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Koramangala Bangalore, which was considered as an untimely place to live in during the 80s and 90s and was known for its mosquito menace has now become one of Bangalore’s hot property destinations. The area spread across 1,800 acres further divided into 8 blocks, has gained a prestigious position in the Real Estate field.
Koramangala, once a rural area in Bangalore was earlier known as Sollemangala due to the excessive presence of mosquitoes. But now the area has been witnessing drastic changes due to the establishments of renowned colleges, universities, institutions, high-end retailing, malls, cinema theatres, elite restaurants, breweries, hospitals, hotels, IT companies, law firms, media firms and so on.
People during the 80s and the 90s had offers to buy properties in Koramangala in just few lakhs. But now the prices in the region have reached the skies. If people who had purchased a land in Koramangala had possessed it till date, they would have fetched a grand sum for the land today.
Currently, the region has very less area which can be occupied as it has already been overcrowded with many buildings.
Why is it a hot property today?
Firstly, Koramangala is strategically planned and established. It has been planned by keeping in mind the establishment of IT sectors and many other projects. Since the business and other sectors are fast flourishing in Koramangala, people prefer a home closer to their workplace. The area is equally balanced with the proximity to residential catchment and the establishment of central business by reducing transportation time for the people travelling to and from their office.
The area also has connection to various other main areas like Jayanagar, Shantinagar, Bannerghatta road, JP Nagar, Sarjapur Road, Hosur road, MG Road, Indiranagar, Old Airport Road and other places. The listed places are one of the hot spot of business and various other capital generating sectors. Among them MG road is considered as the Central Business district of Bangalore.
Before the airport was relocated to Devanahalli from old airport road, Koramangala served as a nearest place for people travelling to and fro from the airport. Apparently, Koramangala is divided into two halves by the old airport road with flowing flyovers towards Indiranagar, Koramangala and Old airport road.
Due to easy accessibility the area has a robust residential hub followed by an easy connectivity to IT destinations in the Electronic City. Also the establishment of the Forum Mall, which was one of the earliest mall constructions in the area, has increased the value of the locality. This mall was constructed in order to meet the international standards. The Forum mall is considered as one of the most successful malls in the country.
Based on all these factors the real estate sector in Bangalore has been focusing on Koramangala and its connected areas as this will generate ample amount of income and employment. One of the upcoming projects launched on Sarjapur Road which is connected to Koramangala is the ‘Premero Project’. It is a joint development project launched at Rs 2,900 in 2010 per sq. ft. since Koramangala has cosmopolitan population; the real estate will be benefited with it.
Talking about other real estate developers, one of the area specific developers are the Rahejas who are known to change the landscape of Koramangala by initiating their projects. They have come up with their apartments and shopping arcades in Koramangala and have found a positive acceptance by people. Various companies from all other places have been shifted to the Raheja arcade for better production.
How is it beneficial to the buyers?
- Since it is one of the most sought properties in Bangalore, the property prices are expected to increase by 5-10 per cent over the next few months. The reasons being a developed social and physical infrastructure, good connectivity to various business districts and availability of premium developments.
- People residing in this area will be benefited from every angle in all the sectors. The rentals in the high-end segments, commercial and retail segment in Koramangala are expected to remain the same. As the mid-segment sections are in great demand they are expected to witness a price change.
- The land price in Koramangala ranges between Rs. 13,000-15,000 per sq.ft and there is no sufficient commercial land available in the area. Currently, there are no major land parcels available for developers except a few small plots with a measurement of about 3,500 sq. ft.