Bangalore: RMV Extension, Bellary Road & Sadashivnagar prices rocket, in government records revised on Oct 15
Move over MG Road, Lavelle Road, and Indiranagar make way for the new swanky pin codes in town. Bangalore's costliest addresses are now in RMV extension, Bellary road, Sadashivnagar, and a part of Cunningham road too.
The new property figures have touched Rs 20,000 per sq ft in the books of the government's Stamps and Registration department that revised guidance values in the city on October 15. These areas have beaten Rajbhavan Road which topped the list last year at Rs 17,500 per sq ft and now stands at Rs 19,250.
If these figures are any indicators, then it is Bangalore North that is riding the crest of a property price wave. This revision has also included a few new pockets that did not figure in the list individually last year, but were clubbed into an area.
For instance, under RMV, CV Raman Road has been added where rates are Rs 20,000 per sq ft. Similarly, the stretch on Cunningham Road from Chandrika Hotel and Balekundri Circle (Queen's Circle) which currently resembles a war zone, thanks to TenderSure, is priced at Rs 20,000 per sq ft.
Further down, Bellary road, till Mehkri Circle, also tops the list at Rs 20,000 per sq ft.
UB Towers on Vittal Mallya road continues to be the costliest residential property in Bangalore, with the latest revision putting the price at Rs20,150 to 20,350 per sq ft, up from Rs 16,750 to 16,950 per sq ft last year.
According to realty industry pundits, the emerging areas in North Bangalore have been underrated up until now. Satish B N, executive director, South-India, Knight Frank India Private Limited, said, ``Of late areas of North Bangalore picked up, but the government guidance value remained low. The government must have realized the market potential here and that they were losing revenue through low registrations prices since there was a huge difference between market rates and government fixed values. Connectivity is one of the main issues for these areas to see an increase in the property rates. For an end user, infrastructure and connectivity are the key issues.''
Those falling in the Rs 20,000 club : RMV from CV Raman Road to Bashyam Circle in Sadashivnagar; Sadashivnagar (a major jump up from Rs 13,000), Upper Palace Orchards (up from Rs 15,000) and Sadashivnagar Sankey Road (up from Rs 16,000).
In the CBD, Vittal Mallya road has seen a marginal increase from Rs 12,000 to Rs 12,600 per sq ft; Infantry road is between Rs 12,600 to 14,700 per sq ft (earlier Rs 11,000-14,000); MG Road is at Rs 17,000 per sq ftand Lavelle road is Rs 12,600 to 13,500 per sq ft and was priced at Rs 12,800 last year. In RMV extension, it is Rs 18,000 per sq ft, Cunningham road from Sankey road to Chandrika Hotel is at Rs16,380 per sq ft, Commercial Street is Rs 18,000 up from Rs 16,500 per sq ft; Defence colony Rs 11,000 per sq ft, Indiranagar 100 feet road Rs 14,300 per sq ft and KG Road is at Rs 15,520 per sq ft.
A senior official from the stamps and registration department explains how the ``new'' areas became toppers. ``We studied the market potential in RMV, Sadashivnagar, CV Raman Road, Cunningham road and also looked at the registration rates. There was a huge difference. We had to fix realistic values in these areas, to at least come close to the prevailing market value. Rs20,000 per sq ft is a fair value, considering the growth.''
Down south, at Jayanagar fourth block it is Rs 16,300 per sq ft, Lalbagh road is at Rs 9,800 per sq ft, and Gandhi Bazar Rs 9,200 per sq ft. Malleswaram Sampige Road has seen a 30% increase from Rs 10,000 to Rs 13,000 per sq ft. The revised values will come into effect from next month.