Wednesday, May 3, 2023

Property Rates In Kanakapura Road Increased 28% Between 2017-2022: Magicbricks Research

As per Magicbricks Research, the property rates in Kanakapura Road, Bengaluru have appreciated 28% between 2017 and 2022. In the year 2022 alone, the average property prices in Kanakapura Road have surged by 12.5% as compared to 2021, while the overall prices in Bengaluru have gone up by 7.5% during the same period. Despite the escalating rates, Kanakapura Road continues to be one of the most sought-after micro-markets in Bengaluru since 2020, as evidenced by its high search volume and popularity. 

According to Siddhart Goel, Head of Research at Magicbricks, "Kanakapura Road provides a wide range of residential options for both customers and investors. Moreover, over the past few years, the connectivity on Kanakapura Road has considerably improved, offering convenient transit to JP Nagar, Jayanagar, and Bannerghatta Road through metro connectivity. The easy accessibility to Nandi Infrastructure Corridor Enterprises Road (NICE Road), employment hubs such as Electronic City and Sarjapur Road, has further contributed to the popularity of this area as a preferred residential location." 

According to Magicbricks Research, multistorey apartments were the most in-demand property type in Kanakpura Road between Jan-March 2023, accounting for 81% of the demand. This was followed by residential plots at 9% and individual houses at 6%. The supply of residential properties was also largely dominated by apartments, constituting 80% of the total supply, while plots and individual houses shared 11% and 6%, respectively. The majority of homebuyers (60%) in Kanakapura Road are inclined towards investing in 3BHK units, with 2BHK units being the second-most popular choice among 34% of homebuyers. In terms of supply, 3BHK units hold the highest share of 54%, while 2BHK units account for 39% of the total supply. 

Ashu Gupta, National Sales Head at Magicbricks, remarks that "A decade ago, Kanakapura Road was primarily preferred for investment purposes. However, with improved connectivity, better infrastructure, and the development of various amenities, the area has garnered the attention of end-users as well. The presence of a robust education and healthcare infrastructure, along with enhanced connectivity and accessibility to NH-209, coupled with eco-friendly initiatives like green belts and parks, have significantly contributed to making this area more appealing to homebuyers." 

Realizing the immense potential of Kanakapura Road, several prominent real estate developers, including  Prestige Constructions, Godrej Properties, Mantri Developers, Total Environment, Brigade Group, Puravankara Ltd, and Rohan Builders, have launched projects along the stretch. 

Magicbricks Research also observed the following 

Properties in the mid-segment, i.e., ranging between INR 50-75 lakhs are most preferred, commanding a share of 39% of total demand in Kanakapura Road. 

In terms of sizes, 1,000-1,500 sf is high in demand, which also correlates to the high demand for 2 BHK and 3 BHK units.  

Residential plots along Kanakapura Road are available in a range of INR 4,500-7,700 psf. Kaggalipura, Uttari, and Pattareddypalya are some micro-markets where plots approved by Bangalore Development Authority (BDA) and Bengaluru Metropolitan Region Development Authority (BMRDA) are available.  

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