Old Bangalore in demand for apartment complexes
Developers are targeting old residential localities like Jayanagar, Chamrajapet and Basavanagudi for constructing apartment complexes. This trend witnessed an increase as developers started constructing apartment complexes in medium and small BDA plots.
Earlier, the demand was only for large plots but now the developers are looking for smaller and medium sized plots.
In 2011, a buyer bought a 40 x 80 sq ft plot in Chamrajpet for 2 crore. Currently this plot is in much demand from developers and according to a source, a well- known developer has offered the buyer Rs 7 crore for the plot with an additional offer of giving two apartments to him from the apartment complex.
Chamrajpet has become one of the preferred residential hubs because of the upcoming expressway, planned connectivity through the Metro and the upcoming commercial and retail development.
These areas falls under the purview of the BDA, hence have well-planned and relatively broad roads. The areas also have parks, children’s play area and separate walk area for the elderly people. IT professionals also prefer these localities as it is close to Electronic city. As larger plots have already been taken by the developers, it is logical that developers have to focus on smaller plots.
Not all the IT professionals can afford apartments in Bangalore that cost more than Rs 2 crore. The developers are developing smaller apartments at a price range of Rs 60 lakh to Rs 1 crore for the mid segment.
According to a real estate expert, small plots are being developed in Jayanagar in a 30 x 50 sq.ft area with complete security, parking, wireless connectivity and EPABXs at a price range of around Rs 30 to 40 lakhs.
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