Bangalore: Kaggadaspura property prices rise by 21%
Feb 24, 2014
Source : The Times of India

 

BANGALORE: Kaggadaspura, located in CV Raman Nagar, near Old Madras Road, Bangalore has witnessed impressive growth in property prices in the Oct-Dec 2013 quarter. The prices of residential projects in this area range from around Rs 3000 to 6000 per sq ft, averaging around Rs 4000 per sq ft, registering an impressive 21 per cent increase in value since the Jan-Mar 2013 quarter.

Majority of the projects here are in the 2 to 3 BHK category at an average price range of around Rs 60 to 80 lakh. Even the few high-end projects with 5 BHKs are also affordably priced at around Rs 95 lakh.

In the last two years, since Oct-Dec of 2011 to 2013, the area has reported an impressive growth of around 26 per cent.

Strategically located, it is close to several key localities within the CBD area and up-market residential localities, rendering it close to the metro station and the established IT corridors. Realty agents in and around this area attribute this factor as the main cause for its growth.

“The two biggest advantages that have contributed to the development of Kaggadaspura are its proximity to upmarket places like IndraNagar and Whitefield and the excellent connectivity it has thus benefitted from,” states Sunil Urvanna, partner, SV Realty Stationers. “The place is about 3 km from the metro station, about 2 and a half km from KR Puram railway station and around 50 km from the international airport, via well-laid broad roads. This coupled with its proximity to IT corridors has resulted in this locality developing very fast.”

In addition to its proximity to key residential and IT corridors, Kaggadaspura is also close to several government institutions. These include the Defence Research & Development Organisation (DRDO), BEML (formerly Bharat Earth Movers Limited), Defence Avionics Research Establishment (DARE), Cooperative for Assistance and Relief Everywhere (CAIR), Aeronautical Development Establishment (ADE) and the Aeronautical Development Agency (ADA) to name a few. In fact the locality is close to the DRDO Township and other government owned residential areas. This has resulted in Kaggadaspura witnessing an almost steady rental rates.

The average rental value in this area is around Rs 15 per sq ft with the lowest locality rental value at Rs 14 per sq ft. Thus a standard 1000-sq-ft apartment would be available for around
Rs 15,000 per month.

“Despite its recent development, Kaggadaspura still remains primarily a middle class locality with pockets of super luxury projects,” states Pushkar Ponnappa of Mirazze Builders and Land Developers. “While the Kannada-speaking local community can be still found here in plenty, the IT population that has chosen to settle here are primarily from the upper-mid category.”

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