The burgeoning migratory population to the Tech capital of India, Bengaluru is causing the city to expand further every year. There has been a launch of thousands of residential projects and one of the prime area’s that has become popular among developers and home seekers is Sarjapur. The residential rental market in Sarjapur Road has been booming and the rental yields have been the most promising for investors in Sarjapur area.
Sarjapur owes its popularity to its connectivity to key IT cluster areas such as Whitfield, Marathahalli, Outer Ring Road, HSR Layout, Koramangala and Electronic City. Both commercial and residential spaces have sprouted up in large numbers in this micro-market. Home buyers in this area enjoy the proximity it offers to work places. Big developers such as Purvankara, Brigade Group, Shriram Properties, Golden Gate Properties, Ozone Group and Nitesh Estate have been providing affordable housing in this area.
In comparison to its counterpart development areas Sarjapur is still affordable by most. The appreciation also has been steep in the last 12 months. This has spurred demand and there is a lot of interest from consumers and developers alike. The rates for flats for rent in Sarjapur Road range between Rs 20,000 – 35,000 for a 2 BHK residential apartments and for a 3BHK flat the rates are between Rs 30,000 – 45,000. There are large parcels of land available for development and this has driven development in the area at cheaper rates. The growth rate in the rental market has been around 6 – 8 % as pointed out by a leading real estate market researcher. Apartments are the most preferred residential units for rental in this area. Villa projects are also underway but are fewer in number and not many are available on the rental market.
The other driving forces that bring rental seekers to this market is the availability of Grade A Commercial construction. The main Sarjapur Main Road itself boasts of nearly 2500 constructed residential units with more than 40 projects underway. The area is also feeding nearly 30% of Bengaluru’s residential supply and the vacany levels in this area are minimal, if at all. The consumer demand for rental property has been constantly increasing in Sarjapur.
A lot of residential conveniences have sprung up in the area with large malls like Total Mall, grocery stores, apparel stores etc being pretty close to the area.This area also boasts of a host of renowned schools like Greenwood High School, The Inventure Academy, TISB, Oakridge School etc. The one drawback that this locality has to address is the issue of traffic management. There are traffic snarls because of poor infrastructure in the area and that is causing much pain to residents. But the connectivity the area offers is unbeatable and this helps it attract more buyers and rental seekers every day.
The demand for this area will not be reaching saturation point anytime soon. It is still the most preferred area for investment and for rental for both commercial and residential property rental in Bengaluru. The constant growth in the area is expected to be buoyant for at least 10 years.