Property Rates in Bangalore 2024: Latest Property Price Trends

Property Rates in Bangalore 2024: Latest Property Price Trends

Bangalore, India’s bustling IT hub, has long been a hub for real estate investment. With a thriving tech ecosystem, good infrastructure and vibrant cultural climate, the city continues to attract home buyers and investors looking for property in Bangalore. Stepping into 2024, the real estate market in Bangalore continues to gain development, presenting challenges and opportunities for those seeking to invest in this development city.

In this blog post, we will explore the latest property prices in Bangalore, providing a detailed overview of the current market scenario. From residential to retail, we will be looking for value drivers and looking for areas that have emerged as great investment destinations. Whether you are a first time home buyer, an experienced investor, or just curious about the real estate market in Bangalore, this post will provide you with the latest insightful research. 

As the city expands and new development projects flourish, it is important to remain aware of changes in property values. By understanding the underlying dynamics and market forces, including those influenced by top builders in Bangalore, you can make more informed decisions and grab profitable opportunities in the ever-growing real estate market in Bangalore.

So, join us as we go through the latest property prices in Bengaluru and discover the hidden gems and potential pitfalls that await investors in 2024.

Top 20 Locations and their Property Rates in Bangalore 2024

The investors from across the country are coming to Bangalore, as the market is pricing to limit and the returns are substantial. The location, infrastructure, and return on investment are all key triggers. Declared the city of information technology, more and more homeowners and businesses have been looking to buy residential and commercial space with, including property for sale in Bangalore, high-priced market values. As a result, it has led to a high demand for properties irrespective of geographical locations although rates differ depending on the closeness to hubs, vast connectivity and overall living conditions among other factors.

Let's look at the current property rates in Bangalore's top 20 locations in 2024:

1. Indiranagar:

• Social hub from where east Bangalore township to be developed in the central area.

• Accessibility of commercial areas such as CMH Road at a limited distance by foot.
• Subway intends to expand the community's interaction efficiency.
• Super Deluxe flats rate at Rs 8,500 to Rs 15,000 per sqft.
• Apartments and bungalows of this size cost from 1,800,000 - 2,500,000 rupees per sq ft.
• The rent yields are from 3 to 5 percent for an apartment unit.

2. Koramangala:

• The commercial capital of India- Bangalore is also the technology forest of the city, and is a prime location for those looking to buy an apartment in Bangalore.

• Residential to offices of MNCs and corporate firms, of restaurants and hotels seemed to be the new trend of the glamorous city.
• A desirable place as it is directly linked to the northern technology park Whitefield
• Apartments are from around Rs 7,800 - Rs 14,000 per sqft(i.e., Rs per square feet ).
• Demand for 3-4 BHK homes instead of 2BHK apartments has been increasing steadily as the rising income of people is making them aware of the better living standards.
• Outperform diversified equity portfolios to deliver 10%-12% capital appreciation.

3. HSR Layout:

• Sathya Seva Institute of Social Sciences has taken the initiative of developing the new thriving township in the south of the city Bengaluru.

• There are schools, supermarkets, and many other healthcare options, and all are convenient.
• Decline in the number of passengers while extending the exclusive zone for non-motorised transport on roads justifies the railway and bus network to major junctions.
• The apartment cost by paying Rs 5,500 - Rs 8,500 per sqft
• Unaided houses channelizing Rs 7,000 per sqft.
• This means low maintenance compared to tall structures which could translate into attracting more tenants.

4. Whitefield:

• Amongst them the IT/ITES and Engineering campuses will flourish as the biggest hubs.

• Hosting companies such as Infosys, Wipro, TCS, etc are some of the preferred choices for the job seekers.
• The size of the apartments is measured in sq ft, Rs 5,800 - Rs 7,500 thus cost per sqft.
• People in the IT industry are the one to benefit due to immense demand for workers.
• Issues like traffic congestion persist

5. Electronic City:

• Business and IT zone, Bangalore, was indisputably the largest in the country.

