JOIN USCV Raman Nagar has everything that a home seeker could wish for, right from excellent connectivity to good entertainment options. Constantly evolving, the area’s realty prospects are only going to get better, infers Pooja Mahesh.
With its easy access to the popular places in the City and lush green cover, CV Raman Nagar is arguably one of the most convenient places to live in. Located in Bengaluru’s eastern corridor, the locality got its name when the late former Prime Minister, Rajiv Gandhi, had come down to inaugurate the Defence Research and Development Organisation (DRDO) in 1985. Impressed by the climate and its serene surroundings, he stated that the locality must be named after the late Nobel-Prize-winning Indian physicist Chandrasekhara Venkata Raman.
Until the IT boom hit the City, CV Raman Nagar was a quiet settlement that catered specifically to those working in the government and public sector undertakings. The area gained prominence after the establishment of the DRDO.
Significant development
In the last few years the pattern of development in CV Raman Nagar has changed significantly, with many home buyers showing keen interest in investing in the area. “Due to the price advantage offered by CV Raman Nagar, many people from the surrounding areas are looking to invest here, especially in the last five years,” says Suresh Hari, secretary, CREDAI.
Being close to the Central Business District (CBD), CV Raman Nagar has become an extremely desired location to stay in as it is not too far from many of Bengaluru’s commercial and leisure destinations. “The limited availability of residential apartments in this location and more so in CBD, has kept prices buoyant in this market,” says Ashish Puravankara, managing director, Puravankara Projects Ltd.
Over the last decade, the real estate prices have tripled in CV Raman Nagar. Today, the estimated realty price starts at Rs 6,500 per sq ft. “Home buyers can still expect the price to grow at around 16 to 20 per cent on a compound annual growth rate (CAGR) over the long term, depending on CV Raman Nagar’s market which is largely driven by low supply and robust demand,” elaborates Ashish.
The price for a 1200-sq-ft, three-BHK starts from Rs 80 lakh, while a 1000-sq-ft, two-BHK starts from Rs 70 lakh. On the rental side, it can vary from building to building, maintains Suresh. As there is large scale development happening here on the residential front, the rents have increased considerably and can cost anywhere from Rs 25 to Rs 30 per sq ft.
The best and the worst
The area boasts of great connectivity, especially with the presence of the metro station at Baiyyappanahalli, which connects it to the rest of the City. Its proximity to the Old Madras Road allows for easy access to the National Highway 4, which connects Benguluru to Chennai, Mumbai and Pune. It is also well-connected to the other IT hubs of the City like Whitefield and the Sarjapur/Outer Ring Road stretch, making it a convenient location to live in.
Experts believe that the presence of many international companies in area such as Volvo IT, Texas Instruments, Oracle and Dell, and the presence of Bagmane Tech Park has boasted the area’s economic growth.
The area has a lot of green cover thanks to the presence of many defence and public sector undertaking organisations. Dr APJ Abdul Kalam Road is known for its expansive green cover and is the area’s ‘green belt’. When it comes to entertainment options, there’s Gopalan Grand Mall, where you can catch a movie as well and the RMZ Infinity Mall on Old Madras Road.
One of the constant problems that plagues the area, though, is the poor condition of the roads that have not been tarred or levelled. Given the ever-increasing traffic that CV Raman Nagar is experiencing, this is turning out to be a big issue. “The hassle I see right now is the entry from DRDO side, which closed during the night. This leads to delays or increased travel time,” says Suresh. “There are reports of road widening, but we need to wait and watch,” he adds.
Another major concern is the garbage collection system. As there is no efficient garbage disposal plan, there are various places with accumulated garbage, especially in areas like Nagavarapalya Market.
Despite its faults, CV Raman Nagar is making many positive changes. And its close proximity to well-developed areas like Indiranagar and HAL is the icing on the cake. “Further, with the extension of Metro Phase II, the area growth cannot be avoided,” maintains Suresh.