Residential demand on rise in Budigere near Whitefield
Bangalore- Demand for residential properties in Budigere, located close to Hoskote Road, has been rising constantly owing to factors like good connectivity, availability of land parcels, and lower property rates.
Budigere is located nearly ten kilometres away from Whitefield and ITPL, major IT hubs of Bangalore. Prime areas such as Old Madras Road, K R Puram and CV Raman Nagar are in vicinity. All the neighbouring localities have become highly congested due to lack of land parcels. Budigere on the other hand offers wide open spaces as land parcels are easily available.
Besides land availability, factors such as lowering rates in comparison to the neighboring areas, excellent connectivity to the city centre, Bangalore international airport, easy access to important roads such as Hosur Road, Sarjapur Road, Varthur Road, Outer Ring Road (ORR) have all been driving the demand for residential properties in Budigere.
Budigere offers multi-storey apartments in the range of Rs 3,200-3,500 per sq ft while in the surrounding areas, one has to spend at least Rs 1,000-1,500 per sq ft more to buy apartments. Demand is high for apartments in all sizes including 1, 2 and 3 bedroom units.
The area has observed nearly 20 percent rise in capital values of apartments in the past one year. By the next year, 35-40 percent appreciation is expected as several projects would be nearing completion. Many investors are buying land parcels and are developing projects. Some of the developers in the locality include well known groups such as the Prestige Group, Salarpuria Group, Brigade Group and others.
Rental demand has recently started gaining momentum since the number of ready-to-move-in apartments is currently low. Many projects are still in construction stage and math occupancy rate is very low. There are many upcoming residential and commercial projects in Budigere. The area is likely to be developed into a preferred residential destination in East Bangalore in the near future.
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