Kanakapura Road the next big destination to Invest Kanakapura Road, once a green jungle, has today emerged as a prime locality in Bangalore which has undergone a rapid change. The locality is specially known for its lush green open spaces tucked with several lakes. And it’s cultural, educational and spiritual nature has ensured it a good catch on the Bangalore realty radar. Kanakapura road is a key arterial road that starts in Basavangudi and runs through posh localities in south. The connectivity to different places through NICE ring road and extension of metro has made the area as a real estate hot-spot. The road has transit points that give you several options to travel by.The metro is expected to catalyse commercial growth along this stretch by providing enhanced connectivity to other parts of the city. The area is also being promoted as a tourist destination in the city with the theme park based on Disneyland under construction, which in turn will attract lots of real estate developments in the locality. Thus, the locality which had negligible developments in the past has seen a boom with all these major infrastructure growths. Another major factor that transformed Kanakapura into one of the soughtafter areas in the city is the Bangalore-Mysore Infrastructure corridor project that envisages a 106 Km six lane super highway. This highway is considered as good as the Mumbai Pune highway. RESIDENTIAL MARKET OVERVIEW: The average rent for a 1BHK apartment in Kanakapura is Rs 10,000 per month approximately. The rent ranges between Rs 8,000 to Rs 12,000 per month. For a 2BHK apartment the rent ranges between Rs 9,000 to Rs 25,000 per month. The average rent is approximately Rs 14,740 per month. In case of 3BHK apartment the rent ranges between Rs 12,000 to Rs 25,000 per month, while the average rent is approximately Rs 18,120 per month. A 2BHK builder floor apartment fetches rent varying from Rs 9,000 to Rs 14,000 per month, whereas the average rent for is approximately Rs 12,000 per month.
For a 2BHK individual house the average rent is approximately Rs 13,000 per month. The rent for this property type varies from Rs 7,000 to Rs 40,000 per month. The average area for 1 BHK apartment ranges from 644 to 700 Sq. ft. the average area is approximately 670 sq. ft. For a 2BHK apartment the average area is approximately 1224 sq. ft. the minimum and maximum area varies from 900 to 1800 sq. ft. A 3BHK apartment’s super built-up area ranges from 1140 to 1890 sq. ft. while the average area is approximately 1620 sq. Ft. A 2BHK builder floor has an average carpet area of 1100 sq. ft. the area varies from 950 to 1300 sq. Ft. The property price in Kanakpura for a 1BHK apartment ranges between Rs 3200 to Rs 4500 per sq. ft. while the average price per sq. ft. is approximately Rs 3849 per sq. ft. In case of a 2BHK apartment the average price is approximately Rs 4429 per sq. ft. while the price ranges from Rs 2460 to Rs 6800. A 3BHK apartment’s sale price ranges from Rs 3100 to Rs 7440 per sq. ft. the average price is approximately Rs 4990 per sq. Ft. The average rental yield in Kanakpura Road is approximately 2.77 per cent annually. The rental yield for 1BHK house is approximately 3.03 percent. For 2BHK apartment the average rental yield is approximately 3.26 per cent. A 3BHK apartment has a rental yield of 2.70 per cent. Interestingly rental yield for a 5BHK individual house is approximately 10.22 per cent. Market segmentation based on ticket sale shows that the locality is mainly luxury oriented as 43 per cent of properties are in the price range of 70 lakh to 120 lakh. Affordable segment (below 40 lakh) have only 9.5 per cent of market share. Mid-segment (between 40 lakh to 70 Lakh) have approximately 39 per cent market share. Ultra luxury segment (above 120 Lakh) has only 8.1 percent of market share. PRICE TREND: The prices on Kanakapura Road have been witnessing various ups and downs. In the July-Sep quarter of 2013, the locality price depreciated to Rs 3786 per sq. ft. In the Oct-Dec quarter of 2013, the locality price depreciated to Rs 3800 per sq. ft. In the Jan-Mar quarter of 2014, the locality price appreciated to Rs 3801 per sq. ft. In the April – June quarter of 2014, the locality price appreciated to Rs 4152 per sq. Ft. The area enjoys good demand due its proximity to important centres of the city and beyond. The price appreciation of this locality in the future might be very good.
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