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Bengaluru might be an expensive city to live in but, if you ask new homebuyers, they’d say that there are certain locations within the city that offer luxurious living that is highly affordable. So, what makes a locality affordable for a lifetime of living? And how does a home seeker find that house of their dreams as well as an accessible and developed neighbourhood they’d enjoy living in for the rest of their life?
We look at a few parameters that will give you an insight into the making of luxurious living in the south and east pockets of Bengaluru that are friendly on the pocket.
What is location affordability?
A location’s affordability index provides a credible source of standardised data at the neighbourhood level on housing and transportation costs to help homebuyers make more informed decisions about where to live, work, and invest.
Developers like the reputed HM Constructions https://www.hmconstructions.com/ conduct research on an individual basis on the feasibility of the present location for their luxury projects and the potential that the locality will offer their homebuyers in future.
The discovery that the south and east neighbourhoods of Bengaluru are much more affordable to live and work out of, particularly the localities in the periphery of the city, has prompted the presence of luxury homes on a wide scale.
This is probably the reason that the mid-range (INR 40 – 80 lakhs), premium (INR 80 lakh – INR 1.5 Cr), and luxury segments (>INR 1.5 Cr) were the showstoppers of 2022.
Preference for the peripheries
Peripheral locations led homebuyer demand in 2022, despite the near-normal situation post-Covid-19.
42 percent of respondents in the latest real estate consultancy firm’s consumer sentiment survey continued to prefer peripheral/suburban areas where they can buy bigger homes with better lifestyle amenities at lower prices. Only 10 percent of respondents still chose walk-to-work city centre locations, and only 23 percent were within the city limits.
“The walk-to-work concept, which involves compact homes around workplace hubs in the city centres, lost traction in the last year alone as life returned to normalcy. It was the suburbs that stole the spotlight despite work-from-office and physical school attendance having resumed and the commute taking a bit longer. The plus points that work in the favour of the peripheral locations are the highly improved road connectivity and accessibility, along with sophisticated social infrastructure,” observes Manjusrii Manilal (MRICS), Head of Marketing, HM Constructions https://www.hmconstructions.com/.
Popular localities in the south
South Bengaluru is an interesting mix of old conservative localities such as Banashankari and Jayanagar rubbing shoulders with the newer emerging neighbourhoods of Sarjapur, Electronics City, and Kanakapura Road. While the older neighbourhoods have constraints to embrace newer retail formats such as malls, as well as international school campuses and gated communities, the peripheral locations offer huge tracts of land to put up these extensive projects.
Sarjapur Road and Kanakapura Road stand out from the rest of the southern localities because of their abundant social infrastructure, wide roads, natural landscapes with forests and water bodies, and recreational and spiritual offerings.
Sarjapur Road has gradually emerged as a residential, commercial and recreational hub that’s turning into a real estate magnet for homebuyers and investors. Choc is a bloc with tech parks, restaurants and hotels, hospitals, campuses of top international educational institutions, recreation and sports centres, and shopping malls, Sarjapur Road is where almost all new homebuyers want to study, work, play and live! The convenience of accessibility and high potential of this locality spurred the celebrated HM Constructions https://www.hmconstructions.com/ group to offer their luxury dwellings of HM Concorde Tower at HM Symphony and the soon-to-be-launched global-themed HM Scottsville to lucky homebuyers.
Affordable East
East Bengaluru was a quiet spot with the old localities of Banaswadi, Whitefield and Marathahalli which was once considered a hamlet.
While Whitefield came under the spotlight for one major tech park which spurred residential real estate in the vicinity, there are other equally superior commercial business campuses that are stealing the show. HM TechPark for instance, has all the trappings of a mammoth gated business park within proximity to transport, hospitality, international educational campuses, and most importantly, healthcare in the numerous multispecialty hospitals around the tech park.
So, if you choose to set up an office at HM TechPark, you are ensured a lifetime of financially strong clientele and lucrative returns on your investment from leasing it or selling prime office space. This is because you’ll never fall short of finding tenants for your premium business floor.
As Bengaluru’s popular residential spots in the south and east gather popularity for their liveability and affordability, the demand for projects around these areas is only set to zoom in the coming months.
Contact us at 888 022 5555 to know more about our projects.