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.

In Bangalore, Where can you Look for a Single Room House for Rent?

Electronic City, Bangalore is the bulwark of IT sector and has always garnered interest of real estate developers PAN India. Presence of physical infrastructure and feasibility of futurist development have been the biggest boosting factors for city's realty market. The demand for rental properties across its different localities keeps a steady pace all through the year. With more expatriates flocking here in search of prestigious jobs, the rental market manages to keep itself in good shape.

For tenants who are keen to hire a 1 BHK house for rent in Bangalore, can get the same with many options at their disposal. The rates are affordable in most of its localities. Even in well-developed areas like Whitefield, JP Nagar, Electronic City, and AECS Layout, tenants can hope to find a 1 BHK at low monthly rates. For cheap prices, i.e. in 2k-5k bracket, Sarjapur Road, Marathahalli, AECS Layout, Kundanhalli, R T Nagar, BTM, and JP Nagar can be good options. As most of these are laden with IT/ITeS firms, hunting a rental house across them can be time and money-saving for those who have offices here.

 

IN 6-10k rental segment are covered areas like Electronic City, Whitefield, Mahadevpura, Thippasandra, OMBR Layout, GM Palya, HSR Layout, and CV Raman Nagar and can be the apt choices by tenants. Residential properties in Bangalore carries in its kitty, more options for tenants looking for rental houses with fully-furnished decors and presence of good amenities. Indira Nagar, Kodihalli, and HSR Layout are well-developed localities whee monthly rental for 1 BHKs have starting prices above 10k, and going far more than that. To hire a rental flat in HSR, tenant may have to pay up to 14k per month. At Indira Nagar, the price can be up to 16k and above.

Different Price Brackets for a 2 BHK Property in Bangalore

While the other cities in India have submitted themselves to extortionate prices, and the real estate there is witnessing a slump, property in Bangalore is going all fit and fine. The realty growth, in the city, is going steadily upwards. The market is predicted to be fruitful for both the end-users as well as investors, who are eying on long-term investments in this electronic city. The prices, as per current scenario, are seeing good appreciation, that will pave the way for assured returns. A few localities where prices have escalated in the quarter Jul-Sept are Bannerghatta Road, C.V. Raman, Cokes Town, Frazer Town, Hebbal, Hosur Road, JP Nagar, K R Puram, Kalyan Nagar, Kasturi Nagar, Mathekere, and Old Airport Road.

The residential properties in Bangalore cater to all the segments of society;be it budget buyers or elite segment of the society, the city has something for everyone. Some of the localities that have seen an upsurge in rates in the localities like Thanisandra Road, Hennur Road, Bannerghatta Road, Marathalli, and Whitefield and areas around ORR(Outer Ring Road). Some of the major developers like Zuari, Infraworld India, and GR Construction have floated new projects in the city.

As far as the prices are concerned, there are a plethora of options available. For a 2 BHK house below 10 lac range, the localities like Whitefield, Munnekalolu, and Atibelle are the best options. For higher range, i.e. from 10 lacs and 20 lacs, a buyer can look for localities like Whitefield, Atibele, Electronic City, Begur Road, Hosur Road, Bannerghatta Road, Off Magadi Road, Mysore Road, Vidharanyapuram, Bera Kai, Silk Road, Vidyamagar can be the good choices. For those who are on the look out for Bangalore property for higher rates, the residential properties in Hebbal, HSR Layout, Koeramangla, Jayanagar, Banaswadi, RT Nagar, Yelahanka, ISRO Layout, and Horamvu are the most sought-after options. In most of these areas, the rates for a 2 BHK can go as high as 1 crore or above.

Though the overall situation is fine, yet there are several areas in Bangalore where price rates have depreciated in the current quarter. A few examples of such localities are Begur Road, Gottigere, Hoodi Village, Jalhalli, Koramnagla, Thanisandra, Silk Board, and areas around off Tumkur Road. The buyers have made good use of the opportunity, and this has led to an appreciation in the demand in these areas. This can be seen in the increase in the number of sales.

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IT Industry: The Driving Force behind Bangalore Real Estate

Ever took part in property discussions? And if they are centered around Bangalore, it is almost impossible that people won't talk about IT industry. Isn't it? If I am not exaggerating, Bangalore property and IT are connected so closely and are so interwoven that the growth of one directly effects the other. More the information technology proliferates, more positively it helps the realty market there. The vice versa is also true. Being awarded as top 8 technology clusters in the world, the city rides high on the software market. The demand for properties of all types in the many localities of the city is more or less comes from the professional class working in software industry.
South Bangalore needs a special mention in the context we are talking about. IT has burgeoned here on a grand scale. Look at Koramangla, one of the major hubs for IT/ITeS based companies. Software giants like Infosys, Siemens, Zenith, and Wipro have centers here. The demand for flats Bangalore, in this particular locality, comes from the software and technology professionals. As majority of this community prefers to settle around their office premises, the price rates for residential spaces are high here. A 2 BHK flat can cost you anywhere between 35k and 1.5 crores.

Another area that rides high on IT industry is Whitefield. Laced with excellent infrastructure and superb connectivity, this locality of Bangalore real estate has seen several technology parks sprung up in and around it. ITBP(International Business Tech Park) houses several information technology giants. Companies like Accenture, TESCO, Wipro, Dell, Sapient, Sap Labs, IBM , and Intel found their stronghold in this locality.
Spread on a land of more than 300 acres, Electronic City, is studded with top-class infrastructure and has gained popularity as one of the largest electronic industrial parks in India. The place houses more than 180 software companies and boasts of having the longest national highway of the country. It is responsible for deriving a major portion of demand for residential properties in Bangalore. Companies like C-Dot, HP, GE, iGate Global, Tech Mahindra have their establishments in the Electronic city. Surprisingly, the rate of apartments is not very high here. A 2 BHK apartment can cost you anywhere around 35-45lacs.

