Bengaluru’s rapid expansion due to the IT boom has extended the city beyond its limits. The adjoining surroundings have changed into busy neighborhoods offering residential choices to many expats who have shifted to Bengaluru looking for better chances. Before listing the poshest localities of Bengaluru, you should first understand what all factors decide the value of a residential area:
Availability of land: Availability of large land parcels for the development of real estate decreases the valuation of property in areas compared to those where land is moderately rare.
Amenities: Areas that provide facilities such as community centers, proper electric connections, telephone lines, parks, and parking space have an edge in the real estate market. Moreover, developers providing luxury home are offering features such as five-star concierge, helipad, and golf courses and are reformulating the idea of luxury amenities.
Demand and supply: The price of real estate is inversely proportional to its supply. Hence, the more sought-after locality, the higher its property value in the real estate market.
Infrastructure: Infrastructure in the form of flyovers, roads, bus terminals, malls other nearby amenities helps in developing an area’s value. Meanwhile, social infrastructure that extends to health care facilities, educational institutions, entertainment hubs, and retail centers also add demand.
Location: Location is the golden standard of real estate assessment and is undoubtedly the most important factor determining the worth of any locality. Usually, real estate values are the highest at the city’s center and drop as we move to the fringes.
Presence of commercial real estate: The development of Special Economic Zones (SEZ) and offices in the proximity of residential areas help in decreasing traveling time and has a direct impact on the prices of properties in the area.
Based on the above factors, here’s a snapshot of the seven most expensive residential areas in Bengaluru:
Sadashivanagar: This locality is close to central Bengaluru and also reachable to the northern suburbs. Sadashivnagar is a very high profile locality and inarguably the priciest residential locality in Bengaluru. The locality is the chosen address of numerous industrialists, movie actors, and politicians.
With its tree-lined lanes and majestic mansions, the area commands amongst the highest real estate values in Bengaluru. Capital values: Rs 16,000/sq ft
Shanthala Nagar: Shanthala Nagar covers Lavelle Road, Vittal Mallya Road, and Kasturba Road and is a posh area located right in the heart of Bengaluru. Occupied with both old apartments and new commercial establishments. Shantahala Nagar is one of the most esteemed addresses.
Lavelle Road is packed with shopping centers and restaurants and is also home to the historical D’Souza Layout.
Vittal Mallya Road houses some well-known luxury brands and is also home to UB City, as well as many prominent hotels.
Kasturba Road is the address for landmark buildings such as the Venkatappa Art Gallery, Visvesvaraya Museum, Government Museum, and the Kanteerava Stadium. Capital values: Rs 16,000/sq ft
Malleswaram: It is one of the oldest localities in Bengaluru and is located in the north-west part of the city. Malleswaram effortlessly blends the old and the modern and is home to popular retail hubs like Margosa Road and Sampige Road.
The area enjoys good connectivity via BMTC buses and Yeshwanthpur railway stations and recently, Namma Metro. It is mostly occupied by independent homes, and the absence of availability of land parcels has further enriched the locality’s value. Capital values: Rs 12,400/sq ft
Richmond Town: Richmond Town is centrally-located area is a yet another old locality in Bengaluru. The locality is an integral part of Bangalore’s multi-cultural philosophy. Surrounded by schools, hospitals, and recreational centers.
Richmond Town also enjoys close proximity to noticeable retail districts such as MG Road, Brigade Road, and Richmond Road. Along with excellent Metro and road connectivity, the area also boasts of some of the most expensive residential projects in the city. Capital values: Rs 11,000/sq ft
