Old-world charm

Old-world charm

Mature and well-developed, Basavanagudi is one of the few areas in Bengaluru where the old and the new merge beautifully. Given that the realty demand here is always more than the supply, the prices are bound to be high, says Bindu Gopal Rao

One of the oldest areas of burgeoning Bengaluru, Basavanagudi is an area like no other. Getting its name from the Bull temple located in the area, Basavanagudi is one of the few areas where the old and the new merge together. The area is home to various beautiful temples, elite institutions and lush parks.

Srinivas Nagar, Bull Temple Road, Thyagaraja Nagar, Gandhi Bazaar, Tata Silk Farm, V V Puram, Shankara-puram and Chamrajpet are some of the sub-areas that form Basavanagudi.

Realty prospects

A mature and well-developed locality in South Bengaluru, this is an attractive residential area owing to its connectivity and proximity to retail and commercial developments.

“It is mostly inhabited by the professionals working in nearby technology parks in Central Business District locations such as MG Road, Residency Road, Millers Road, Vittal Mallya Road and Jaya Nagar, JP Nagar and Bannerghatta Road. Most of the projects have been built keeping this target segment in mind. Proposed Metro and Monorail will improve this area’s connectivity with other key areas of Bengaluru. It is mostly a resale-driven real estate market,” opines Dhruv Agarwala, CEO and co-founder, PropTiger.com.

Again, the green cover of this part of the City is something that is commendable. “It is characterised by independent houses but more recently several redevelopment projects, primarily the conversion of independent houses to small-scale apartments consisting of a maximum of 12 units have become visible in the locality. Given the limited availability of land, new residential projects are scarce,” says Naveen Nandwani, executive director, Cushman & Wakefield, an international real estate firm. Continuous growth in commercial establishments has boosted property values in recent times.

Demand matters

With an old-world charm, several wide roads, gardens and parks and well-planned layouts, Basavanagudi has continual demand. “In technical terms, it can be referred to a ‘micro market’ with its own fan following. Typical demand is from people who have been in the locality for some time. Unlike Hebbal, which is getting demand from across segments, a micro market like Basavanagudi has demand only from the locals. However, having said that, there is no dearth of demand whatsoever. As a matter of fact, it is the supply that is low,” says B M Pounacha, managing director - transactions, Ziplify Realty LLP.

The area itself is still home to several independent houses, but is seeing a change now with many being razed to the ground to accommodate apartments. “As Basavanagudi is an old locality, it has a lot of ancestral houses. As a result, we do not find a bigger parcel of land. There might be smaller parcels of land that get churned out, and are given to smaller builders to demolish and build apartments. So that way the supply is still limited, and since supply is limited there will be more demand which will drive the price up. So the growth of realty is less, but when something comes up it is usually sold before the launch as that is the kind of demand in Basavanagudi,” says B S Nesar, executive director, Concorde Group.

Weighing in the price

Here are what the prices look like in the locality:

l The primary price for a 1300 sq ft, threeBHK is around Rs 1.2 to 1.4 crore.

l Capital values for the apartment units range between Rs 7,500 to 8,500 per sq ft. 

l The price per sq ft is about Rs 6,800-10,400 depending on the location.

l The resale price of a 1000 sq ft two BHK can cost around Rs 85-90 lakh.

l The average annual market appreciation is approximately five per cent. 

The good and the bad 

Due to its location, Basavanagudi has many advantages. One of the best connected localities, it is connected to several other prominent areas like JP Nagar, Jayanagar, Banashankari and the central business districts.

“Phase II of metro rail (which will link Puttenahaali in the South to Nagasandra in the North-East on completion) will further enhance connectivity to and from the area. The presence of good social and physical infrastructure, especially educational institutes and hospitals, add to the advantages. Gandhi Bazaar is a prominent retail street in this locality,” says Naveen.

One of the major disadvantages of living in this locality is the distance and time taken to travel to the airport and certain prominent IT destinations in the City. IT sector employees, especially those working on Outer Ring Road, ITPL, and Whitefield may not prefer Basavanagudi as an ideal residential area due to the long daily commutes.

Further, limited residential inventory and high prices are some of the deterrents. “Fast growth in commercial and business establishments in the area have boosted property values in the past decade. However, prices have remained almost flat in the last three to four years due to lack of space for new realty developments,” says Vikas Malpani, co-founder and head, CommonFloor Groups.

But whatever its drawbacks, once you are a Basavanagudi resident it’s highly unlikely that would like the idea of calling any other area your home. Vikas believes that’s because they are used to great social amenities, commercial establishments and good civic infrastructure.

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