JOIN USOnce considered the epitome of ‘traditional living’, with old row houses and bungalows, Indiranagar is today a high-end locality, replete with the best of social infrastructure and good connectivity, writes Bindu Gopal Rao
Among the most happening areas of Bengaluru, and home to some of the best restaurants and brands, Indiranagar houses the crème de la crème of the cosmopolitan city - local celebs, politicians and sports personalities.
It has seen a massive spurt of both, residential as well as commercial real estate development, since the mid-90s, somewhat parallel to the boom in IT sector. Little wonder then that Indiranagar is, today, one of the most sought-after residential areas in Bengaluru.
Got it all
Indiranagar, named after the country’s former Prime Minister Indira Gandhi, was formed as a Bangalore Development Authority (BDA) Layout in the 1980s. It was divided into first and second stage.
It was (and still is), essentially, a residential hub, surrounded by established localities like Ulsoor to the west, Domlur to the south, Vimanapura to the east and Byappanahalli to the north. Indiranagar is one of the most preferred residential destinations of Bengaluru as it has all the basic amenities right within its radius.
“The area is located in east Bengaluru and is at just four km from the bustling high street of MG Road. Once considered the epitome of ‘traditional living’, with green lanes, old row houses and bungalows, over the period, this suburb transformed into a major high-end locality, with numerous high-end restaurants and retail outlets,” remarks Sanjay Malhotra, national director - residential services, Bengaluru, JLL India.
Great care was taken in designing Indiranagar. It has a lot of amenities for kids, adults and senior citizens alike. Says Anirudh Gupta, founder & CEO, Avant Garde Estates, “The area has the best of medical facilities, schools, colleges, high-street retail, spas, galleries and more. It is also very hip and happening, given that it is concentrated with young architects, interior designers, fashion boutiques, art galleries and the like.”
Going upscale
Kailash Advani, CEO, Vaswani Group avers that until 2005, the development rules prohibited the construction of “multi-unit” dwellings (apartments), as well as commercial and retail establishments. However, once these restrictions were lifted, the locality transformed radically, he says.
LGCL, Pride, Gopalan, Sadwani, and Gokuldas are among the prominent developers who have ongoing and upcoming projects in the pipeline in Indiranagar. He also notes that most of these projects are, typically, in the mid to ultra-luxury segment and targeted at the predominantly well-to-do middle class, who have high expectations with regard to connectivity, aesthetics and overall
value-proposition.
The pros
Indiranagar is located in the heart of the city, where accessibility to every place is the key. Reckons Arun Kumar, founder & MD, Casa Grande Pvt Ltd, “This is one of the areas, which connect easily to all parts of Bengaluru.
Also, it is quite self-sufficient in terms of social infrastructure. It is no surprise then, that families which settle down in Indiranagar find it convenient to get to their workplaces, schools, malls and supermarkets.”
This posh locality is on the crossroads of CBD area, Marathahalli and Whitefield, making it a well-connected one. “It’s a convenient location for working professionals, especially the IT/ITeS workforce, as the area is close to major tech parks such as Bagmane, Manyata and EGL,” says Mahadevan MR, director, Makven Capital Pvt Ltd.
The deemed 100 Feet Road in Indira-nagar has the highest number of pubs, restaurants and high-street retail and branded shopping. Naturally, it is one of the best places to hangout and go shopping, or pursue a vibrant nightlife.
The cons
Like any other area in the city, this high-profile locality too brings with it the din of residing in a busy zone, along with terrible air pollution. The 100 Feet Road plays host to terrible traffic jams during peak hours, and due to this, a lot of residences close to it are being brought down to make way for commercial and office spaces.
While Indiranagar may be very well-connected to most of the tech parks and city centres, it is very far flung from the Kempegowda International Airport; this may be a hindrance to those who fly frequently on business. Oddly enough, there are a few slum colonies, too.
Says Ganesh Vasudevan, CEO, IndiaProperty.com, “Real estate rates in Indiranagar are zooming up at a blinding speed, owing to the lack of space, high demand and proximity to the heart-of-the-city centres.
The presence of Namma Metro facility in this area has added fodder to this hike, and with every new project, the numbers simply go higher up.” Also, he notes, there aren’t many large land parcels, as the locality is pretty much saturated and because of that, only a select few can afford to live in the area.
Number crunching
Indiranagar has been a hot locality, clocking in maximum price appreciation over the past few quarters. Some even claim that the locality has given over 400 per cent returns on property investment since the early 2000s!
“Property prices range between Rs 15,000 to Rs 22,000 per sq.ft. and offer an annualised appreciation of 15 to 18 per cent, depending on the type of the project and amenities offered,” informs Sanjay.
“Indiranagar’s I Stage land value is pegged at Rs 11,000 to Rs 13,000 per sq. ft., II Stage at Rs 13,500 to Rs 18,500 per sq. ft. and the most sought-after Defence Colony at Rs 19,000 to Rs 25,000 per sq. ft.,” adds Anirudh.
The upward trend is only going to get better, believes Mahadevan. “Indiranagar evolved as the top grosser of the zone by marking a 32 per cent price rise in the Jul-Sep 2014 quarter, over the preceding quarter, further strengthening its capital value. The rental market, too, has shot up, which is sure to increase yet again, upon the completion of the metro project,” he says.
Most realty experts agree that there is great scope for property appreciation in Indiranagar, as all BDA localities in the city are witnessing incremental growth. Parts of Bengaluru are already touching over Rs 30,000 per sq. ft., and the rate at which the demand for real estate is in Indiranagar, property prices in the locality may as well double up in five years!