[ecis2016.org] Koramangala is one of the most coveted residential destinations in Bengaluru today. Koramangala is not only a posh residential area, but also a major commercial hub. Koramangala also offers excellent social amenities for its residents
Koramangala has metamorphosed into a major residential-cum-commercial hub in recent times. Koramangala was earlier considered unlivable, in the 1980s and 1990s. From being a mosquito-infested village, it has now transformed into a swanky new central business district (CBD). Demand for Koramangala real estate has gone up, after an association was formed to beautify the area. Today, Koramangala has tree-lined avenues and well-paved thoroughfares, with premium apartment complexes, bungalows and offices. Major landmarks in the area, include the St John’s Medical College & Hospital and the Jyothi Nivas College. The Koramangala tank was also drained, for establishing the National Games Village.
The Raheja Group first kickstarted the growth of the locality, when the Raheja Arcade mixed-use project came up. The Forum Mall was the next major landmark to come up in the locality.This is one of the earliest shopping malls in the country.
Demand for flats in Koramangala has now escalated, due to the area’s transformation into a major IT and startup hub. Biggies like Flipkart, Ola and Big Basket, have taken flight from this locality. Swanky new apartments in Koramangala are now replacing the beautiful bungalows and independent houses present earlier. Divided into 8 blocks, Koramangala is spread over 1,800 acres. Blocks 1-4 and 5-8 are separated by the Inner Ring Road.
Leading builders in the area include Prestige, Puravankara, Brigade, Sekhar and K Raheja, to name a few. Koramangala is a cosmopolitan and posh locality and nearby Koramangala localities include HSR Layout, Banashankari, Basavanagudi among others. Koramangala’s retail and commercial growth, make it a coveted locality for buyers. HSR Layout is on par, in terms of premium prices, while the other localities are more affordable. Property prices are on the higher side in Koramangala. You will mostly find premium and high-end property options here.
[ecis2016.org] Property rates & trends in Koramangala, Bengaluru
- The Bangalore City Junction railway station lies 9 kilometres away.
- The Kempegowda International Airport is approximately 41 kilometres away from the locality but can be easily accessed through KIA buses.
- BMTC bus depots are present in every block.
- Major roads – 80 Feet Road (links to MG Road & Viveknagar), Intermediate Ring Road (links Old Airport Road-Hosur Road-Electronic City) and Sarjapur Road (connects to the Outer Ring Road and the IT Corridor).
- South End Circle Metro Station is located 7 kilometres away from the locality.
Proximity to major employment hubs
- Electronic City – 12.6 kilometres via Hosur Road.
- International Tech Park (ITPB) – 18.6 kilometres via HAL Old Airport Road.
- Major companies in the area – Wipro, Qualcomm, Infosys, Capgemini, Flipkart, MindTree, Ola, Big Basket, TCS, etc.
- Embassy Golf Links Business Park – 6 kilometres via Intermediate Ring Road.
- Embassy Tech Village – 10.1 kilometres via Sarjapur Main Road.
- RMZ EcoSpace – 7.4 kilometres via Sarjapur Main Road and NH-44.
Koramangala is supported by a range of sound social amenities. Reputed schools in Koramangala include the Bethany High School, National Public School and Chinmaya Vidyalaya. Well-known colleges, here, include Christ University and Jyothi Nivas College. Leading hospitals in Koramangala include the Apollo Spectra Hospitals, Devi Eye Hospital and Beams Hospital. Popular malls in Koramangala include the Forum Mall and Tibet Mall, to name a few. The Koramangala Club is a major recreational zone, along with the Koramangala Indoor Stadium or National Games Village.
Upcoming infrastructure in Koramangala
- The upcoming Green Line of the Namma Metro, will have a station at Jayanagar. This station will be just 5 kilometres away from the locality.
- The 8-lane Outer Ring Road, will be developed to reduce traffic congestion in the entire zone.
- The Koramangala Traffic and Transit Management Centre will be renovated.
Price trends in Koramangala
- Price appreciation – around 31% in the last one year.
- Current property rates – Rs 6,888-11,607 per sq ft.
Why invest in Koramangala?
Considering the price trends in Koramangala and the rising demand, the locality should prove to be a good investment.
There is excellent appreciation of property rates and with more startups, retail hubs and companies setting up shop here, the trend should continue.
Big ticket projects like Embassy Pristine are coming up here. This particular project is an IGBC-rated project, with multiple amenities and eco-friendly features. It offers 424 apartments over 14.5 acres, next to densely wooded defence land and a protected lake. Projects like these should keep the momentum going.
The area offers excellent connectivity and social infrastructure and these are reasons for its rapid growth. There are some drainage issues in the locality. Local residents also point to erratic water supply, traffic congestion and garbage disposal issues, as the major problems. However, there is no denying that Koramangala is certainly one of the best places to live in the ‘garden city’.
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