Bannerghatta Road: One of Bengaluru's most developed micromarkets

State Highway 87, also known as Bannerghatta Road or BG Road, is a 50-km arterial road that links Bengaluru with other parts of the city such as Jigani, Anekal and Bannerghatta. Soon after this part of the city came under BBMP or Bruhat Bengaluru Mahanagara Palike, Bannerghatta Road began turning into a bustling micro-market, also absorbing many villages in and around it.

In early 2000, the information technology (IT) sector was slowly expanding its footprint in Bengaluru, on the back of good availability of quality talent and a business-friendly environment. The development of Whitefield and Electronic City as suburban IT hubs was still in its initial stages. During this period, the IT sector in Bengaluru was gradually spreading out of the central parts of the city, towards the peripheral locations along major roads. As a result, locations such as Koramangala and Bannerghatta Road started seeing increased development.

The key drivers for the development of IT offices along Bannerghatta were its excellent connectivity with central Bengaluru and a steady source of workforce from the adjoining colleges and residential areas. Consequently, along with office spaces, schools, hospitals and malls started developing along Bannerghatta Road, making it one of the important roads of the city.

On the commercial front, about 3.5 million sq ft of office space are operational on and around Bannerghatta Road. This road is also seeing a lot of retail spaces and residential projects, thanks to its easy accessibility to the eastern stretch of Outer Ring Road.

With a mix of premium and affordable housing options, Bannerghatta Road offers a healthy spread of options for end-users and investors. Locations such as Arekere, Hulimavu, Gotigere, Puttanehalli and JP Nagar Phases 6 and 7 are close to Bannerghatta Road. They are seeing stepped-up residential developments. Several developers etc have launched mid-range and high-end projects along this road. Most of the projects are high-rise apartments catering to higher mid-income to high-income buyers, and the units are priced above Rs 80 lakh. The price range is between Rs 5,000 and Rs 6,500 a sq ft, and also higher.

The rental market on Bannerghatta Road is robust, thanks to its connectivity with the adjoining business districts. One could rent a 1 BHK (bedroom, hall, kitchen) apartment here for Rs 8,500-10,000 a month, a 2 BHK for Rs 14,400-18,000 a month and a 3 BHK for Rs 22,000-30,000 a month. Most rental properties are within Rs 15,000-25,000 a month.

In physical and general infrastructure, Bannerghatta Road is one of the most developed micro-markets in Bengaluru. With the extension of Namma Metro till Gottigere, this location is set to take another leap forward in its real estate profile.

The writer is Managing Director - south, JLL India