Demand for 1 BHK apartments is
increasing in the city of Bangalore. With steep prices in the central
localities of Bangalore, the attention is shifted to newer destinations. The IT
professionals usually prefer the smaller sized apartments near their
workplaces. Everyone is aware about the city being the IT center of India.
Whitefield, ITPL and Sarjapur are the locations with concentration of IT
organizations. Localities near these are being developed and the two areas that
have risen to prominence are Marathahalli and Kundalahalli.
Marathahalli and Kundalahalli
Marathahalli and Kundalahalli are
two growing residential hubs in India. These localities are near the IT
workplaces and as such witness considerable demand from the IT professionals.
The demand for 1
bhk apartments in Bangalore is more in these localities. Both of these
residential hubs are adjacent to each other.
Demand for 1BHk Apartments
One of the executives from a Bangalore
based realty firm explained the rising demand for smaller sized residential
property. The single professional working in IT companies and earning less than
Rs 50,000 per month find it a smart option to buy a 1 bhk apartment rather than
living on rent. Rentals are more in Bangalore as compared to paying monthly
installments. Property prices in these localities for 1 bhk flat in
Marathahalli and Kundalahalli is somewhere between at Rs 16-18 lakh in the
resale market. The 1bhk property covers an area of 600 to 700 square feet.
Rented1 bhk is not available in
Bangalore. Few units are available and the rent is Rs 10,000- 12,000 per month.
Rental values for 2 bhk apartments
for rent in Bangalore is Rs 18,000-25,000 per month and customers
opting for 3 bhk on rent will have to shell Rs 30,000-40,000 per month
Who are the Buyers?
The buyers are mostly from
professionals working in companies JP Morgan, ITPL and other located in
Sarjapur Road to Whitefield stretch. Property agents in Marathahalli and
Kundalahalli say that enquires for 1bhk units is more for these areas.
Advantages of Buying Properties in Marathahalli and Kundalahalli
Most of the buyers prefer the
localities because of excellent connectivity. Marathahalli and Kundalahalli
offers developed infrastructural facilities. Both these localities have
hospitals, schools, shopping centers and banks. The localities are linked to in
East Bangalore through Old Airport Road, Outer Ring Road and Marathahalli
Bridge.
The Demand is more for 1bhk units
is more. However, contrary to the increase in demand, no new launches are
happening in these localities. The new planned projects coming in these areas
have 2bhk and 3 bhk units. The property prices prevailing Rs 3,000-4,500 per sq
ft for residential units here.
Why are property developers not catering to the demand?
The property developers are not
planning new launches with 1 bhk as the land cost is very high. Rs 3,000-5,000
per sq ft are the present land prices. For a buyer who likes to invest in 1bhk
has a budget of Rs 20-23 lakh. This sale price of property is not profitable
for real estate developers.
One of the city based property developers
said that in majority of cases, many prefer the 2BHK priced at Rs 23-26 lakh.
In this price range, the units are available is 650 to 750 sq ft.
Nitin kumar on behalf of Therealestate.in, which is an
online portal dedicated to meet every aspect of the consumers needs in the real
estate industry. It covers information about all Real Estate property types
including 1
Bhk for rent in Bangalore, studio apartment for sale, houses for
buy/sell & Rent for different Property locations like Mumbai Property and
Goa Properties etc.
