Real estate markets in southern India such as Bangalore and Chennai come out with minimum battering when compared to the other markets in the country which went through a real estate rough patch. Many markets in the north especially which are primarily driven by investors suffered huge blows. One of the main reasons why the southern markets were spared is because speculation plays a minimal part in deciding property rates here.
Bangalore real estate is especially testament to this fact. The Information Technology boom has transformed not only the economy of the city but also its real estate. Micro markets which are dominated by the IT sector and which have easy access to IT hubs are the ones which are growing by leaps and bounds. And increasingly the IT sector is looking towards peripheral and suburban micro markets to Bangalore. These areas have large parcels of land available for low prices and are hence in the radar of both the corporates and home buyers alike.
Krishnarajapuram or K.R.Puram as it is known is a suburb located in the eastern part of Bangalore. The values for properties such as apartments are expected to appreciate as this is one of the upcoming localities in the country. The going rate for apartments in K.R.Puram stands at about INR 4000 per square feet. A year ago the going rate stood at INR 2900 per square feet on average. The prices here have appreciated by about 38 percent over the last one year alone. According to a leading property consultant the prices for properties in K.R.Puram are expected to touch the INR 6000 per square feet mark by 2017. This micro market along with Hebbal has been named as one of the top ten residential investment destinations.
The area is a great destination for those who are looking for affordable housing. The area has great connectivity as three arterial roads – National Highway 4, State Highway 35 and the Outer Ring Road run through this locality. The most preferred budget range for properties here falls between INR 40 to 50 lakhs. This is followed by the INR 30 to 40 lakhs range. The most preferred configuration for apartments in KR Puram here are 2 BHKs followed by 3 BHKs. The most preferred unit size for apartments falls in the 1001 to 1250 square feet range. This is followed by the 1251 to 1500 square feet range.
K.R.Puram has sound social infrastructure. The area is located at a distance of 40 kms from the Kempegowda International Airport which is located in Devanahalli. The area also has a railway station. It is also surrounded by areas such as Marathahalli and Whitefield which are IT hubs. Since the rates here are much more affordable than in the areas mentioned above, this micro market is a good place for those who are working at the IT companies which are based out of Whitefield and Marathahalli.
K.R.Puram has a lot of factors going in its favour. If one is looking at investing in Bangalore real estate then K.R.Puram should be a top choice.