Property rates in Bangalore 2024
The property rates in Bangalore are currently affordable and range between Rs 4850 and Rs 18333/ sq. ft. These rates depend on the area and its demand. The rates are also dependent on the rental yield an area offers to the property owners. In Bangalore, the highest demanded properties are commercial and residential. As per the reports, investing in Bangalore's real estate market will yield higher returns.
Bangalore is a thriving tech hub located in the India's southern part and is the capital of the grand state of Karnataka. The city boasts top properties in the best areas. These properties are offered at the trending price rates of the area that are also set on certai factors. As a major tech hub, the city's property prices have gone high in the last 2 decades. This rise in price is due to the boom in the tech industry. People from around India have nestled in the city in search of jobs or are already working.
The price trend of the city shows that investing in the present state of the city will yield higher returns. In the next 5 years, the property prices will increase upto 15-20%. The rental yield of many places is 5-7%, and by 2030 and will rise upto 10-15%. The city's demand is rising because of the IT boom. As per the reports, in 2024, the prices of the properties were increased by 12%.
The present property rate as per types are:
- Residential property rates in Bangalore: The affordable areas offer units at Rs 5000/sq. ft. land rates. The posh areas range upto 7000-12000/ sq. ft.
- Commercial property rates in Bangalore: Commercial properties are usually rented out, and these are set on a monthly basis. The avg office space that is rented out is Rs 65 to 125/ sq. ft. per month.
The Govt land rates or Kaveri Value is the minimum rates set for the purchase of the property. This is set at Rs 5000 onwards and rises upto 25000. This rate was fixed from 2023 and was risen upto 50% and has affected the price of the properties. The usage of land and its type are the key factors in determing the rates.
| Area | Current rate/ sq. ft. | Profits in last 5 years | Rental Yield |
|---|---|---|---|
| Chikkajala | 8353/sq. ft. | 51% | 4% |
| Electronic City | 6520/ sq. ft. | 89.6% | 4% |
| Whitefield | 12800/sq. ft. | 113.3% | 2% |
| Hebbal Rd | 10400/sq. ft. | 71.9% | 4% |
Bangalore's real estate market is expected to grow in 2025. As the city's economy improves, more people will need homes. This could lead to a steady increase in property prices, making it a good time to invest for future profits. Many new projects are coming up in fast-developing areas like Whitefield, North Bangalore, and Sarjapur.
The reports show that in 2025:
- ICRA Limited predicts strong growth in housing sales in Bangalore for 2024-2025.
- North Bangalore's property values may rise by 15-20% in the next 3-5 years.
- The co-living and rental housing sectors are also expected to keep growing.
The reasons for the growth of property rates are:
- High demand for residential units: The city offers the best residential units, from villas and apartments to plots. The top builders like Brigade Group develop these. The rise in the IT sector has increased the city's housing demand as well. A new residential project, Brigade Citrine, has been launched in the top area of Whitefield. It offers the best units for investment.
- Top Areas: The city houses the top IT area that gives job opportunities and saves traveling time and costs. These areas include Whitefield, E-city, etc. The price prediction for 2025 shows that the property price in these areas will increase by 5%.
- Higher Returns: The city's real estate market is ideal for investment as it promises high ROI. The rental rates are also high and increased upto 9% in 2024-25.
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