Rental Values of 3 BHK Residential Properties in Bangalore

Demand for rental properties in the Electronic City, Bangalore, remains steady, thanks to the good number of job opportunities created year after year. Presence of software sector, up-to-the-mark infrastructure, and good connectivity have remained the major contributing factors for steady progress of rental market. As far as price rates are concerned, they vary from region to region. This blog discusses about the average market rates for a three room residential apartment on rent.

Central Bangalore is one of the most expensive regions and a 3 BHK apartments for rent in Bangalore can cost anywhere in Rs. 25000 and 1 lakh. For the tenants seeking three bedroom flats in localities like Benson Town, Frazer Town, Richmond Town, Indira Nagar, St. John Road may need to pay monthly rental in 25-30 k bracket (starting rates). Over Levelle Road, Vasanth nagar, Commercial Street, Queens Road, and Cook Town, the starting prices are concentrated around 35-45k/month. Still higher rates are prevalent in Palace Road, Coles Road, Aga Abbas Ali Road, MG Road, Cambridge Layout: a three room apartment can cost a tenant around 60-90k/month.

A tenant looking for three room flats in East Bangalore has several options. Whitefield, Maratahahalli, and Horamvu are the budget localities. A three room apartment across these may cost a tenant a monthly rent in 9-12k range. Residential properties in Bangalore across Mahadevapura, Sarajapur Road, Doddankunte, Thippasandra, ITPL, HBR Layout, and OMR (Old Madras Road) are available at monthly rental lying in 15-20k range. 3 BHK properties at Indira Nagar, AECS layout, and Kundanahalli come at higher monthly rentals.

South Bangalore houses some well-known localities such as Whitefield, Jayanagar, JP Nagar, Banasahanakri, Hosur Road, and others. Tenants can avail three room apartments in 10k-1 lakh bracket. For 10-15k rental, the apt localities are JP Nagar, Electronic City, BTM Layout, Hosur Road, and BTM. Rents in 15-20k are prevalent over Jayanagar, HSR Layout, and Koramangala.

What can a House for Rent in Bangalore Cost you?

Bangalore is popular for its world-class infrastructure, great potential for IT jobs, and high-end amenities. This makes buying a house in the city a costly affair for lower-middle and middle segments. Living on a rent house is a good option, as they do not have enough disposable income to own a house of their own. Seeing the rate at which is inflation is spreading its web in the country, buying a property has become quiet dear. Rental spaces, in such a case, prove an affordable option. Though the rental properties too undergo escalation along with the capital appreciation, still, hiring a flat is far more budgetary. The properties in different localities come at different rental rates.

The price appreciation of rental properties, as seen over 2012-13, have undergone a change of about 2%, a good thing for investors in property. In localities including Whitefield, Marathalli, and Kundanahalli, the per square feet (psf) values have gone appreciation. At Whitefield, the psf rate is almost fixed at Rs. 16.14 from past six months. For an apartment for rent in Marathalli, the psf rate this August stands at Rs. 16.12/ sq. ft. The localities where Bangalore real estate has seen a depreciation in psf rates of rental residences are HSR Layout, R.T. Nagar, JP Nagar, Indira Nagar, B.T.M. Layout, and Bannerghatta. At Indiranagar and Koramangla, the per sq. ft. rates are quiet high: Rs 18.43 and 20.94 respectively.

Let's now compare the price of a 1 BHK in the city's different localities. Flats for rent in Bangalore, in the north region has comparatively lower rental prices, if compared to the rest of the city. At Devanahalli, R.T. Nagar, and MSR Main Road, a 1 BHK can be hired for somewhere around 5-8k. For better localities, choose a property in the southern Bangalore. Here, the rental rate goes between 7-20k. The areas like BTM, Jayanagar, JP Nagar, Indiranagar are particularly popular among the working class. But in Attibele, the rates are significantly lower.

In Sarjapur, Whitefield, Kundanahalli, the localities forming the eastern region, a flat for rent ranges between 6k-14k. At Kundanahalli, single room flats are available at a whopping 3 lacs!. In the central part of the city, the rates for properties in Bangalore are highest. Rental flats at M.G. Road, Cox Town, Ulsoor, Frazer Town, Richmond Road, and Benson Town are available for hiring at 10-25k.