• With TCS, Wipro, Infosys , Siemens and Tech Mahindra situated in our capital, the smart cities are fueled by IT goals.
• The apartment rates start at Rs 4,500 to Rs 6,500 per sqft without concessions.
• On site workforce renting the housing sector is much higher.
• Building a road that leads to the centre of the city necessarily involves making improvements to the previous one.

6. Marathahalli:

• An area in the eastern part of Bangalore having industrial and domestic developments, is becoming increasingly attractive for those seeking a studio apartment in Bangalore. 

• Proximity to Whitefield and ORR makes people who work in the IT industry listen to its music more.
• Apartments’ price varies from Rs. 5,200 to Rs. 7,800/sqft .
• Independents houses sparsely available
• Apart from that, these retail spaces like Phoenix Market City in the nearby area have been a great help for the lifestyle of the residents.

7. Bellandur:

• A place heighted by its location in between Whitefield and Koramangala.

• The portion of Outer Ring Road which traverses the area forms the route.
• The prices per square feet of apartment vary from Rs 4,500 to Rs 6,800 in different areas of pe2ace.
• A budget-friendly group housing solution that will appeal to IT professionals who are not willing to spend all their savings on a home.
• Local community not only has to waste a lot of time to get out to temporary shelters and wait for help during floods but also has to spend money and effort to deal with water passing roads that remain persistent.

8. Sarjapur Road:

• Whitefield and Electronic City are now connected to ORR by this expressway.

• Since technically sound individuals usually occupy the people working on-site they may benefit from the technical facilities offered by tech-park.
• The apartment rates fall between the range of Rs 4,800 to 7,000 per sq. ft.
• Demand from mid-segment homebuyers
• structural improvements like running lanes extension are in process now.

9. Hebbal:

• Strategic location in close proximity to KIA will lead to the creation of an eco-friendly area that still maintains its natural essence.

• Commercial offices and nearby business hotels are the likely candidates. From the instant we open our eyes to the last glance before we drift off to sleep, our surroundings play a substantial role in determining our mood, energy levels and mental state.
• The apartment price varies from Rs 7,500 to Rs 10,500 per square foot.
• The luxury apartments, villas and townships are just a few articles among which people can choose.
• The rail station is on Bellary Road and is thus very accessible with M.G Road.

10. Bannerghatta Road:

• Academic entities such as Indian Institute of Management Kanchipuram (IIMB) and Srishti Institute of Art, Design, and Technology (Srishti) are no exception.

• IIBM Commercialization near Bilekahalli route contributes to the commercial real estate dynamics, including commercial property for sale in Bangalore.
• Apartments are priced between 1.50 lakhs and 3.00 lakhs rupees per built-up area.
• Because of the attractiveness of the living place with its additional specifications, the tenant demand is evident.
• An urban choke due to the traffic congestion originating with bottlenecks.

11. JP Nagar:

• South part of the Bangalore city that is called "Residential neighbourhood".

• Towns planning in clusters as schools, hospitals, and malls sit in the same area.
• An apartment costs Rs 5,000 –Rs 8,000 a square foot.
• Apartments in addition to buildings with independent access.
• Metro connectivity recently commenced

12. Banashankari:

• The south Bangalore neighbourhood which was an identified hub will now serve as the residential and commercial area.

• It can be accessed through Travel Guru, a co-operative of Namma Metro Purple Line.
• 4500 RS - 7000 sqft area is observed to have units in that range.
• Demand driven by affordability
• Along the ring road you find comments which largely consist of shops and malls.

13. Kanakapura Road:

• Cuts through Bangalore south and then it joins at Ramanagara.

• There is a massive need for housing in the city, and the government is trying to solve the problem with its affordable housing projects.
• A home which is in the zone of Rs 3,800-Rs 5,500 sqft.
• Walking and trekking in nature destinations like Turahalli Forest, Uttarahalli Lake, among others, is not only mentally calming but also spiritually nourishing.
• The Line M and D development in this section is to be considered.

14. Old Madras Road:

• Linking Bangalore downtown with the Hosur locality.

• Apartment prices in the market ranges between Rs 3,500 per square foot to Rs 5,200 per square foot.
• Independent villas also available
• Healthcare infrastructure with hospitals
• Affordable settling swarms attract tech dwellers as core.

