Where Can You Find Affordable Flats in Bangalore?

Bangalore is one of India’s fastest developing cities and sees a large inflow of people from different parts of the country seeking job opportunities. The city mostly offers ITeS and IT related jobs to skilled workforce. Thanks to the fatter pay package received by all, the demand for housing in Bangalore is also growing. Given the fact that most people in the city work for a salary package of around Rs 4 to 4.5 lakhs per annum, professionals do not usually receive a monthly salary of more than Rs 40,000. Taking into account their day to day expenses, house hunters can only go for affordable flats in Bangalore in the price bracket of Rs 40 to 50 lakhs. There are quite a few areas where you can buy property in Bangalore within this pricing bracket. Some of them are Bannerghatta Road, Kanakapura Road, NICE Road and Mysore Road. Property indices have defined that affordable property in Bangalore would mean those within Rs 50 lakhs. Compared to the demand for the properties, their supply is quite high. The demand for such properties is 22 percent whereas their availability is 35 percent. Within this budget, the configurations available are 2 and 3BHK.Most of Bangalore’s real estate development is happening towards south and north Bangalore as the numbers of land parcels available is much more here. Areas like Mysore Road, Bagaluru, Devanahalli, ITPL and Hoskote mostly offer affordable flats within Rs 20 lakhs. For affordable flats in Bangalore within Rs 20 to 40 lakhs, one would have to resort to neighbourhoods such as KR Puram, Hosa Road, Kanakapura Road and Hongasandra. Most of the flats in this locality range between Rs 20 and 40 lakhs. The areas are currently being developed and hence do not have full-fledged social and civic infrastructure. This is the main reason why the properties are offered or cheap. Why should you invest in these areas? ITPL, Kanakpura, KR Puram and Mysore Road have seen much traction in terms of commercial properties. The absorption of commercial real estate has fuelled the absorption residential properties as well. The areas are lined by offices belonging to IT companies and retail stores.KR Puram, Mysore Road, ITPL and Kanakpura Road are close to NICE Road and Outer Ring Road. ITPL is close to Old Madras Road. These areas mostly preferred for office spaces as they have large land banks available at competitive prices. This in turn boosts the rental and capital market in the area.The northern localities like Devanahalli, are close to the newly constructed Kempegowda International Airport. Frequent Flyers prefer to invest in these areas as the other upcoming localities are away from here. Mostly 1 and 2BHK configurations are found in these areas. The size of a 1BHK apartment is around 400 to 700 sq. ft. while for 2BHK flats, they scale up to 900-1200 sq. ft. Reputed property developers are spearheading projects in these areas and hence buyers can rest assured about the investments made in north and south Bangalore.