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Promising Future for Investors Putting their Money on Properties in Bangalore

The existing townships around the Peripheral Ring Road area are expected to undergo price escalation, in the months to come. Qatar Investment Authority' has decided to invest a considerable $300 million in city's real estate and that is a good news for realty market in the city

Real estate Bangalore has always been a topic of discussion among realty pundits, thanks to the stronghold on infrastructure and the boom of IT sector in past few decades. Like in other metros, the capital rates have undergone a good escalation this year too. The percentage hike in properties is anywhere between 10-100%. With the arrival of new guidance values for residential and commercial values, the prices are expected to tread an upward path. Investors who are looking for long-term returns can rake in mullah with the appreciated property prices

Apartments for sale in Bangalore can be chosen in different localities as per the current rates going on in each one of them. For instance, a buyer eying a two-room apartment in the price range 30-70 lakhs can make a choice among the localities like Tumkur Road, Electronic City, Whitefield, and Outer Ring Road. In Electronic city, the psf (price per square feet) rate in July stood at Rs. 3238/- while a buyer searching in Whitefield, can make a purchase at a similar rate of 3533/ sq. ft. At Gachibowli, the rate is little higher at Rs.3700/ sq. ft.; at Kondapur, it is Rs. 3234/ sq. ft., while at Hi-tec City, it is around Rs 3872/sq. ft.

With the upcoming Peripheral Ring Road( PRR) project, there is a good chance that there will be too many new launches of Bangalore apartments. The existing towns located around this area are expected to gain good price escalations. The 65-km Sarjapur- Tumkur project has already turned several heads, specially of those developers, who are all geared to set housing complexes and commercial SEZs in the nearby areas. This line shall be covering the plush localities including Marathahalli, Hebbal, Kengeri, Gokula, Madiwala, JP Nagar and BTM Layout. The rates of apartments in these particular localities are expected to rise considerably.

For an average psf rate for a properties in Bangalore, there has been an escalation of about 6% in past 12 months. As the predictions are largely on the positive side of the graph, a plentiful of international companies are on their road to afloat new projects here. Qatar Investment Authority's decision that it would invest a large sum of $300 million in city's realty market is a good news. As there are many more projects in pipeline, it is clear that apartments apartments for sale in Bangalore shall bring profits for investors, in the months to come.

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Bangalore Real Estate: Scaling All New Heights

As the recession is now taking a back seat, high expectations are pining on real estate Bangalore, in the time to come. The rates are believed to see an upward scale and towards the end of 2013, the rates of the properties can appreciate anywhere between 50-100%. The property valuations as currently done by the authorities and according to their reports, the market can see hike in price rates. As the prices would escalate, they would be greater chances that more revenue would come into their pockets. A value of 6000 crore has been set by the government as its target, in terms of revenue collection from registration and stamp duties, as are imposed levied on the new properties. The upsurge of the realty market can also be seen from the fact that a large number of new projects have been floated by builders and developers.

If the market predictions are to be believed, this is just the apt time for investing into residential apartments for sale in Bangalore. The prices have escalated and so have the number of new constructions. KR Puram, JP Nagar. Whitefield, Electronic City, and Jayanagar are the main localities that have witnessed a considerable growth in development of new properties. In addition to this, buyers' interest is also scaling a path upwards. As the number of absorptions increased this year, a rise in buyers' interest in making purchases also underwent escalation. The rest of the year is also expected to fare well in terms of absorption rate. If that happens, the imbalance between demand and supply shall get corrected. This shall make the prices fall back to their lesser values.

The psf (per square feet) rate in Bangalore Real estate has witnessed an upsurge. Take, for example, the psf value in August last year. It stood at a value of Rs. 3351/-. The value, this August, got appreciated to Rs. 3541/-. Till now, the highest psf value has been noticed in May, 2013, when the rate stood at Rs.3887/-.

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Residential Properties Faring Differently in Different Parts of Bangalore

Whenever RBI tries to control inflation, both builders and buyers have their spine-chilling moments. Buyers because they become apprehensive of paying more for a house, and developers because they frighten from fall in demand. But the recent measures taken by RBI did not shocked Bangalore's developers much; they are quite sure that the demand for properties in the city shall continue steadily. One of the reasons could be this: the real estate prices in the city are still lower than that of other tier-1 cities like Delhi and Mumbai.

