Rajarajeshwari Nagar witnesses an increase on rental values
Raja Rajeshwari Nagar, an area located in South Bangalore. The locality has been named after a famous temple Rajarajeswari Temple which was built in early 1960s. Raja Rajeshwari Nagar is one of the nice residential localities in Bangalore.
Raja Rajeshwari Nagar is one of the upmarket localities that has seen a noticeable rise in rental values. The rental values in this area has gone up by 127 percent for multi storey apartments in the Jan-Mar 2013 quarter.
In last five years, the locality has grown and developed very fast due to its proximity to the IT Hub, the Bangalore University, NICE Road and other industries around this zone. Good road infrastructure and metro connectivity is also helping the real estate to boom.
Under the second phase of Namma Metro Corridor, the Mysore Road terminal to Kengeri (extension of East-West Line) it will have stations in Nayandahalli, Rajarajeshwari Nagar, RV College Of Engineering and Bangalore University Cross.
The four lane road construction towards NH-7 and NH-4 are underway. The adjacent localities such as JP Nagar and Bannerghatta Road further provide a locational advantage to the consumers.
Apart from this, the area is just 4 km away from the Bangalore–Mysore Infrastructure Corridor (BMIC) that is also called Nice Road and connects the two important cities of Bangalore and Mysore. Moreover Rajarajeshwari Nagar is the closest option for those looking to stay in Bangalore and work in Mysore.
The area is slowly developing into a self contained location with amenities like schools, colleges, hospitals, shopping malls, etc. Migrant student population is also contributing to the demand for rental housing.
Riding high on connectivity and infrastructure, Raja Rajeshwari Nagar is well placed to attract more and more working professionals from Bangalore and Mysore.
Some of the developers present in the area are Ajanta Developers and Century Real Estate among others. Both premium and affordable houses have demand in this locality. There are 2, 3 and 4BHK apartments are available for rent ranging between Rs 30,000 to Rs 55,000 per month.
Some of the ongoing projects in Rajarajeshwari Nagar are Century Indus, i1 MDV RR Palace, Aditi Residency and Panchamukhi Sandeep Grand. The price per sq. ft. was at Rs 3331 in Oct- Dec 2012 quarter that appreciated to Rs 3655 in the next quarter of Jan-Mar 2013. There was around nine percent increase in property price.
Related Real Estate News:
Rental values rise in East Bangalore locality
Rental values in Indiranagar witness hike
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