A view of Electronics City Expressway, Bengaluru, 17 October 2024.
DH PHOTO/PUSHKAR V
Bengaluru: Even as realty growth in Bengaluru soars, South Bengaluru emerges as a prime hotspot, overtaking the overall growth rate of the city. With a 15.1% year-on-year (YoY) increase in demand, South Bengaluru has far surpassed Bengaluru’s overall market growth of 3.41%, said a prominent real estate website on Friday.
Similarly, South Bengaluru’s real estate market has also seen a capital appreciation rate of 23.5% YoY, outpacing Bengaluru's average of 20.9%.
Property rates in South Bengaluru have surged, as well, by 14% within nine months. They climbed from Rs 7,177 per square foot (sf) in January-March 2024 to Rs 8,205 per sf in July-September.
This comes in the backdrop of demand for premium and luxury homes pushing up home sales value pan-India, with Bengaluru seeing the sharpest rise amongst the top cities. It was reported earlier that residential prices in Bengaluru grew 10% YoY in the July-September quarter.
South Bengaluru remains a strong market for 2 and 3 bedroom, hall, and kitchen (BHK) homes. The average price for a 2 BHK unit is Rs 7,595 per sf, with prices ranging from Rs 69.2 lakh to Rs 82.7 lakh, depending on unit size. For a 3 BHK home, the price averages Rs 9,970 per sf, with a price range of Rs 1.48 crore to Rs 1.9 crore.
Within the area, Kanakapura Road is a premium locality with property prices around Rs 9,380 per sf. JP Nagar and Bannerghatta Road have more affordable options with prices at Rs 8,350 and Rs 7,300 per sf. Electronic City, near to industrial and IT hubs, is priced at Rs 5,950 per sf.