The prices of residential properties in Bangalore increased manifold in the southern region. The reasons are all clear. The demand for real estate in southern and eastern localities like Koramangala, Hosur, Bannerghatta, Hebbal, Sarjapur, and Electronic city are witness to price accretion. The high demand in these localities can be the reason for the same. In most of the South Bangalore, the focus of the developers is on premium projects, as buyers, here, are more inclined to make luxury purchases. So, the construction of villas, row houses, and condos is going on in full swing there. As the demand never ceases to go down in these particular areas, the developers always have the reason to escalate the rates. In past 2 years, the average capital rate has increased by about 10%.

 

Contrarily, Bangalore real estate, as a whole, has witnessed a slowdown this year. The demand for houses has seen a decline in rest of the city. The situation of oversupply, akin to other metros, has bogging down the developers. As of now, our of about 1 lac residential houses, as large as 60,000, are still unsold. This has, in turn, led to price correction in many colonies. So, a buyer interested in making a purchase can reap benefits from the current scenario.

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Investors Pinning their Hopes on Properties in Bangalore

Whenever the property rates depreciate, it becomes a time for putting iron in the fire, for users at least. Bangalore, the electronic city, has undergone a slump of about 1% and the rates in individual localities too have deflated. What could be the possible reason behind this? Do we need to even mention that? The turbulence that the Indian economy has found itself embroiled in, has played wrongly with a buyer's sentiments. Their interests in making a purchase in the light of the current scenario is on a wane. Bangalore, a city where the prices were already stagnant from many years, is seen as a windfall for buyers and investors. In the hope that the rates would eventually rise here, the investors are taking the present situation as a good opportunity.

The interest of both medium as well as high-term investors for a house in Bangalore has augmented: The city being a hot-spit IT hub, has played a major role in aggrandizing the investors' likening to put their money in. In fact, the city has been the nerve center for investors from neighboring states too, who anticipate that the rates would eventually rise in the city, getting them huge returns in long run. Then there are NRI's (both from South India and others) who have invested colossal $200 million in the realty market. It is not only the residential market that they have eyed on, many have given their stamps on land parcels worth crores too.

 

It is the wherewithal of the city's real estate market that like big names like Jumabhoy from Singapore have invested a whopping money on luxurious villas in Whitefield. Their project named, Raffles Park, shall develop 61 residential properties in Bangalore that would cater to the ultra-modern needs of the elite segment. This project, worth 350 crores, shall be a big push to the city's realty market. T

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The Upscale Rent Houses in Bangalore: Options are Many

Top-class infrastructure, high industrial development, and good scope of employment render Bangalore the status of an avant-grade city. It is highly favored by the professional class, most of which have relocated from the other states. For them, rental properties offer a good option settlement, even for a short period of time. Also, the low-income group of the city prefers to live in rental spaces, rather than buying houses of their own. To tell the truth, the demand for residential properties in Bangalore are going pretty high.

The inflation rate of the economy effects the housing property rates profoundly. Accordingly, the rental rates also increase. A 3 BHK plush condominium in Bangalore can cost you as high as 1-2 lacs. As the interest rates on properties are raised per annum, the rental prices keep on escalating year after year. Also, escalation in construction costs raises the rents. Flats for rent in Bangalore real estate come at different rates; depending upon the factors like locality, state of furnishing, and amenities offered, prices can vary appreciably. Take for example, Whitefield and CV Raman Nagar. A 3 BHK independent house/villa in Whitefield has an approximate rent of Rs. 90,000/month while the same is available at much lower price of 17K in CV Raman Nagar.

For the processional class, who earn salaries in six figures, can afford to spend good money for a rent house in Bangalore. For them, localities rendered with good amenities like furnished interiors, gymnasiums, private pools are most preferable. The tenants can look out for such flats in Whitefield, B.T.M Nagar, Bannerghatta Road, Sarjapur Road, R.T Nagar, J.P. Nagar, Electronic City, and Marthalli. A 3 BHK, at most of these localities, has rentals ranging anywhere between 22-45k. For budget tenants, it is good to look for the unfurnished accommodations. The lower rental also calls for lower deposit amount, thus not pressing too hard on one's purse.

The rental market in the city is showing improvement, after a lapse of 2-3 years. The prices are appreciating steadily and this is good for land-owners and investors who eye good returns out of their investments. It will more efficient for getting a suitable house in Bangalore city.

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