15. CV Raman Nagar:

• Resident of east Bangalore east residential area, looking to buy a flat in Bangalore.

• Apartments accommodate prices of Rs 3,800/- to Rs 5,500/- per sq ft (sq ft)
• Generally speaking, the vicinity to Whitefield is the main factor that contributes to the demand.
• The Kaggadasapura tech park located 5 km away from the place is expected to serve the purpose.
• In 40 minutes, travelling from metro to city centre in metro transportation services.

16. Yelahanka:

• Kempegowda International Airport (KIA) area-based in the North part of Bangalore as a suburb.

• Apartments rates start from Rs. 4,000 - it goes up to Rs. 5,800 sqft. Listen to the given audio and complete the following sentence using the given words and phrases.
• As in this area there will be Villa projects you will see.
• The transit hub is serviced by road, rail as well as metro.
• Infrastructure upgrades underway

17. Rajajinagar:

• A north Bangalore residentially planned micro-city

• Haati has a range of brick apartments starting from Rs 5,500 – Rs 8,000 per square feet.
• Have Easy Connectivity to the main commercial area (Mahalakshmi Layout)
• Metro connectivity added recently
• The airports roads and car lanes which lead to them are widened.

18. Mysore Road:

• It is a link between Bangalore and Mysore in Karnataka state.

• To cater to the across the board needs ranging 3,500 - 4,800 per sqft will be our strategy to attract customers.
• On top of that, factories are standing all together, up and down the highway.
• The areas where the shops and malls gather people are so crowded.
• Cities have set pipelines for reform of infrastructure.

19. Sarjapur:

• Located in southeast Bangalore

• At apartments, the price range is between Rs. 3,800 to Rs. 6,000 per sqft.
• A road connects ORR and Anekal to the latter which is one of its neighbours.
• Ensconced in the Wipro's Corporate Campus.
• New metro line to secure smooth linkup.

20. Tumkur Road:

• North-west suburb near Yeshwanthpur

• The rates start with Rs 3,000 -6,000/sqft.
• Through the use of large healthcare facilities, major hospitals, which are the epicentre of treatments.
• The city is accessible from the metro.
• An inexpensive house opening is a powerful magnet for the home-owners.
   

Unravelling Bangalore’s Housing Market: A Demand and Supply Analysis

The process of transformation of Bangalore's real estate market has been accelerated by the sharp growth in the economy and the population establishing in the metropolitan area. The city's housing sector herein holds a scenario of rising demands for units despite many apartments waiting for availability. Urbanisation leads to a disparity between what people can afford and what is offered by the market, including flats for sale in Bangalore. This imbalance has pushed prices of the property to their peak and created a gap between the supply of properties and their quality.

Let's analyse the key factors affecting housing demand and supply in Bangalore:

Population Growth:

Growing the number by 3.9 million people puts the population of Bangalore at 12.3 million in the 2011 census to 2021 which is 3.9 million more than the beginning.
Employment opportunities in IT/ITeS, manufacturing, BFSI sectors which were the primary driver of growth, was the main reason behind migration.
In addition, high school students, too, flocked to universities upwardly influencing the housing sector activity. Singles and families moved to the builder's downtowns faster than residents could be built.

Rising Incomes:

• The city Bangalore saw an enormous salary growth in IT and ITeS (Information Technology enabled services) or startup sectors, which also influenced the market for houses for sale in Bangalore.
• Side by side, high savings plus good mortgage credit terms were factors which made home affordability increase.
• The residential property investment potential increased, yes, due to the increased investor demand for residential properties as investment assets.

Infrastructure Development:

• Metro rail network construction contributed to establishing suburbs and city centre interchanged connectivity.
• Like peripheral areas, Electric City, Whitefield, and OMR got native transportation.
• Roads like Elevated to Expressways cut into work commute transport time to the epicentres of major employers.

Government Initiatives:

• Subsidies and other incentives for low cost affordable housing units provided under PMAY scheme.
• Relaxing norms of FDI and creation of RERA maintained fueled buyer confidence.

