Old Madras Road is one of the localities in Bangalore which has seen various ups and downs on the pricing. The price per sq. ft. appreciated to 4592 psft in April 2013 from Rs 4533 psft in Jan to March quarter for 2013. The prices came down to 4362 psft in July to September 2013 and are hovering around 4500 psft in June 2014.
The area however is seeing renewed interest due to new launches in the region with the recent one being Nitesh Virgin Island. This Project is Spread Across 8 acres of lush green landscapes. Nitesh Virgin Island will offer 8 towers and 800 apartments with a choice of 2BHK, 2.5 BHK, 3BHK apartments with prices starting at 4200 psft which is a good buy in that region. Check more details on Nitesh Virgin Island
Some data points based on Commonfloor's research on the area
Check some other projects in the region at Pin Click