Residential Realty on rise in Magadi Road
Magadi Road, the stretch connecting Majestic to Magadi in West Bangalore, has been witnessing high growth in residential segment. The area offers residential villas and residential plots at comparatively lower rates than other parts of the city.
Rajajinagar and Malleshwaram are the areas present in close vicinity. Some of the surrounding areas include Vijay Nagar, Nagarabhavi, Tumkur Road, Chikkalsandra, Chandra Layout, Kengeri Satellite Town Localities and Raja Rajeshwari Nagar.
The average capital values in the locality ranged between Rs 4700- Rs 4900 per sq ft in 2Q2012. However, in the second quarter of 2013, prices were registered between Rs 7200- 7600 per sq ft. According to market statistics, property values in the area have zoomed by 51% in the last few quarters.
Magadi Road largely consists of villas projects and plotted developments beyond the NICE Road junction which is roughly 16 kms from the City Centre. Key developers in the area have hiked their prices significantly and offer residential units at above Rs 7000 per sq ft. However, there are few developments stationed farther on Magadi road, which offers properties within the range Rs 800- Rs 1200 per sq ft.
West Bangalore is not so well developed corridor as compared to East, North and South. The real estate segment was not so vigorous as there is lack og IT development.
Moreover, the permissible construction in these areas is G+1, this kind of regulation certainly restricts high-rise development.
But today the demand for plots is high due to the affordable rates. Both end users as well as investors are driving the demand in the area. According to real estate expert, cost of construction is very low as raw materials are available in close vicinity.
Social and physical infrastructure of the locality also has a lot to offer to prospective residents in the locality. The area is well connected with other parts of the city. It is just 12 km from Bangalore City Railway Station and 38 km from Bengaluru International Airport. In addition the upcoming monorail project would also give connectivity a boost. The stretch that starts at Majestic, would get the metro access by 2016.
The region is expected to witness a huge uplift due to the two metro links. The first phase of metro will have stations in Mysore Road, Deepanjalinagar, Attiguppe, Vijaynagar, Hosahalli, Magadi Road and City Railway Station , in Phase II, the metro will connect Kengeri, thus connecting the region to the northern and eastern parts of the city. .
Some of the key developers who are coming up with their projects include KT Developers and Promoters, Rashi Developers, Bhoomi Land Developers, Balaji Land Developers and Shirdi Sai Developers among others.
Some of the upcoming projects in this area are The Gardens, Prestige Westwood and Mahaveer Fortune. Thus, the large number of plotted development coming up along the Magadi Road is likely to get easy takers in the long run.
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