Mahadevapura witnesses rise in property prices
Mahadevapura which is located near the commercial hubs Whitefield and Brookfield has witnessed 20 percent capital appreciation during the October-December’12 quarter.
The properties are now available at between Rs 4,500 to Rs 5,000 per sq ft which was available at Rs 3,500-4,000 per sq ft, according to the real estate brokers of that area.
The area tops the buyers’ favourite list as it is close to IT hubs. The property price rise in Mahadevapura is because of the recent availability of ready-to-move-in units by two big developers, Prestige Group and Brigade Group.
Prestige’s Shantiniketan and Brigade’s Metropolis are offering more than 3000 and 1600 units respectively. These biggies offer unique amenities like gym, club house, swimming pool, lounge and recreational room. These projects have opened bookings, for which the home buyers are rushing for the property they are offering.
Apartments in Shantiniketan are being booked at Rs Rs 5000 to 6000 per sq ft and Rs 5,000 to 5,500 per sq ft in Metropolis, which increased the prevailing rates in Mahadevapura. The area is well developed and connected to places like Whitefield, Brookfield, ITPL and Indiranagar.
Main reason for the development of Mahadevapura is Whitefield. Moreover the area has a good scope for further development in terms of infrastructure as well as real estate. The Outer Ring Road that cuts through Mahadevapura has a very favourable connectivity prospect, which connects it to the other parts of Bangalore such as Sarjapur, Koramangala, Marathahalli, Hebbal and Henur among others.
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