Those who are looking for properties in Bangalore are being forced to look beyond the city center. Localities in the northern part of the city are getting more traction. One such area is Malleshwaram. Malleshwaram is a micro market which is located in the north western part of Bangalore. It is surrounded by areas such as Rajajinagar, Yeshwanthpur, Armane Nagar, Vasant Nagar and Benson Town. National Highway 4 passes through this locality. The area has its own railway station. The area is well connected to most parts of Bangalore through roads and rail.
Flats in Malleshwaram were priced at around INR 8700 per square feet on average in the first quarter of 2014. This was a downward spiral of 8 percent when compared to the previous quarter when the prices stood at INR 9500 per square feet on average. In the quarter between July and September the asking price for apartments in Malleshwaram stood at INR 10400 per square feet on average. This was a marginal increase of 1 percent in prices when compared to the previous quarter between April and June 2013. In the third quarter the price for these properties stood at INR 10200 per square feet on average which was a dip of about 2 percent in prices.
Northern parts of Bangalore are famous for villas. Since this micro market is located towards the northern part of Bangalore, villas in Malleshwaram are constantly in demand. Prices for villas in Malleshwaram stood at INR 13800 per square feet on average. The prices dropped by about 28 percent when compared to the previous quarter when the asking price was at INR 19100 per square feet on average.
In 2013 there was maximum demand for 2 BHKs in this micro market. 3 BHKs came in second in that year. Buyers were willing to spend anywhere between INR 1 and 2 crores on a house in Malleswaram. This is followed by the INR 50 to 60 lakhs range. Properties which were sized between 751 and 1000 square feet are most in demand. This was followed by the 1001 to 1250 square feet range. In 2013 the buyers were willing to spend more than INR 10000 per square feet on properties here. This was followed by the INR 7001 and 7500 per square feet budget range.
The trends in 2014 were not very different from those in 2013. In 2014 there was maximum demand for 2 BHKs in this micro market. 3 BHKs came in second this year. Buyers were willing to spend anywhere between INR 1 and 2 crores on a house in Malleswaram. This is followed by the INR 50 to 60 lakhs range. Properties which were sized between 751 and 1000 square feet are most in demand. This was followed by the 1001 to 1250 square feet range. In 2014 the buyers were willing to spend more than INR 10000 per square feet on properties here. This was followed by the INR 6501 and 7000 per square feet budget range.
Source: https://storify.com/nandinee/a-look-at-the-property-trends-of-malleshwaram#publicize
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