Bangalore Real Estate sees a Dip after Revision in Guidance Values

The year 2011 saw a rise in guidance values of Bangalore properties and in order to keep them in sync with the sharply rising market values, they have again been raised this August. The values have been raised in almost all the districts of Karnataka and almost all of them have seen an appreciation of about 25%. The boom in population and large influx of people from the other states made the authorities increase the value of Bangalore real estate. In Bangalore alone, the guideline value has been increased by 40-45%.

It would be mandatory for an owner to state the guidance value of his property at the set value or higher than that. Those who refuse and declare the lesser value, shall be issued notice by the district registrar, who would then decide the correct value. This would bring more transparency to Bangalore real estate. As the values this year have been set more closer to market values, the revenue earned by the government in terms of stamp duty and registration fee is expected to bring more profits.

The change in the values is expected to garner huge revenues for the Karnataka government. A collection in crores from the registration fee and the stamp duty has already been made. In the months to come, more revenues are in the offing. The revenue has also been levied on properties like villas and apartments. The new rates came into effect on August 12 and since then the interest of buyers in apartments for sale in Bangalore has seen a dip. Such was the impact of the news that the registrations reached almost a zero level in areas like Kanakapura and Devnahalli. And just when the news of new rules was made public, a huge rush was seen for registration of properties. Before the guideline vales could come into effect, objections were requested from several sources, including the State government.

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What are the Options to buy a Property in Bangalore West?

If it is a house in Bangalore that you have been looking for, I am sure most of the suggestions to you must have come in favor of localities like Kanakpura Road, Electronic City, Whitefield, or Hebbal. Isn't it? Make a search over net and you will see that it is either the southern/northern or the central regions that are mostly highlighted. The price rates in the localities covered under these regions are quiet high. For budget buyers, property in West Bangalore can be a good option. In fact, the western region offers residential properties that cater to almost all the income groups. Let's elaborate a little and know about what is in store for a buyer here.

Before we talk about the specific localities, let's see what is the ongoing price/sq. ft(psf rate) for the entire West Bangalore region. This August, the psf rate is calculated as Rs. 3140/-. In 2012, in the same month, this value was recorded at Rs. 2861/ sq. ft. This appreciation shows that the property in Bangalore West has boosted over last one year.

Next come the prices for individual localities. The price rates for a 2 BHK in localities like Jalahalli, Nagarabhavi, Bidadi, Tumkur Road, Vidyaranga, Sunkadakatte, Govindraj Nagar, and Peenya, the rates vary within the range of 25-33 lacs. Though the region still has to see a lot in terms of industrialization, there are several areas that have progressed at a good pace. Kengeri, for example, is a well-known satellite town of the Western Bangalore Real Estate market. It has good connectivity to its nearby localities. Namma Metro Corridor is proposed to be extended up to here; this will further help people to commute to and from here. The other highlights of Kengeri include its closeness to Outer Ring Road and the presence of a Global Village Park.

Malleswaram is another gem for residential properties in Bangalore in the western region. A popular choice for affluent and upper-middle segment buyers, the locality has the strategical advantage of being close to World Trade Center. Another elite area is Rajajinagar. The property prices here are quiet high, as compared to the other localities. A 2 BHK flat, with an approximate 1000 sq. ft area, can cost you as high as 1 crore, though cheaper options are also available. The proposed Yeshwantpur-Rajajinagar-Malleswaram Corridor is going to further alleviate the property prices here. At Magadi and Ring Road too, the prices are high, though they also offer several budget options.

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Hike in Prices of Bangalore Residential Properties

With the implementation of the new guidance values, the prices of Bangalore real estate are expected to shoot up. This has worried builders and buyers equally well. With the new guidance rules, the prices of houses and villas have already escalated in several localities like Sarjapur and K R Puram. This has directly effected the number of sales. The purchases in such areas have dwindled. As per market analysis, there has been a hike of about 20% in the ongoing construction projects, thus further alleviating the woes of common buyers.

The capital market for property in Bangalore has gained momentum within the first quarter of 2013. Seeing the way the demand for real estate is intensifying, the prices are multiplying like never before. As per the market analysis, the capital rates can see a swelling of 10-100% in the coming months. This shall definitely go in favor of the investors (both local and NRIs), and the government authorities. With the demand treading an upswing road, the city is going to see a plentiful of new registrations. And with these, the government is all slated to rake in mullahs: the estimated revenue collected from stamp duty, cess, and other taxes is estimated to garner about 6500 crores!.

Till now, the capital value of residential properties in Bangalore was lowest if compared to that of Delhi, Mumbai, Hyderabad, and Chennai. But as per the present trends, the situation has changed. Some of the localities that are witnessing a huge price appreciation form part of South and Central Bangalore: Electronic City, Kanakapura, Uttarhalli, JP Nagar, and Jaya Nagar in South & Frazer Town, Cox Town, and Sagarpur in Cenral region are a few examples in this regard. In Central Bangalore itself, the price per sq ft (psf) is highest: Rs. 9272/- in the month of August. Those who are eying for apartments for sale in Bangalore in these localities, must know that a price appreciation of 25% has taken place over past one year. In the Easter region, psf value has got an appreciation of about 3%, while in North, a 6% hike has been noticed in the first quarter of 2013.

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Hike in Prices of Bangalore Residential Properties

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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