by THO
Bengaluru may have witnessed an increase in housing prices by around 5% to 10%, especially in areas close to the city centre and the IT corridors. That said, some areas on the outskirts of Sarjapur, Whitefield in the east, and southern parts such as Kanakapura Road still offer affordable options to buyers with a budget of less than a crore.
A recent report by Knight Frank India said that in the last year, home prices have surged by close to 18-20% in the easter part and about 10-15% on average in northern and southern parts of the IT city.
Experts say parts of the city centre, such as HSR Layout, Koramangala, and Indiranagar, remain largely unaffordable due to rising land costs, which make projects more expensive.
However, real estate experts say several smaller development pockets in the north and outskirts of the eastern IT corridor of Whitefield offer options with budgets under a crore.
Real estate brokers say that to afford a home under ₹1 crore, a 1000-1200 sq ft built-up apartment area needs to be priced between ₹6000-8000 per sq ft. “This is available in only some parts of the city where land is available and housing options are still affordable,” Kiran Kumar from Hanu Reddy Realty said.
Can you buy homes under ₹1 crore in central Bengaluru?
According to Knight Frank, areas such as Langford Town and Lavelle Road, located close to Brigade Road, are typically priced between ₹15,000-30,000 per sq ft, making them unaffordable for the ₹1 crore budget.
“However, areas like Cox Town, Cooke Town, Lingarajpuram and Frazer Town located close to the city centre have new smaller apartments that are available for sale under ₹1 crore,” Sunil Singh, director of Realty Corps said.
However, he added that these are smaller apartments with 1000 sq ft of built-up area. “Most of them are standalone communities, with about 20 2BHKs in a building developed by a local developer,” he added.
Real estate brokers say it is almost impossible to find an apartment under ₹1 crore in the city. However, they add that 15-20-year-old apartments are up for resale in gated societies developed by a few listed developers.
Affordable options in North Bengaluru
According to Knight Frank, North Bengaluru stood out as one of the fastest-growing residential clusters, recording significant increases in both launches and sales during H2 2024. North Bengaluru started as an industrial area about two decades ago. However, the construction of Bengaluru International Airport and the Manyata Tech Park were game changers that led to the development of several micro markets, such as Hebbal, Yelahanka, and Thanisandra Main Road.
“A buyer can easily get a 1200 sq ft built-up area of 3BHK in Devanahalli for under ₹1 crore. Several developers like Brigade Group and Sattva are launching projects with 2/3BHKs in the north in that price range,” Kumar added.
However, he said that a major disadvantage is connectivity to the city centre, which is about 30 km away from the city’s northern parts.
However, upcoming infrastructure, such as the Namma Metro Red line connecting Hebbal in the north to southeastern Sarjapura, is expected to improve the infrastructure corridor in the north.
In the north, residential prices in areas like Hebbal are around ₹6,300-13,000 per sq ft, up 10% YoY. Yelahanka recorded prices of ₹4,600-8,000 per sq ft, with 5% growth YoY. According to Knight Frank, Thanisandra recorded ₹5,200-10,900 per sq ft, also surging 10% YoY.
Affordable options available in peripheral locations
Outskirts of prime areas like Whitefield and Electronic City may also have a few housing options within a ₹1 crore budget.
“Areas like Varthur Road, Panathur, and outskirts of Sarjapur road still have apartments in the ₹1 crore range. These are typically smaller gated societies by local developers and have a development of about ₹1000-1200 sq ft,” Kumar said.
In other places like Kankapura Road, several developers like Casagrande have been developing apartments priced at ₹4,200-8,800 per sq ft for a standard 1100 sq ft development. Areas in the east, like KR Puram, have apartments within the ₹5,200-9,000 price range. Marathahalli has apartments available in ₹4,800-9,200 price range.
Brokers say most of these apartments are under construction; however, several ready-to-move-in properties are also available with a 19-to-24-month handover period.
