The demand for commercial property in Koramangala is high despite the sluggish demand for real estate in Bangalore and other major metros. Many residential buildings are being replaced with commercial towers with small offices, businesses and restaurants.
From Retail to Restaurants, this place is on a commercial high. Statistics reveal that the price rise is between 10 to 15 percent the last year and the trend is expected this year too. The average price for a commercial property is approximately ₹ 12000 to 14000 per sq.ft. The advantage of being located close to ORR and CBD is luring crowds.
Bangalore witnessed approximately 1.6 million sq.ft of grade A office supply in the last quarter of 2012. The supply was primarily focussed on peripheral locations of outer ring road due to excellent connectivity and growing residential catchments. The IT sector was dominant with over 60 percent of net leasing activity, followed by banking and financial institutions at around 9 percent of the total.
The demand for office space is likely to spike the rentals on outer ring road and whitefield. With more businesses moving to Koramangala, ORR and Whitefield, prices of residential housing is expected to spike. The tremendous growth of IT companies have revolutionised the real estate market of Bangalore and triggered massive infrastructure development. Among various developed localities in Bangalore, a lot of interest is generated about Infantry Road. So, let’s delve into this locality and learn what makes the area perfect for investment.
All the major localities like Commercial Street, Church Street, Shivaji Nagar and Lady Curzon Road are in the vicinity of Infantry Road. It is just half a kilometer away from the MG Road Metro Station. The area is even close to the Bangalore Cantonment Railway Station which is at a distance of 3 km and Shivaji Bus terminal about a kilometer away.
According to Jamal Ahmed, Mansions Real Estate connectivity of the area through buses has largely contributed to the locality’s real estate prospects. The area has seen four per cent appreciation in rental values as it is preferred by people working in the nearby areas.
Additionally, there are many industrial areas and business parks in and around Infantry Road, which makes it a brimming commercial hub. Companies like Sony Ericson and Cisco have their offices in the vicinity.
There is an array of housing options with many renowned developers holding a presence here. Prestige Group, Embassy Group, Nandini Builders and Hoysala Projects Private Limited these developers have targeted mainly the working professionals in the city thereby, offering housing options for different income groups.
Source: Aawas.in