Lifestyle

JP Nagar property market: An overview

[ecis2016.org] JP Nagar is one of the prominent residential areas in the southern part of Bengaluru and also among the fastest-growing localities in the ‘Silicon Valley’ of India. This locality has been giving an average annual return of about 10%, as per estimates. JP Nagar currently has several upcoming projects under construction and is surrounded by areas like Bannerghatta Road, Banashankari and Koramangala

The JP Nagar real estate market has witnessed a boom, due to the establishment of major IT parks and commercial zones, nearby. JP Nagar has undergone a massive transformation, ever since the IT industry took off during the 1990s. The demand for flats in JP Nagar has only increased and the area is more cosmopolitan now, than before. JP Nagar was created, when Ramakrishna Hegde was the chief minister of Karnataka. Promoted by the BDA, the area earlier had independent houses, many of which have given way to high-rises.

JP Nagar has always been a thriving high street retail and entertainment hub. JP Nagar is an affluent locality and is spread over 2,500 acres, with nine phases in all. There are ample amenities on offer including BWSSB water supply, water bodies, wide roads and several parks. JP Nagar is home to many prominent citizens, including Kannada actor-politician Ambareesh, ex-Karnataka chief minister HD Kumaraswamy, playwright-actor Girish Karnad, ex-cricketer Javagal Srinath, actress Tara and many others. The Ranga Shankara theatre for arts, is located here, along with the Aurobindo Ashram. The Mini Forest is a popular recreational destination here, while there is a minimum of one park in every phase of the locality. JP Nagar is known for its numerous eateries, including popular ones such as Barbeque Nation, Kebab Magic, Taco Bella and others.

There are different options for buyers, when it comes to residential apartments in JP Nagar, although 2 and 3-BHK are the more preferred configurations. Leading real estate builders in JP Nagar include Puravankara, Prestige, Brigade and many others. Some of the landmark projects in JP Nagar include DS Max Stone Hill and Puravankara Coronation Square, which have transformed the locality. Big-ticket projects, like Sobha Tulip and Peninsula Heights, are also coming up here. Other nearby JP Nagar localities includes residential regions such as Jayanagar, Banashankari, Bannerghatta Road and BTM Layout.

The rise in property rates in these areas, coupled with limited land availability led to JP Nagar emerging as a better investment option in many cases.

[ecis2016.org] Property rates & trends in JP Nagar, Bengaluru

Connectivity with locations near JP Nagar

  • Well-connected to the Bengaluru City Junction Railway Station.
  • Nearest bus station is JP Nagar 3rd Phase Bus Stop, off the busy Outer Ring Road.
  • JP Nagar is located 44 kilometres from the Kempegowda International Airport (about an hour’s drive).
  • BMTC bus service offers efficient connectivity, to other parts of the city.
  • The nearest metro stations from JP Nagar area, are Banashankari Metro Station and Rashtriya Vidyalaya Road Metro Station.

Nearby employment hubs in JP Nagar

  • Embassy Manyata Business Park – 22.6 kilometres via Bannerghatta Main Road.
  • Koramangala – 6 kilometres via 9th Cross Road.
  • International Tech Park (ITPB) – 24.4 kilometres via outer Ring Road.
  • KIADB Industrial Area – 21 kilometres via Harapanahalli-Begur Road.
  • Electronic City – 15.2 kilometres via Hosur Road.
  • Offers easy connectivity to offices of IT giants like Capgemini, Qualcomm, Tata Consultancy Services, Infosys, Siemens and many others.
  • Wipro Corporate Office – 9.1 kilometres via 9th Main Road.

Schools in JP Nagar and other social infrastructure

Reputed schools in JP Nagar include the Nalanda English School and Carmel Convent Public School. The RMV Dental College is a major landmark here, along with several other leading educational institutions. Leading hospitals in JP Nagar include the Supra South City Hospital and the Rajashekar Hospital. Popular malls in JP Nagar include the Gopalan Innovation Mall and The Sport Mall, to name a few.

Physical infrastructure in JP Nagar

  • The 8-lane Outer Ring Road, will decrease traffic congestion in the area in the near future.
  • Price appreciation – Around 3% over the last year.
  • Current property rates – Rs 3,817-6,812 per sq ft.

Reasons to invest in JP Nagar

Taking into consideration the price trends in JP Nagar, along with the factors stated above, the demand for homes is likely to increase in the future. The present rates are quite competitive and there are buying options, for every budget range. The region has excellent social infrastructure and good connectivity to other areas of the city. However, water supply and drainage issues do exist. Overall, this makes for a good investment destination.

Check properties in JP Nagar

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Debora Berti

Università degli Studi di Firenze, IT

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