In what is good news for Bengaluru’s IT professionals, especially those settled in the southern part of Electronic City, Tamil Nadu Chief Minister MK Stalin recently announced the construction of a new airport in the border city of Hosur. This industrial city in the Krishnagiri district of Tamil Nadu is located 40 km from Bengaluru and only 25 km from the city’s tech hub Electronic City.
For the uninitiated, Bengaluru’s Kempegowda International Airport is located at a distance of over 60 km from Electronic City. It currently takes anywhere between 1-3 hours to commute from Electronic City to the airport.
Interestingly, many techies with jobs in Electronics City reside in Hosur which offers cheaper housing options and faster connectivity compared to many parts of Bengaluru.
“A couple that wanted to move from Electronic City to Bellandur had to pay ₹5,000 more than the initial rental price cited for a 2 BHK because of high demand,” said a local broker recalling a recent experience in the property-starved market of IT hub Bellandur in South-East Bengaluru.
Due to a demand-supply mismatch, rentals have been on the rise in some of the prominent IT hubs of Bengaluru, said Saurabh Garg, founder and chief business officer, NoBroker.com.
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Here are five property hotspots of Bengaluru popular amongst IT professionals in the city.
1 Bellandur
Located in South East Bengaluru, Bellandur is a prominent IT hub in the city bound by Sarjapur Road on its southern end and HSR Layout to the west. It is home to several corporate giants including Intel Technology, LinkedIn, Adobe India and Wells Fargo.
With projects from real estate majors such as Prestige Estates, the Embassy Group and Sobha Ltd, Bellandur offers a robust mix of modern apartments and gated societies. Additionally, the area enjoys the presence of several coliving brands.
“However, rents are too high and it is difficult to locate decent options,” said an Amazon India employee residing in the neighbourhood.
As per data sourced from NoBroker, currently a 2 BHK in Bellandur commands an average rental of ₹40,000. Rents in this locality have surged by 20% over the past 12 months, local brokers said. They cited a supply crunch and unavailability of sufficient land parcels for the sharp rise.
2 Whitefield
Situated on the eastern periphery of Bengaluru, Whitefield is known as an upscale IT and residential hub.
Average residential property prices here currently stand at ₹10,850 per square feet, as per data available on 99acres. A 1 BHK flat is available in the price range of ₹46.25 – 87.50 lakh.
A fully-furnished 1 BHK attracts an average rental of ₹28,000, while a 2 BHK is available for ₹35,000, NoBroker said. “Rents have gone up by 7-10% in Whitefield after the Purple Line metro became operational earlier this year in March, the proptech unicorn added.
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Both Bengaluru-centered real estate brands as well as multi-city players have bet on the Whitefield market with multiple projects, including Godrej Properties, Prestige Estates, Sumadhura Group and Sobha Ltd.
3 Marathahalli
Located on the Outer Ring Road in East Bengaluru, Marathahalli is a sought after residential neighborhood owing its strategic proximity to Whitefield at 8.6 km.
According to NoBroker, average rent for a 2BHK in Marathahalli today stands at ₹32,000. “However, in Marathahalli, land is not available for upcoming projects,” a local broker said. Prices have seen a 10-15% annual appreciation, he added.
As per 99 acres, current average property transaction rate in this neighborhood is ₹9,151 per square feet.
4 Electronic City
Rentals in this tech hub of South Bengaluru have registered a 10-15% year-on-year growth, according to local real estate brokers.
“There is a lot of inventory which is still unsold, which is why the price rise here cannot be compared to other areas,” explained Kiran Kumar, vice president at Hanu Reddy Realty. He added that the presence of several paying guest accommodation options is also eating into the share of apartment landlords.
Also read: Bengaluru’s rental deposits too high, says entrepreneur who compared HSR Layout with San Francisco’s Hayes Valley
As per NoBroker, a 2 BHK property in Electronic City is currently available at an average rental value of ₹28,000.
5 Hennur
Following the Covid-19 pandemic, Hennur in North Bengaluru has increasingly gained prominence amongst techies in the IT capital as a preferred residential area. It is located at a distance of 6 km from the popular Manyata Tech Park.
Property prices in this locality have appreciated by 10-15% in the last 12 months, Kumar said, adding that 2 and 3 BHKs enjoy higher demand in this corner.
According to data sourced from Square Yards, a 950-1,200 square feet 2 BHK unit in Hennur currently commands a rent of anywhere between ₹32,300 – 40,000. Meanwhile a 1,250-1,630 square feet 3 BHK demands a rental of ₹43,100 – 55,600.
North Bengaluru is the closest to the Kempegowda International Airport, with Hebbal located at a distance of 25 km.
Currently, average residential property rates in Hennur are at ₹10,850 per square feet, according to 99acres.
