prices quoted here vary between INR 6,000/sqft to INR 6,500/sqft.
Bagalur: Ascending on the Horizon
Bagalur, a key locale in northern Bengaluru, stands out as an attractive destination with a host of advantages for potential homebuyers.
Its real estate surge is driven by strategic advantages, notably its proximity to Kempegowda International Airport, Bellary Road, ORR, and the upcoming metro phase II slated to be operational by 2026.
Ample job opportunities led by the creation of the Aerotropolis, Aerospace, IT and Hardware Park, along with projects like the Devanahalli Business Park and the expressway to BIAL, have contributed to the region’s commercial and residential expansion. Bagalur's social and educational infrastructure is rapidly growing as well, with the development of schools, universities, healthcare facilities, and leisure areas. Currently, the prices quoted for housing units range between INR 5,500/sqft to INR 6,000/sqft.
Hoskote: Driven by Connectivity and Modern Comforts
Hoskote is swiftly gaining recognition as a preferred residential location, poised for a surge in investment. Situated to the east of the city, Hoskote acts as a gateway to both Bengaluru and the neighbouring tech corridor at Whitefield, making it a prime choice for professionals seeking an affordable and peaceful living experience without sacrificing connectivity.
Hoskote's industrial strength is evident with over 200 industrial units, hosting manufacturing facilities for corporate giants such as VOLVO and Honda. This has attracted a significant workforce, leading to a subsequent demand for housing.
On the social and infrastructural front, the region is observing fast momentum, affirming Hoskote's status as an emerging residential hub with a promising future. Current prices for residential units here hover around INR 4,500/sqft to INR 5,000/sqft.
Thus, these residential neighbourhoods in Bengaluru presents abundant prospects for both buyers and investors. As the city expands and transforms, there will be an enduring need for high-quality housing solutions, driving the development of newer residential areas providing such options.