The affordable housing segment of the Bangalore real estate market is witnessing steady demand. Most of these projects are located on the outskirts of the city.
The residential real estate market of the city fluctuates. The sales volume of the luxury and the mid-segment properties varies from time to time.

Over pricing of residential properties in these segments has contributed to the increased demand for the affordable projects. The city is growing rapidly in all directions. The availability of large land parcels at an affordable price has led to the development of residential projects in the suburban areas. Infrastructure developments such as Metro Rail project, Peripheral Ring Road project backs the real estate developments in these areas.

Though the residential market remains slightly sluggish, the commercial market of Bangalore is performing well. The city has witnessed a rise in the net absorption of the commercial space. Developers are completing their projects on time and few ahead of the estimated timelines. The government is unleashing large land parcels in the peripheral areas of the city for commercial and industrial developments.

Along with this, the infrastructure developments and the improved connectivity have led to the rapid developments in the peripheral areas. The property prices are less and the real estate developers are coming up with affordable projects targeting the crowd employed in the automotive, engineering and other industries.

If you are looking for properties in Bangalore, here are a few localities which are considered as top real estate destinations.

Horamavu

The micro market is located in the north eastern part of Bangalore. The locality is one of the rapidly growing suburbs. It can be accessed from the airport via Outer Ring Road. The micro market is in proximity to the residential areas such as KR Puram, HRBR Layout and Banaswadi. The demand for the residential real estate market is driven by the employees working in the northern part of the IT hub, Whitefield. Few of the local builders and some national developers have their projects in the locality. The proximity of the locality to the IT destinations such as ITPL, Whitefield and Nagavara makes this an ideal investment destination.

The strategic location of the micro market in proximity to the IT hubs and the infrastructure developments are contributing to the growth of the area. The area has few civic issues such as traffic congestion and a shortage of drinking water. Measures are being taken to sort out these issues and a 20-MLD capacity STP has been proposed at Horamavu Agara. This will fix a few of the civic issues. The availability of land parcels at affordable prices are driving the realty market in the area. Apartments are available at an average price of INR 4100 per Sq. ft.

Kengeri

Kengeri, an established satellite township enjoys excellent connectivity from the major roads such as Mysore Road, NICE Road and the Outer Ring Road. The residential demand for this area is driven by the IT employees and the other employees working in the industries and companies located along the Mysore road. The western extension of Namma Metro from the Mysore Road terminal to Kengeri on implementation will make a strong positive impact on the realty market.

The area is transformed into a hot realty destination and factors such as connectivity, social infrastructure and the existence of commercial and retail spaces backs the realty growth. The residential properties in the area are available at an average price of about INR 3800 per Sq. ft.

Author's Bio: 

Reshma is a journalist with over 10 years of industry experience. Her area of expertise lies in real estate, finance and economics. Follow the author for more on India property market.She loves exploring the lesser known localities and sharing it on Indiaproperty.com