Supply Analysis– 

Shortage of Land:

• Urban sprawling makes it more demanding to acquire a large plot of land within the city centre, which is a costly issue, especially when looking for a 2 BHK flat in Bangalore.
• Land-acquiring which is an integral part of the integrated township projects.
• Builders started focusing on staying close in the centre of the city and making small developments out there near fringes of the city.

Delays in Project Execution:

• Cautiousness in prompt decision-making resulted in the projects running behind schedule
• but the incidence of labour shortage, rising material prices crippled on the construction.
• The delay between the order and delivery of goods usually resulted in a very low amount of ready stock.

Constraints on Affordable Housing:

• Land prices discourage developers to go for projects with budget prices.
• The amount of buildable plot limited by FAR was much lower when compared to the old rules.
• The absence of infrastructure in the peripheries is still necessary to keep up costs.

Rise of Peripheral Areas:

• Micro-markets of North as well as South Bangalore can additionally witness an upswing in the supply.
• Not to miss the mention, Hebbal, Tumkur Road, Whitefield and Hosur Road became renowned.
• Appropriate social infrastructure was the key to relocate those looking for home to the outskirts.

Demand-Supply Gap Analysis:

• City Center - A scarcity of supply together with soaring demand has recently pushed prices for some projects to more than Rs 10,000/sqft. The luxury companies including Prestige and Sobha become active in the part of the city short of land through joint ventures.
• Suburban Corridors - Extreme shortage of top-end apartments over Rs 5,000/sq ft per se but with so many high-end projects brandeding, there is better value available in these towards the end user. They concentrate on pre-handed over office assets. In this way, they attract investors.
• Suburban Spaces - Budget conscious individuals prefer working in lower rental two-bedroom apartments, rising above Rs 3500-Rs 4500/sqft. In order to reach this goal, establish social infrastructure.

Market Rates in Bangalore

Property prices in the city have gained considerable traction and started appreciating fast over the past 5 years, making Bangalore a housing hotspot. Capitalisation values, including those for flats in Bangalore, can differ significantly due to core ingredients such as location, name and reputation of the developer, and positioning to market centres. What about the rates at this point? Which areas are rated most quoted Commercial and residential micro-markets or the areas around them. Let’s have a closer look– 

Residential:

Central Business District - These include localities such as MG Road, Residency Road, and Richmond Town and the rates go from INR15 thousand and above INR 20 thousand per square feet. The only brands that would have projects is from recognized companies like Prestige, Sobha.

Intermediate in East Bangalore (Whitefield)- Such as Rs 6,000 and Rs 8,000 / sq ft. Geographic areas such as Kadugodi let you opt for budget properties under Rs 5,000/sqft. The demand, which is from SAP and Capgemini based in the regions, make the area attractive.

North of Bangalore, Hebbal- One can come across upper mid-range segment housing projects priced Rs 8,000 - Rs 12,000/sqft due to the new developments and the water-front living. What fascinates me most about Yelahanka is the affordability between 4000 to 5500 rupees per square feet. As the airport area is being developed, Devanahalli will carve out an infrastructure niche into modernization.

South Bangalore -Sarjapur road caters to high-end, in-the-middle , and low-income segments based on proximity of houses to Outer Ring Road. The rent prices around Bannerghatta Road are from Rs 4,500 - Rs 6,500/sq ft and therefore these offices and shops nearby create an atmosphere of connectivity and convenience to the consumers.

Kothanur- Mysore Road-Tumkur Road provide a budget to Rs 5,500/sq ft range of facilities because of the proximity of the industrial developments. Some projects are delayed here.

Plots - Plots of approved layouts in Bangalore come up to Rs 1,800 - Rs 4000 per sqft such as in the areas of Hennur, Devanahalli, Whitefield, and Sarjapur Road.

Commercial:

The SBD rates per sq. metre in and around the CBD area are estimated at 22,000-25,000 in M G Road, Infantry Road, Residency Road. However, Koramangala and Outer Ring Road regions command significantly low rates between the range of 8,000-10,000 per sq. metre. Suburban areas get the rate variants of Rs 5,500 to 7,500 per square ft. for an office.

