Bangalore’s Electronic City is an important yet inexpensive residential hub

Electronic City, sometimes known as ECity, is one of Bangalore‘s main IT clusters.

Due to the increasing demand for residential units in this neighbourhood and the surrounding areas, developers are continually developing projects with a variety of affordable alternatives. Let’s take a look at how inexpensive housing is transforming the real estate scene in Bangalore’s Electronic City.

Electronic City, located in South East Bangalore, is said to be the catalyst for increased housing demand in this area. However, due to an overstock of new residential developments and a gradual shift in demand for rental offers from the expanding millennial buyer demographic, property values here have not gained as much as in other Bangalore residential areas. Here’s a look at what’s going on in Electronic City in terms of real estate.

Price trends at the moment

The average property values in Electronic City throughout the investigated period stay around Rs 4,900 per sq ft, according to the Bangalore Real Estate Market Report Oct-Dec 2020. As a result, a conventional 2 BHK flat with a 1,000 sq. ft space may be purchased for Rs 45-55 lakh.

According to insider information, Electronic City sells a major chunk of its overall inventory for between Rs 40 lakh and Rs 1 crore.

Homebuyers can choose from a variety of property types, including multi-story apartments, residential plots, and single-family homes. While multi-story apartments account for the majority of the inventory, plots and villas are in short supply –

Capital appreciation

In the previous four years, the value of real estate in Electronic City has increased by around 13%. One of the main reasons why property values haven’t been able to rise significantly in this area is an excess of residential houses.

Infrastructure

Electronic City, being a developed business and residential centre, needs a robust social and physical infrastructure. This location’s connection has increased in recent years, with BMTC buses running to all of Bangalore’s major locations.

The Elevated Motorway is a prominent two-lane highway that connects Electronic City with Silk Board. The highway, also known as Hosur Route, connects to the Outer Ring Road near Silk Board and is the sole significant road connecting Electronic City to the rest of the world.

Electronic City will benefit from enhanced connectivity in the future thanks to different public transportation initiatives in the works. Namma Metro is set to link the neighbourhood. Electronic City will be a notable metro station along the Bommasandra to Hosur Road segment of the Namma Metro Phase-II, which is planned to be finished by mid-2022. The nearest metro stations to this location are the Yelachenahalli and JP Nagar stations on the Namma Metro’s Green Line, which are both around 18 kilometres distant.

In terms of social infrastructure, the area has a diverse range of educational institutions, healthcare facilities, and marketplaces to meet inhabitants’ everyday requirements.

Projects in the pipeline

Around 90% of Electronic City’s residential inventory is ready to move in, with the remainder under development and available for new bookings.

The following are some of the most popular under-construction projects in the area:

• Columbia Group’s Columbia Aaltius is expected to be in possession by 2023.

• Kolte Patil I Towers Exente by Kolte Patil Developers is scheduled to be completed in 2024.

• The Ajmera Group’s Ajmera Nucleus is expected to be in possession by 2022.

• Purva Westend by Purvankara is complete in phases I and II, with Phase III expected to be completed by the end of 2020.

• There are also a number of ready-to-move-in projects in both old and new homes. Here are a handful of them:

• Keya The Green Terraces is a development by Keya Homes.

• SNN Raj Grandeur is a project by SNN Builders.

• MahendraAarna is a Mahendra Homes product.

• ALPS Pleasanton is a collaboration between ALPS Prime Spaces and Hiren Wahen Group.

• Ajmera Group’s Ajmera Infinity

• Salarpuria Sattva Group Builders Salarpuria Sattva Cadenza

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.