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Malleswaram is one of the oldest residential sectors in Bangalore, and has managed to retain most of its old world charm and tradition, with just the right touch of modernity.Malleswaram stretches right from Sheshadripuram and goes all the way to Yeshwanthpur Circle. On one side are localities such as Sadashivanagar and Rajajinagar which are by themselves teeming residential areas. Malleswaram stretches from the East Railway Line in the west to Kuvempu Road in the south and CV Ramanagar up north. Margosa Road and Sampige Road are the two main roads that connect the locality to other parts of the City. Important areas in this stretch are Srirampuram, Kumara Park, Vyalikaval, Subramanyanagar, apart from the ones already named.
Building Malleswaram
With Sampige and Margosa roads as the main arteries, Malleswaram is spread over a network of mains and crosses. One look at it is easy to determine that the area is completely saturated in terms of development. Explains Bijay Aggarwal, Managing Director, Salarpuria Sattva Group, “The last decade has seen Malleswaram undergo a massive change in terms of its skyline. Several old buildings were brought down and high-end commercial complexes were set up. In fact, one of Bangalore’s largest malls currently is placed in this area. Right behind stands a massive complex of apartments. This and the emergence of several townships by leading builders on the periphery of Malleswaram makes it a sought-after destination.”
In spite of the scarcity of space, the fact that older buildings are making way for the new has several realty developers racing to the area. In fact, many builders agree that Malleswaram is on its way to becoming a Central Business District (CBD) in its own right. With the quality of commercial, retail and residential spaces coming up here, this reality may not be far behind. There are a number of reasons for this kind of development in the area.
T S Sateesh, Managing Director, Hoysala Projects explains, “It is a fact that north Bangalore is where the future of Bangalore’s real estate development lies. And Malleswaram is that gateway to the north. The main reason it has seen this kind of development in the recent past is because of its proximity to the current CBD. And its potential continues to grow.” This area also gets its growth impetus from the booming IT industry in the vicinity. Nearly 40 per cent of the population that lives here comprises the IT sector. They demand international standards of construction, and quality is what drives development in the area.
Infrastructure
Malleswaram is not too far from anything – be it schools, hospitals, shopping or entertainment. Hospitals of repute as well as well known retail centres have redefined the way people in Malleswaram do things.
The famous mall in the area has contributed to the entertainment and eating-out scene. Home to IISc, MES College of Arts, Science and Commerce and schools like BP Indian School makes it an educational hub as well.
As far as infrastructure in Malleswaram goes, water lines and connectivity have been in place for a long time now. Sampige and Margosa roads are one of the first few roads to be of the 80ft ones in Bangalore. But today, with the saturation in the area, traffic bottlenecks are an issue and the roads are quite crowded.
Just as with the rest of the City, Malleswaram comes under the Metro Reach 1 part of development and it is almost done in the Malleswaram quadrant.
There are also plans for a brand new expressway coming up on NH4. This will allow residents a non-stop approach to the international airport in Devanahalli. Development along the line up to Devanahalli too will begin to pick up.
Price factor
As with any other part of Bangalore, rates in the area depend on the spots you choose to buy in. Residential land and built-up space is in the range of Rs 5,500 to Rs 6,500 per sq ft.
The 8th and 13th Cross of Malleswaram commands some of the highest prices and goes from Rs 10,000 per sq ft upwards. The rates for commercial leasing range between Rs 50 and 100 per sq ft Appreciation for the area is undeniable with a range of 25 per cent to 30 per cent being predicted for the next five years, says Bijay Aggarwal, “provided infrastructure works are completed and implemented as per schedule.”