In the first quarter of 2022, more than 18,000 residential sale transactions were recorded in Bangalore. Leading the charts, while Subramanayapura witnessed the maximum number of transactions pegged at 852, Krishna Raja Puram one of the bustling locations of the tech city closely followed it, recording a sale of 700+ housing units.
Majority of the people actively look forward to having their own homes because of multiple reasons- the prime one being able to secure a safe roof over their heads that they can call their own. However, not every opportunity or location for buying a home fits the expectations of the homebuyers. The latter makes the journey of home hunting more arduous for a prospective homebuyer.
In these times of confusion and indecision, it becomes quite imperative for a homebuyer to make well-informed decisions backed by the market research, location profile, and feedback of the residents of the localities. But what if you are told that you can avoid all these time-consuming tasks by simply checking the transaction history for the localities? What else can be a better indicator of preferred locations among the homebuyers other than the number of transactions that are recorded for those locations?
At Square Yards, to help you find your next home buying location, here is the list of top localities in Bangalore, compiled as per the residential transactions data recorded in the first quarter of 2022. Let’s get started!
Background
Unlike the preference for Central Business Districts which used to sway the demand earlier, following the disruption caused by COVID-19, the demand trend shifted. A large number of people actively started looking forward to suburbs and the peripheral region of the top cities as their preferred locations for investments.
The housing demand for Bangalore – the hub of the IT/ITes sector was no different. Reflecting a strong home buyers’ demand and regained interest, the number of transactions inched up in the past few quarters. According to the Square Yards data, about 18,000+ residential sale transactions were recorded in the first quarter of 2022. While few select localities outshined the others, at large home buying appeared to be driven by mixed sentiments.
Adding on, some experts also believe that amid the scenario where the stock markets are volatile and mutual funds are underperforming, real estate has been once again in the focus as a stable asset class that can ensure higher returns. Keeping that in mind, let’s take a look at the locations where people are buying homes, and dig deeper into transaction data to unravel a few insights and understand the location-specific housing market better.
- Subrayamanyapura
Easily accessible to Bangalore and neighboring towns and backed by very good connectivity, Subramanyapura is among those locations which homebuyers always look forward to. Home to a large number of well-developed townships and top-notch amenities, the location emanates nothing less than the concept of modern living in the pleasant weather of the city.
From the buyer’s perspective also, the city has gained prominence over the past few years. According to the Square Yards data, recording 852 transactions in the first quarter of 2022, the sale of housing units in Subramanyapura has significantly gone up as compared to previous quarters. Additionally, for multistorey apartments, the average price per Sq.Ft. hovered in the range of Rs 4,800-Rs 6,000 whereas for independent homes the average price per Sq.Ft. was Rs 6,000.
To explore properties in Subramanyapura, click on the link here
- Krishna Raj Puram
Widely known among home buyers for its big market, lush green surroundings, and various lakes such as KR Puram Lake, Yelemallappa Shetty Lake and Seegehalli lake, Krishnarajpura (K R Puram) has no dearth of nature’s scenic beauty to offer to its residents. As a suburb in Bangalore, the location has a mix of multi-storey apartments and independent houses.
However, that’s not all, what adds to the Krishna Raja Puram (KR Puram) is its proximity to the IT corridors of Whitefield and Marathahalli, thus being the point of attraction for more home buyers to consider KR Puram for settling per se.
In context to the number of transactions, though Krishna Raj Puram recorded a small dip in the last quarter of 2021, the sale of residential units once again can be seen picking up pegged at 702 total number of transactions in Q1 2022. Price trends on the other hand remained quite like previous quarters. In Q1 2022, while the average price per Sq. Ft. for residential properties in Krishnarajpuram floated around Rs 4,300 to 6,900, the average price for multistorey apartments stood at Rs. 5,600.
To explore properties in Krishna Raj Puram, click on the link here.
- Whitefield
One of the most preferred residential locations for people searching for homes in Bangalore, it won’t be an exaggeration if we say the “Whitefield” has it all. Developed residential locality on the eastern periphery of the city, the location is popular for accommodating major technology parks and offices of several IT giants.
As the location primarily comprises demand from the homebuyers, the area consists of a blend of built as well as under-construction housing projects. According to the Square Yards data, indicating a quarterly growth of 12 per cent in Q1, 2022, Whitefield registered 416 residential sale transactions, with an average price per Sq. Ft. of residential properties available in the locality was in the range of Rs 5,000 to Rs 8,900.
To explore properties in Whitefield, click on the link here.
- Raja Rajeshwari Nagar
Situated in the South-West zone of Bangalore and placed along the Mysore Road, Raja Rajeshwari Nagar, widely known as RR Nagar is a well-developed locality. Surrounded by advanced residential locations namely Nagarbhavi, Kengeri, and Banashankari, RR Nagar is also home to Global Village Tech Park.
Moreover, as the locality is still changing as per the shift in home buyers’ demand, it comprises low to mid-rise apartments along with independent houses as well. Reflecting the increasing home buyers’ interest, RR Nagar has also seen a gradual increase in the number of residential transactions. The location recorded 378 transactions in Q1, 2022 as compared to 282 residential transactions during the period of July-September 2021.
In view of price trends, the average price per Sq. Ft. of the residential properties ranged from Rs 4,500 to Rs 6,800, while the average price for multistorey apartments was pegged at Rs 5,670 per Sq. Ft.
To explore properties in Raja Rajeshwari Nagar, click on the link here.
- Electronic City
Spread over more than 300 acres of land, Electronic city is one of the notable tech hubs in Bangalore which consists of many major tech companies, industrial complexes, and residential units. Being one of those hustling spots in the city, the location houses a large working population across different corporate campuses.
Located in close vicinity to other prominent areas in South Bangalore such as Bommanahalli, Harlur, HSR Layout, etc., the area is an established residential locale offering various villa and multi-storey apartment projects.
Transactions data for Electronic city, however, dwindled a little. Well, this can be attributed to a variety of reasons, the small quarterly growth noted in Q1 2022 which recorded 375 transactions as compared to Q4, 2021 has been a hopeful trend. As locations have multiple kinds of residential property types to offer, accordingly the average price per Sq. Ft. was also spread in the range of Rs. 3,300 to Rs 6,200.
To explore properties in Electronic City, click on the link here.
Bottomline
Owning a home in Bangalore is a dream for many home buyers. While no doubt, the home buying journey is going to take a crucial portion of your savings and time, one can always zero down on the most suitable and worthy home buying deals. One way to do so can be by checking the price history for respective locations and transaction trends of the past few years.
Well, in this article we covered only a select few locations of Bangalore, you can also check out the transaction history for other prominent locations too.
Click on the link here for more details: https://www.squareyards.com/data-intelligence
