Koramangala: A Lucrative Property Hotspot For 2013

Within Bangalore, localities like Hebbal, Yelahanka, Whitefield, Electronic City, Sarjapur Road and Outer Ring Road have emerged as an attractive real estate destination both for developers and buyers. These areas are witnessing good number of new project launches under super-luxury, luxury and affordable categories. Improved connectivity and good infrastructure are acting as a catalyst for these areas of Bangalore with good real estate development.

According to a report by Jones Lang LaSalle, India, Outer Ring Road will remain the most preferred localities for office space in 2013. "Meanwhile, Whitefield will continue to retain its sheen for both office and residential real estate because of affordability, proximity to key work places and good social infrastructure," said Ashutosh Limaye - Head - Research & Real Estate Intelligence Service, Jones Lang LaSalle India.

According to Pandey, "Bangalore has the second highest office space in India. Koramangala's growth of commercial office space is primarily led by IT/ITES activity. The area has evolved from being primarily a residential hub to a mix of residential cum commercial hub (consisting of commercial office space and retail malls). Increased economic activity has resulted in higher per capita income growth and employment generation in the area which has stimulated residential demand," reports ET.

For instance, "A middle class home buyer need not struggle with choosing between prospective locations outside the city, as Bangalore has lucrative emerging locations within the city, one of them being Koramangala," added Pandey.