Koramangala: A Lucrative Property Hotspot For 2013

Bangalore: Koramangala is a prime locality in Bangalore, the silicon valley of India. It is one of the most sought after residential locality in India that houses commercial structures, ultra-luxury apartments and posh bungalows. According to market experts, Koramangala will remain the most lucrative real estate hotspot for 2013.

Gaurav Pandey, senior vice president, PropEquity Research & Consulting cited that, "Koramangala has evolved as a premium residential market with proximity to established commercial hubs in Central, East and Southern Bangalore," reports Shweta Rao of Economic Times.  

However, there are fewer chances to get vacant plots in Koramangala which can be used for real estate development, added Pandey. "Thus, in light of limited new supply and consistent demand, the property prices are expected to increase further."

Although, the real estate prices are skyrocketing with time, transactions in realty never got affected as buyers have not restricted themselves from buying properties. "Bangalore is primarily driven by IT/ITeS segment, which has been growing consistently. Further, unlike other investor driven property markets, Koramangala's residential real estate demand is primarily driven by end-user segments, which reduces the volatility of the local market," according to Pandey.

Also, the frequent changes in policy have benefited the prime area to flourish more.  "The policy changes have translated in to real estate projects in peripheral locations that have vacant land for development. As Koramangala is an established micro-market, impact of policy changes on real estate development is limited," added Pandey.

Unlike other metros, Bangalore’s realty market remains stable even during volatile situation. The vibrant nature of Bangalore’s real estate market and the stable property prices make the city one of the leading real estate markets in India. "Bangalore property market has done reasonably better than other major cities of India, such as National Capital Region (NCR) or Mumbai Metropolitan Region (MMR) during the last year," said Pandey.