Steps to Buy Property in Bangalore

Bangalore, the Silicon Valley of India, is one of the most sought-after property hubs in India with its blooming IT & R&D industry, well-developed infrastructure and great potential of real estate sector growth, including plots for sale in Bangalore. However, the complexities involved in the intensive process of buying property in this city are just something on another level. We have compiled here a guide taking a side-by-side approach from the property-buying process in Bangalore to make it an informed decision.

1. Determine Your Budget and Financing Options:

• Evaluate yourself financially and come up with a budget that is reflective of your economic being.

• Try and identify financing options like mortgage, and see if you will be pre-approved for any.
• First, conduct a study concerning the available interest rates and loan period range being offered by the different banks and financial institutions.

2. Choose the Right Location:

• Intend to choose your hubs in Bangalore dependent on home ones like proximity to workplaces, schools, hospitals, and transportations.

• Think of an infrastructural future, differences and new upcoming projects in the area and concentrate on future potential growth as well.
• Get the best neighbourhoods to suit your needs by considering already settled and raising neighbourhoods.

3. Decide on the Property Type:

• Decide whether it will be an apartment, a villa, a plot, or a home with its independent ownership.

• Take the good of repair works, fittings and resale into account before your final choice.
• Make sure you do a sufficient amount of research, pay special attention to the market rates and trends offered by different property types in the selected area.

4. Hire a Reliable Real Estate Agent:

• Get in contact with a real estate agent who possesses a solid reputation and excellent track record in the area you plan to buy property, including apartments in Bangalore.

• Verify their adherence to given standards, history of success, and references so as to verify that they are not fraudulent.
• Inform the agent about your needs and the budget you are willing to pay so that he/she can help in narrowing down properties you are interested in.

5. Visit Properties and Conduct Due Diligence:

• Prepare the shortlist that meets your expectations, make the appointments and go for a site visit.

• Ensuring that the build quality is good and searching for all possible issues with the property- structural ones as well as legal is essential.
• Compile a document bundle with the sale deed, encumbrance certificate, and occupancy certificate verified.
• Make a title search to confirm with certainty that the land is not disputed or claimed by any other party.

6. Negotiate the Price and Make an Offer:

• Check the current market prices in the area in order to determine the value of the property which is the fair market value of the property.

• Bargain with the vendor or his or her representative in order to form the basis for the purchase price, while taking into account factors like the condition of the property, the amenities, and the market trends.
• The next step is to reach a consensus and send an application together with the commercial offer and sign a memorandum of understanding (MoU) with the seller.

7. Complete Legal Formalities and Documentation:

• Using a reliable lawyer for legal paperwork or a well-accredited property lawyer will take care of this.
• Finish the Registration process and stamp duty payment followed by the registration fees.
• Ask the seller for these documents (sale deed, possession letter and others).

8. Take Possession and Move In:

• Make sure you carry out a last minute check of the ecological setting before taking the keys from the owner.

• The handover process should be a smooth one, be sure to communicate to the seller about this beforehand.
• Set up utilities, including electricity, water, and internet connection.
• Don't miss this amazing opportunity and make your dream home a reality! Move into your new place and enjoy your house!

Conclusion

Clearly, the latest Bangalore property price reveal brings to light that the city is still a great investment destination for real estate. The existence of the flourishing IT ecosystem, strong infrastructure, and dynamic urban culture that the city holds, makes the city an attractive destination for both homebuyers and investors.

The current market outlook, including the segment on villas for sale in Bangalore,  gives the main value points to attract investment and helps to understand the upcoming trends of residence and commerce in Bangalore. Whether you are a first-time homebuyer, seasoned investor, or a curious real estate market enthusiast, this article will give you much to think about, relating to making informed decisions.

In a fast-growing Bangalore city, being attentive to the changing prices of the property and how the property market is evolving is essential. A better understanding of these determinants influenced by top builders in Bangalore will help you to tap into profitable opportunities as well as enable you to make blended strategic investments towards the growth of the real estate market.