Though the luxury real estate market of Bangalore fluctuates, the mid segment and the affordable housing market is witnessing a constant demand. Localities in the outskirts are seeing increased demand as the prime areas are overpriced and there is limited availability of land for development.
Availability of large land parcels and the infrastructure developments have contributed to the expansion of the city to the outskirts. Real estate developments are taking shape in various angles as the lands are available for lesser prices.
Hormavu, located on the north east Bangalore is emerging as one of the most sought after real estate destinations. The micro market is divided into neat layouts and colonies and is regarded as one of the most populated wards. The locality holds a number of advantages and has an immense growth potential. The property prices of the key residential localities such as Banaswadi and Ramamurthy Nagar have increased and Hormavu being the neighborhood is attracting the home buyers with its property prices.
The micro market enjoys excellent connectivity with the Outer Ring Road. This has boosted the real estate developments in the micro market. The proximity of the locality to the IT hub, Whitefield has contributed to the rapid growth in the development of residential projects. Most of the demand is driven by the IT professionals employed in the IT parks. The professionals employed in the northern part of Whitefield have contributed to the increased demand for the residential properties and this has resulted in the increase in property prices.
The residential properties in the micro markets mainly cater the affordable segment and the mid-segment people. The proximity of the locality to the IT areas such as Whitefield, ITPL and Nagavara makes it an ideal residential market. The area has projects from some of the reputed national builders and the local builders. The infrastructure developments and the locality’s proximity to the IT destinations make the area an ideal market for investment.
The property prices have seen good appreciation over the past few years. The micro markets have witnessed price appreciation of about 54% in the last five years. The area has a number of new apartment projects and these are priced anywhere between INR 3200 per Sq. ft. and INR 5000 per Sq. ft. With the constant demand for the properties in the area, the property prices in the locality are expected to increase in a mid- long term.
Traffic congestion during peak hours is a major concern faced in the area. The government has proposed a 20-MLD capacity STP at Horamavu Agara. This project on implementation will fix the few civic issues faced here.
Around 60 builders have their projects in the micro market. The property prices are expected to witness good appreciation in the coming years. Few of the prominent builders in the locality include DS MAX Properties, Akshaya Builders, Prestige Estates, Unishire Group and much more.
If you are looking for properties in Hormavu, you can consider DS Max Skyscape by DS MAX Properties. This is one of the best projects from the developer and it comes with a number of luxury amenities, modern facilities and technologically advanced features. DS Max Skyscape has followed few green initiatives such as sewage treatment plant and organic waste convertor and rain water harvesting.
The micro market has a number of new projects from reputed builders. So, if you are planning to invest in Bangalore, Hormavu is one of the best options to invest.
Author Bio:
Reshma is a Real Estate Marketer and Writer who loves to write about real estate articles. she spends more time on current real estate properties in Hormavu, Bangalore market trends and sharing valuable informations of the Indiaproperty.com.