Airport road witnesses hike in property prices
The real estate market on Airport Road, Bangalore is booming in the recent years. The demand for affordable and mid-range properties has witnessed an upliftment in many parts of Bangalore city, as the middle-income professionals are coming and settling down in the Bangalore city.
The middle income buyers have shown interest to invest in localities like Nagwara, Sanjay Nagar and Yelahanka, all along the road to the international Airport.
Because of the rising demand for affordable housing, property prices along these localities have also seen an upward trend. If sources are to be believed then Airport road has seen 14 percent increase in the property price in the Oct-Dec quarter of 2012. Property prices in Nagawara, Sanjay Nagar and Yelahanka have risen by up to 20 percent.
Areas close to IT hubs have witnessed the maximum growth in Bangalore because of the demand for residential properties from IT professionals. Many IT companies are coming up in Devanahalli Town and some of the older companies are planning to relocate to this area. Devanahalli is just 15 km away from Airport Road.
The demand for residential properties on Airport road is increasing because of the presence of IT companies in this area. Many IT companies are hiring people which has led to a large market for 2 and 3 BHK apartments. The 2 BHK apartments have received the maximum demand as majority of these buyers being young and coming from the middle income segment. The demand for 2 BHK in these areas is around 60 percent and 40 percent for 3 and 4 BHK apartments.
Areas like Nagwara, Sanjay Nagar, and Yelahanka are most preferred because of their close proximity to the airport. The price of properties in Nagwara ranges from Rs 50 lakh to 70 lakh.
The average per square feet price on the Airport Road ranges from Rs 4,500-5,500 per sq ft. The Airport Road stretch is also witnessing a healthy rental demand. The rental values range in between Rs 18,000 to 25,000 per month.
Metro connectivity and planned SEZ’s will impact the real estate market and make Airport road an ideal investment destination. An appreciation of almost 20-25 percent is anticipated on Airport Road in the coming years.
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