Home is where the City's heart is...
At present, though, the well-established residential destination has very few residential projects on offer. “The market here has both residential and retail aspects; in fact it has some prime commercial spaces too. If not for the lack of space for further development, the area does see demand in these sectors,” says Satish BN, executive director, South, Knight Frank India.
Ulsoor is home to several branded residential spaces, most of which are apartments. “The opening up of the Metro increased the connectivity of Ulsoor with its surrounding areas, making it a crucial junction point. The Metro and the proposed increase in Floor Area Ratio (FAR) only serve to open the market yet again. As all realty trends have shown us, the demand for property, rental or purchase, is always on a steady line in central areas such as Ulsoor,” says S N Harish, director, operations, Vaishnavi Group.
Known to be a resident-friendly area, there is a high presence of social infrastructure like schools, hospitals, malls, and markets. “The realty scenario in Ulsoor was well-established decades ago since it is considered to be one of the central areas and oldest neighbourhood in Bengaluru. As a realty hub, Ulsoor has begun to face a space crunch for new residential projects to come up. However, there are a few builders launching their projects in certain pockets of the area. Being located in the heart of the City, the demand for housing projects will increase over the coming years,” says Guha
Laxmanan, MD, Casa Grande.
Steady rise in price
According to CommonFloor data, on an average, Ulsoor witnessed the launch of just 25 units per year over the last five years. Interestingly, all projects launched here were small-sized, comprising just 50 units each on an average. Moreover, due to enhanced connectivity via the nearby Metro, rentals saw decent appreciation to the tune of 8-13 per cent in the third quarter of 2015 as against the corresponding time period last year.
Further, data points that almost all the projects launched in the locality cater to the luxury segment with three-BHKs being the most preferred configuration (more than 50 per cent of the projects), followed by two-BHKs. Add to this, the average unit sizes range between 1,200 and 2,000 sq ft.
“The average prices for land here are around Rs 20,000 per sq ft and Rs 11,000 per sq ft for apartments. The prices are quite stable in the area,” states Siva Kyasa, regional owner, RE/MAX Bengaluru. As there are a lot of five-star hotels nearby, Ulsoor sees a high demand for ultra luxury homes like branded private residences. However, realtors concur that there are limited number of ongoing projects, despite the high demand.
Despite that, Ulsoor is seeing a steady price increase, which ensures a good level of appreciation. “Between April and May 2014, the prices hovered at the Rs 9000 per sq ft mark. But by September last year, this figure came up to Rs 10,800 per sq ft. Currently the average selling price is Rs 10,300 per sq ft, while renting a two-BHK can set you back by around Rs 22,000 on average per month. Again all of these factors are dependent on the exact location of the property, the amenities and the finish of the home itself,” says Harish.
According to Satish, Ulsoor has more individual houses than apartment complexes, mainly due to lack of availability of land. “It is an end-user market and not an investment destination,” he adds.
Ulsoor’s close proximity to prime areas like MG Road, Indiranagar, Domlur and Shivaji Nagar make it an ideal place to live in. It also has an ideal mix of good social, civic and commercial infrastructure.
If you take one look at the range of options when it comes to educational, medical and entertainment facilities, you’ll know why it’s called a truly self-sufficient area. On the flip side, however, what doesn’t work for Ulsoor are its narrow roads and the drainage systems that are clogged with garbage. The deteriorating condition of the Ulsoor lake, among the largest in the City, does not help either.
All said and done, Ulsoor has pretty much seen a stable growth in terms of real estate. And it has and always will be a prime locality in the heart of Bengaluru.
‘The area has a diverse group of residents...’
Ulsoor is an interesting place to live in. It’s located in the centre of the City, with easy access to MG Road, Brigade Road and Commercial Street. It is also a walkers’ paradise. The Ulsoor lake is a scenic and relaxing place to spend a stressful evening. Further, Cubbon Park is just a 10-minute drive away.
It also offers easy access to areas like Indiranagar. And because one is in the heart of the City, attending events at most hotels and other venues is extremely easy as well. The area is fast developing with a number of new realty developments. Property prices too have significantly increased since the last few years.
For the ones interested in fitness, yoga is popular in the area with a number of training
centres. There are also a number of religious places in the area. The oldest temple is the
Halasuru Someshwara Temple, built by Kempegowda in the 16th century. The Subramanya Temple, which is more than 800 years old, is also prominent. The largest Sikh shrine in Bengaluru, the Sri Guru Singh Sabha, is also situated on the banks of the Ulsoor Lake.
Ulsoor also has a diverse group of residents. Most have been living here for a number of years and a strong bond exists amongst us.
Rati Dhandhania Mundrey
Some upcoming residential projects
Riverstone Chancellor - Riverstone Constructions
SKAV Ahuja Laguna - SKAV Developers
Prestige Hermitage - Prestige Group
Nitesh Logos – Nitesh Estates
HM Gladiolus – HM
Blue Valley Honey Dew – Blue Valley Properties