Banashankari property market: An overview

[] Banashankari is one of the fastest-developing residential regions, located to the south of Bengaluru. This place has the highest demand for real estate and currently has nearly 50-60 residential projects under construction. Banashankari lies near areas like Rajarajeshwari Nagar, Basavangudi and Kanakapura

The Banashankari real estate market has always been sought after, with the presence of the famous Banashankari Amma Temple along the Kanakapura Road. The demand for flats in Banashankari has surged in recent times. Earlier, this area was more traditional, with the oldest temple of Bengaluru being its major landmark. Now, it is steadily becoming more cosmopolitan.

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Banashankari is the biggest area in Bengaluru and covers the entire area between the Mysore Road and Kanakapura Road. Places like Rajarajeshwari Nagar and Girinagar, JP Nagar, Jayanagar, Kumaraswamy Layout, Basavangudi, Vasanthapura and ISRO Layout also adjoin the area.

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The locality is divided into a total of six stages and the sixth one is the biggest.

The 3rd stage is a predominantly commercial zone. This is where Karnataka movie star Upendra lives. It is also known for the Big Bazaar shopping complex and other stores and innumerable pre-schools. The Sterlings Pre-School is a major landmark here, along with Hello Kids. The 5th stage is also divided into two phases, namely the ISRO Layout and Uttarahalli or Poornaprajna HBCS Layout. The 6th stage is divided into a total of 11 blocks.

While looking for apartments in Banashankari, investors have shown more interest in 2 and 3-BHK configurations. Some of the most prominent projects in Banashankari developed by leading builders in Banashankari include Brigade Omega and Prestige South Ridge, to name a few. These projects have transformed the face of the locality in recent times.

Compared to the other nearby Banashankari localities such as Rajarajeshwari Nagar and Giri Nagar, Banashankari offers excellent connectivity to the main business zones of Bengaluru. Due to the easy access to large IT parks in the city, along with the presence of all necessary social infrastructure, Banashankari offers better appreciation potential than the adjoining areas and is, therefore, more lucrative to investors.

Connectivity with nearby Banashankari localities

  • This area enjoys excellent intra-city connectivity via the Outer Ring Road.
  • The Bangalore City Junction Railway Station, is about 6 kilometres from this place.
  • Banashankari is located 42 kilometres away from the Kempegowda International Airport.
  • The Green Line of Namma Metro, between Puttenahalli and Nagasandhra, offers easy access to this region.
  • BMTC bus network is also a major connectivity factor.

Employment hubs near Banashankari

  • Koramangala – 12 kilometres via Hosur Main Road.
  • International Tech Park (ITPB) – 29.1 kilometres via Mysore Road.
  • KIADB Industrial Area – 21 kilometres via Mysore Road.
  • Electronic City – 20 kilometres via Hosur Road.
  • Wipro Corporate Office – 13.8 kilometres via Mysore Road.
  • Embassy Manyata Business Park – 23 kilometres via Mysore Road.

Schools in Banashankari and other social amenities

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Along with seamless connectivity, Banashankari also boasts of a solid social infrastructure. Reputed schools in Banashankari include Sri Aurobindo Memorial School, Little Flower Public School and Martin Luther Public School. Leading hospitals in Banashankari include Sevakshetra Hospital, Abhaya Eye Hospital and Maharaja Agrasen Hospital. Popular malls in Banashankari include the Gopalan Promenade Mall and Gopalan Legacy Mall, to name a few.

Upcoming physical infrastructure in Banashankari

  • The BMTC has proposed building of steel over-bridges at the Banashankari and Yeshwanthpur railway stations and also a subway at the Kalasipalyam bus station, for ease of the residents of the area.
  • The Karnataka state government has also proposed the construction of an elevated corridor, to improve accessibility from Banashankari in the south to Hebbal in the north.
  • Price appreciation – 3%-8% in the last quarter of 2016.
  • Current property rates – Rs 4,253–6,843 per sq ft.

Reasons to invest in Banashankari

Considering the price trends in Banashankari and the current competitive rates, it makes sense to invest in the locality. The locality offers good connectivity options, along with abundant social infrastructure. Teething issues in the area include sewage and drainage-related problems.

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Category: Lifestyle

Debora Berti

Università degli Studi di Firenze, IT

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