North Bengaluru has emerged as one of the most dynamic real estate markets in India, driven by rapid infrastructure development, strategic location advantages, and a surge in demand from professionals and investors alike. Here’s a detailed look at how property prices have evolved in this region over the past few years.
Price Appreciation in Key Localities (2019–2024)
1. Bagaluru
• 2019: ₹4,300 per sq ft
• 2024 (H1): ₹8,151 per sq ft
• Price Appreciation: Approximately 90% over 5 years
Bagaluru has witnessed the most significant price surge in North Bengaluru, fueled by the establishment of the KIADB Aerospace Park and the influx of tech companies. This area has seen a substantial increase in mid and premium segment housing projects.
2. Devanahalli
• 2019: ₹3,000–₹4,000 per sq ft
• 2024: ₹5,000–₹6,000 per sq ft
• Price Appreciation: Approximately 30–50% over 5 years
Devanahalli’s proximity to Kempegowda International Airport and the development of the Aerospace Hub have significantly boosted its real estate value. Ongoing infrastructure projects, including the proposed metro link, continue to enhance its appeal.
3. Hebbal
• 2019: ₹6,500–₹7,500 per sq ft
• 2024: ₹8,000–₹9,000 per sq ft
• Price Appreciation: Approximately 20–25% over 5 years
Hebbal has remained a prime residential and commercial hub, benefiting from its connectivity via the Outer Ring Road and proximity to Manyata Tech Park.
4. Thanisandra
• 2019: ₹4,500–₹5,000 per sq ft
• 2024: ₹6,500–₹7,000 per sq ft
• Price Appreciation: Approximately 40–50% over 5 years
Thanisandra’s real estate growth is driven by its strategic location near tech parks and the upcoming metro station, making it a sought-after destination for both investors and end-users.
Market Dynamics and Trends
• High Demand in Mid to Premium Segments: In Bagaluru, approximately 94% of new residential units launched between 2019 and 2024 were in the mid and premium segments, priced between ₹40 lakh and ₹1.5 crore, indicating strong demand in these categories.
• Infrastructure-Driven Growth: The development of the Aerospace Hub, IT corridors, and proposed metro links have been pivotal in driving property price appreciation across North Bengaluru.
• Resilience Amid Challenges: Despite challenges such as flooding and water shortages, homebuyer demand in North Bengaluru remains notably resilient, underpinned by a strengthening IT sector and the blend of full-time and hybrid working models.
Future Outlook
The real estate market in North Bengaluru is expected to continue its upward trajectory, supported by ongoing and upcoming infrastructure projects, increased employment opportunities in tech and aerospace sectors, and a steady influx of professionals seeking quality housing options.
Note: The above information is based on available data as of 2024 and is subject to change. It’s advisable to consult local real estate experts and conduct thorough research before making investment decisions.