Realty Hotspot: Is Sarjapur in Bangalore becoming the New Mumbai?

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The real estate market in Bangalore has witnessed a significant boom in recent times. Among the several pockets of development, certain areas have outperformed over others, in terms of development and ensuing price increase. Among all the outliers, Sarjapur, nestled in the eastern part of the city, is emerging as a focal point of exponential growth over the past five years.

Sarjapur, once a quiet neighbourhood, has now evolved into a realty hotspot, with numerous companies establishing their offices here. Major companies likeĀ Wipro, Meesho, Navi, amongst others, have attracted influx of people from other cities. This surge in population has created a heightened demand for homes in the proximity of these thriving workplaces, turning Sarjapur into a sought-after residential destination.

Typically, buyers consider various aspects when purchasing a property, such as its proximity to workplace locations, accessibility to schools and colleges, proximity to medical facilities, and convenient access to shopping and entertainment options. This is a fast-developing part of Bangalore with good connectivity to the major IT areas such as Whitefield, Koramangala, HSR Layout, Marathahalli, Electronic City and the Outer Ring Road (ORR).

A huge number of offices, IT parks and brand showrooms have recently sprung up in the area, signalling a dynamic shift in Sarjapurā€™s landscape. Just as Mumbai is characterized by extremely high property prices due to inventory constraints, Sarjapur is experiencing a similar evolution in real estate prices, i.e. inventory crunch and high demand.

The high demand for RTMI properties has outpaced the limited supply. In response to this scarcity, the price per square foot has almost doubled than what it was 3 years ago. The average price per square foot has witnessed a substantial surge, soaring from Rs 6000-8000 in the pre-Covid and early pandemic months to the current range of Rs 11000-13000. Given the spike in the number of potential buyers, even Grade B builders have escalated housing prices.

The proliferation of new offices, branded showrooms, and F&B outlets has made Sarjapur a hotbed of new launches, with 50 projects launched over the past 3 years. Real estate developers are strategically capitalizing on the robust sales momentum due to heightened demand which has also led to rapid absorption of these projects.

On the top of this, the upcoming metro line stands as a crucial factor fuelling this increased demand in Sarjapur. With improved public transportation connectivity, end consumers and investors alike stand to benefit from reduced commute times, making Sarjapur an even more attractive prospect for property investment.

Sarjapurā€™s trajectory in the real estate landscape of Bangalore has been nothing short of remarkable. From a serene neighbourhood to a bustling realty hotspot, the area has undergone significant changes in a relatively short span. The surge in demand, limited supply of ready-to-move-in properties, new metro line and improved connectivity, have all contributed to the surge in property prices, drawing parallels with the real estate dynamics of Mumbai.

Whether itā€™s the influx of major companies, strategic launches by real estate developers, or the promise of improved public transportation, Sarjapur seems poised to maintain its status as a sought-after residential and investment destination in Bangaloreā€™s dynamic real estateĀ market.

source : financialexpress

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