The developments in Bangalore have mostly been concentrated in the south and east of the city. The western part of Bangalore is still relatively green with a fair amount of open land or lands that has sick and closed industries; these would be ideal for real estate development. The property prices here are still low despite its proximity and connectivity to the Bangalore city and other parts of Bangalore, mainly due to the inadequate social infrastructure.
The average purchasing price in the high-end properties in the last quarter of 2016 was Rs 6650 per sq ft while in the mid-range and lower end it was Rs 5100 per sq ft and Rs 3500 per sq ft respectively. In the first two categories the prices showed a dip of 9% and 6% over the third quarter of the year. Not much change was noticed in the rental segment which quoted at Rs 15, 12 and 9 per sq ft. However, these prices could change as the social infrastructure develops, according to the Master plan for the Magadi Local Planning Area.
The demand is for lower and mid-range properties mainly from people working in the nearby industrial areas of Peenya, Hospet and Tumkur. Real estate activity on Magadi Road has not slowed down. There are many major builders and developers with ongoing projects in the area.
So what are the factors that are positives for real estate investments on Magadi Road? This 43-km stretch that runs from Bangalore City to Magadi runs through many prime localities in the western part of the city such as the Kempegowda (Majestic) Bus Stand and Krantivira Sangolli Rayanna railway station (Bangalore City Railway Station), Rajaji Nagar, Vijayanagar, Gandhi Nagar etc.
Connectivity & Transport
Connectivity here is the main real estate growth driver. Both the City Railway station and the Kempegowda bus stand are approximately 4 km away from Magadi Road. The Summanahalli Junction links Magadi Road to the Outer Ring Road (ORR) while the Kempegowda Nagar Junction links it to the NICE Road. Magadi Road transits prominent localities such as Bommanahalli, Yealahanka, K R Puram, Devanahalli, Hoskote and Kengeri. The Bangalore International Airport is 38 km away. The Metro Rail, ORR and the Nice Road provide excellent connectivity to all residential areas on Magadi Road. The Bengaluru Metropolitan Transport Corporation (BMTC) runs buses frequently on this route connecting many parts of the city. Radio cabs and auto rickshaws are available in plenty.
Bangalore city has a number of good educational institutions. Some of the prominent schools on Magadi Road are St. Lawrence High, Embassy Public, Windermere Public, Vidya Sanskaar International, Jnanaganga International, The Great Eastern International Public, St Martin’s High, Sri Vidya Kendra (The Smart School) and VES Model Convent among many others. There are schools offering State, CBSE, ICSE syllabi. Among the institutions of higher learning in and around Magadi Road are Universal College, Seshadripuram Commerce College, East West Institute of Technology, Chaitanya College of Nursing, Vidya Sanskar Institute of Science, Commerce & Management and Raman Polytechnic.
Hospitals & Health Care
There are many Private and Government hospitals in Bangalore. Some of the well known ones are Apollo, Manipal and Mallaya which are all in a radius of 20 – 25 km. Some of the other hospitals in and around Magadi Road are Sri Lakshmi Multispecialty, Nisarga, SSG and Spine Care & Orthocare Hospital. There are also many private clinics and nursing homes and many high quality medical labs.
Shopping & Entertainment
Bangalore is quite well known for its shopping malls and entertainment areas. You will find numerous eateries and fine dining restaurants plus food courts in malls. These serve transnational and international cuisine. Besides, Bangalore is famous for its pubs and bars. There are many movie theatres and multiplexes in and around the city. The major malls have well known national and international brands along with many exclusive stand alone outlets of major fashion brands and accessories as well as all white goods manufacturers. The commercial markets are very vibrant and offer a wide variety of goods.
Builders and ongoing projects
The dynamic real estate market has seen many successful project launches with many reputed local and national builders. Builders and Developers like Sobha, Purvankara, DLF, Provident, Confident, Prestige, Gopalan and Mahaveer Reddy Structures Pvt. Ltd have all made their mark here. Some of the builders with ongoing projects are Provident, KNS Infra, DS Max, Mahaveer, etc, offering 1, 2 and 3 BHK apartments. The apartments range from Rs 18 lakhs upwards to over 1.5 crores for the top-end ones.
But all is not hunky-dory on Magadi Road. There are problems of illegal construction, inadequate water supply and bad interior roads. However these are problems that will be addressed by the government and already there are plans to mitigate these inadequacies. The best thing about Magadi Road is the connectivity. The Purple Line Metro covers Magadi Road. The second Metro line will connect Magadi Road, along the Chord Road, to Nayandahalli on Mysore Road and in turn connect many important residential neighbourhoods in Bangalore West.
Investing on Magadi Road will pay dividends over time but it would be prudent to exercise due diligence before any purchase as there are some bad eggs in the real estate business. Industry hopes that things will ease out in the real estate market and people will get a fair and transparent pricing in the near future.
Stanley Varghese for IndiaProperty.com
Image: By Ramnath Bhat from PUNE, India – Namma Metro @ RajajiNagar, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=33721301