JOIN USAffordable and welcoming, Vijayanagar initially began as an incubator for middle and upper-middle class homes. Today, it has evolved into an area that boasts of many upcoming high-end residences, writes Deepika Nidige
One of the oldest localities in Bengaluru, Vijayanagar is located in the western part of the City and it comes under the Bangalore South Lok Sabha constituency. In terms of location, one can say that it has the best of both worlds.
Well-connected to the northern parts of the City through Magadi Road and West of Chord Road, it also has easy access to the southern parts of the City through Mysore Road. Its the location that makes this place one of the fastest growing areas in Bengaluru.
Given that it’s flanked by prime areas like Nagarbhavi and Basaveshwaranagar, Vijayanagar acts as a link to the industrial hubs of Peenya and Tumkur Road. It consists of smaller localities like RPC Layout, Hampinagar, Chandra Layout and Attiguppe, all of which are popular choices as residential localities.
Vijayanagar has many popular landmarks, such as the Maruti Mandir, also known as the Hanuman Temple, located on the main road and attracting many devotees. Then there’s Vijayanagar Club and higher educational institutions like Bangalore University, National Law School of India University, RV College of Engineering and PES Institute of Technology, all in close proximity to the area.
There’s also a special “food street”, akin to the one in V V Puram, which buzzes with culinary excitement on Sundays. Vijayanagar is typically welcoming for the middle class and upper-middle class population. Over the years, it has transformed as a residential catchment with independent houses being the prime constituents.
Apartment complexes, however, are quite uncommon in the area. What initially began as an incubator for middle and upper-middle class homes has slowly evolved, with many high-end residences having also come up in the recent years.
The reason Vijayanagar managed to attract home buyers in the past was the relatively affordable land prices in the area when compared with other destinations like Rajajinagar, Malleswaram or Basaveshwaranagar. And the gamble for these investors has paid off well, with the area seeing tremendous growth in almost all aspects over the last decade.
Natural growth
Vijayanagar's growth has been natural as the demand is not driven by the development of IT/ ITES industry, like in South or East Bangalore. It is a self-contained micro location with the demographic profile largely comprising Bengalureans.
In the context of real estate, the dearth of land parcels has increased over the years leading to an upward trend in the capital values of land. While a few large residential developments have come up in the area, it is predominantly small-sized projects that have good takers.
“The cost of properties keeps going up. There is not much left for big projects to come up here, but the peripheral areas have immense potential to develop. One can expect a price of Rs 6000 to Rs 8000 per sq ft, for those looking to purchase a property here,” says Suresh Hari, secretary, CREDAI.
“To be more specific, residential rental ranges from Rs 25,000 to Rs 35,000 for a three-BHK and Rs 20,000 to Rs 30,000 for a two-BHK. Also, the options for apartments and new developments are limited due to lack of development of smaller units,” explains Karun Varma, MD, DTZ India.
The good and the bad
Vijayanagar is well connected to highways and the old Central Business District (CBD) in the City. But a major drawback of this locality is that there has been no major organised retail developments here. However, the unorganised retail sector is well established and caters well to the inherent demographic profile.
The upcoming metro connectivity has sparked some interest in the area and has seen a few apartments coming up recently. The government focus on infrastructure, the upcoming metro connectivity and the appreciation of capital values are salient features of Vijayanagar. The fact that it is not in the vicinity of CBD locations and that there is limited organised and social infrastructure here don’t work well in its favour.
At present, there are no drastic changes anticipated in Vijayanagar, owing to the balanced nature of the market. So it makes for an optimal location to reside in for professionals who work in the industrial locations of Bidadi, Mysore Road and Peenya. And once the Metro becomes operational here, the comfort of living will certainly be enhanced. Not to forget the property prices which will go up, too.