Indiranagar witnesses maximum price appreciation in City
Over the past 12 months, the property market in the country has been influenced by RBI moves to increase benchmark lending rates at repeated intervals.
Efforts to tame inflation are having a dampening impact on interest rates in sensitive sectors including automobile and real estate.
Property transactions in major metros have dropped by 20-35 per cent from the levels of last year. High prices and even higher interest rates have left buyers in a dilemma over whether to buy or not to buy a house. In spite of such a scenario, there are many localities where property prices have appreciated and continue to be on the rise.
In an attempt to capture the market sentiments and ascertain the pockets that are driving the growth in the City’s real estate sector, Makaan.com, conducted a research on areas that have appreciated the most in the last one year. The objective of the study is to identify areas that are doing well in an otherwise subdued Bangalore property market.
The research for Bangalore was conducted among 157 localities. The box includes the top eight areas that have beaten all localities and have appreciated the maximum over the 12-month period (see box). Indira Nagar, a popular locality in Bangalore Central, witnessed the maximum price appreciation across Bangalore. The property prices in the area went up from Rs 6,915 in January – August 2010 to Rs 10,886 in January-August 2011, a whopping 57 per cent growth. Brookefields came next with an increase of 49 per cent. The real estate prices in this locality went up from Rs 2,648 in January to August 2010 to Rs 3,942 in the same period this year. Other localities in the Bangalore top list are Hebbal, Kalyan Nagar, Banashankari. Electronic city, J P Nagar and Uttarahalli, These areas experienced price appreciation in the range of 27 - 48 per cent.
It’s interesting to know that majority of the areas in the list come from Bangalore South.
