Property Price and Price trends in Bangalore
Bangalore is often referred to as the IT capital of India or as the ‘Silicon Valley of India’. The IT revolution in Bangalore has brought in several developments in Bangalore and several other industrial developments are reliant on it. The IT sector has led to a large-scale migration in search of jobs. The real estate boom in Bangalore also results from the IT development in the city.
Bangalore is the fourth most expensive city to invest in as they have a great migrant population and has several professionals looking to prosper their living standards by moving to Bangalore. This article deals with the land rates and pricing trends in different parts of Bangalore.
Khata A and Khata B Land In Bangalore
If you are looking to invest in real estate in Bangalore, you have two property options available: Khata A Land and Khata B Land. Khata A lands are those that are sanctioned by the BBMP. If a property belongs to Khata A, it also means that it is not a revenue land and that there are no agricultural activities that are carried on in it. If a property was agricultural land then you are required to convert it into non-agricultural land to get sanction from BBMP. After doing so and getting your property listed in the relevant municipality Khata.
On the other hand, Khata B lands do not have the sanction of BBMP. However, they still collect tax on Khata B lands even if they are not converted to non-agricultural lands. Even though the layout of these properties is also not sanctioned by the BBMP, it falls under their limits. Some properties that fall under the limits of ZP are also considered to be Khata B lands.
The capital city lies in the southeast region of Karnataka and is in the heart of the Mysore Plateau. The main city of Bangalore is referred to as the Bangalore Urban district of Karnataka while the surrounding localities are referred to as Bangalore Rural district. The region comprising Bangalore Urban and Rural district is together known as Bangalore region.
The water requirements of the city are met by the Kaveri River as it provides around 80% water supply to the city. The remaining 20% of the water supply is obtained from the Thippagondanahalli and Hesaraghatta reservoirs of the Arkavathi River. Bangalore suffers a water crisis sometimes due to the extreme summer season and low rainfall.
Land Rates in Bangalore
The land rates in Bangalore city vary from one locality to another. Koramangala, which is one of the top localities in Bangalore, has an average cost of Rs 5,820 per sq. ft. while land rates in localities like Rajaji Nagar cost Rs 11,100 per sq. ft., Ashok Nagar Rs 22,780 per sq. ft. and Malleshwaram around Rs 12,200 per sq. ft.
The livability quotient of these localities is 9.5 out of 10 and the main reason for this is its proximity to social infrastructures such as schools, colleges, hospitals, shopping complexes, hangouts, provision stores, and such other conveniences. The physical infrastructure such as connectivity, transportation, etc. is also adequately available in these cities making it even more attractive for investment.
If you are looking for affordable housing units in Bangalore, it may cost you around Rs 15-43 lakh. The price range of villas in localities such as Yechinahalli, Whitefield, Soukya Road, Devanagonthi, Channasandra Main Road is Rs 52-62 lakh. The table below lists the land rates fixed by the Karnataka government in different parts of Bangalore.
(Rs. Per Sq. Ft.)
RMV Extension Stage 2
Source: Magicbricks: Property Rate in Bangalore
The past few years saw a consolidation of Bangalore’s realty market and the year 2021 is expected to witness an increase in demand and property value as a result of the improved market sentiments and stamp duty reductions that have been initiated by the government recently. Even though the demand for luxurious properties is increasing at a tardy rate, the mid-income and affordable housing units are expected to lead the realty market.
Several factors affect your choice of property. Land rates are surely one of them. The rates of land vary based on factors such as improved connectivity, commercial development, lower capital values, growth in rental housing, and infrastructure expansion.
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Frequently Asked Questions on Property Price and Price trends in Bangalore:
The land rate in Bangalore varies from one location to the other. For example, the price of a property in Indiranagar ranges between 63L – 1.68Cwhile in Koramangala it ranges between 65L – 1.75C. The price of a property in Whitefield is around 34L – 92L while in Electronic City, it is 27L – 74L, Banashankari 37L – 99L, Hebbal, 46L – 1.2C, Yelahanka 30L – 82L, Banaswadi 31L – 83L, etc.
Some of the best locations to buy plots in Bangalore includes North Bangalore, BTM Layout, Sarjapur Road, West, and East Bangalore.
North Bangalore is the fastest growing area of Bangalore as it is only 20kms away from Kempegowda International Airport and is very well connected to the rest of Bangalore. The Outer Ring Road, Railway Station and bus networks makes it easier for people to connect from North Bangalore to the rest of Bangalore.
Sadashivanagar, Shanthala Nagar, Malleswaram, Richmond Town, Koramangala, Indiranagar, Banashankari, etc. are the most expensive localities in Bangalore.