About 33% of home seekers were looking to buy a property in East Bangalore in H1 2020, according to RoofandFloor research. Thanks to the growing presence of IT companies, numerous startups and businesses, which have driven up demand for residential spaces.
The region has plenty of choices when it comes to social infrastructure. Socialising is never a problem with a plethora of options for restaurants, pubs, and malls.
After East Bangalore, about 25% users showed interest for properties in North Bangalore, followed by South-East Bangalore with 16%.
So, what are home seekers looking for?
Out of all home seekers, 77% showed interest for apartments, followed by 12% and 11% interest for plots and villas respectively.
In terms of budget preferences, home seekers in East Bangalore showed a maximum inclination for mid-segment properties with 60%, followed by affordable properties with 25%. Luxury and ultra-luxury properties together merely garnered 15% interest.
Currently, the average per sq. ft. rate in the region is Rs 5,238.
Majority of these home seekers were looking to buy a property for self-use. The pandemic has brought out a newfound appreciation for owning a home. Not to mention, prospective buyers can now benefit from all-time-low interest rates on a home loan and extension of the CLSS scheme.
Top 3 micro-markets
Based on user interest, let’s look at the top three micro-markets in the region.
Whitefield
From a sleepy suburb to a major IT/ITeS and manufacturing hub, the metamorphosis of Whitefield is nothing short of remarkable. With expanding tech base, the micro-market boasts of robust healthcare facilities, educational institutions, restaurants, malls, and multiplexes.
It enjoys good accessibility via Whitefield Road and Varthur Road. While there are several infrastructure upgrades in the pipeline, the upcoming Metro Rail is expected to be the biggest game-changer. Once operational, apart from easing the traffic situation; it will also boost the real estate prospects of the neighbouring markets.
Being dominated mainly by end-users, the micro-market offers properties in varied budget segments. RoofandFloor, currently, has over 1,100 properties for sale in Whitefield. The average per sq. ft. rate is Rs 5,840.
Varthur
Proximity to Whitefield, coupled with affordable property values, have helped Varthur create a niche for itself in the residential market of Bangalore. It enjoys easy accessibility to the IT/ITeS hubs of Whitefield as well as on the Outer Ring Road (ORR).
Apart from the metro rail, the upcoming Peripheral Ring Road (PRR) will further improve the connectivity quotient of Varthur.
Currently, there are over 9,400 properties for sale in Varthur. The ongoing average per sq. ft. rate is Rs 4,660.
Kadugodi
On the last spot, we have Kadugodi. Like Varthur, Kadugodi also enjoys proximity to the IT hub of Whitefield, making it a preferred residential choice for many professionals working in and around the area.
While Whitefield and Varthur primarily have apartment and villa projects, Kadugodi also boasts of several plotted developments.
On RoofandFloor, there are about 400 properties for sale here. Currently, the average per sq. ft. rate in Kadugodi is Rs 4,870.