Prices likely to appreciate 5-10% in a year

Hotspot: Jakkur, Bengaluru

Jakkur is an established residential suburb in northern Bengaluru. Set in a serene environment, it has one of the cleanest and largest water bodies in Bengaluru, which provides potable water to the city. The famous Jakkur Airfield, also known by the name Jakkur Flying Training School, is the only general aviation field in Bengaluru. Jakkur is also known for housing some reputed institutes in the city, such as Jawaharlal Nehru Centre for Advanced Scientific Research, Ohio Manipal School of Business, Amrutha Education Society and Pradeep Education Society.

Development of the Bengaluru-Hyderabad Highway and Bellary Road was one of the major contributing factors for the growth of Jakkur's real estate market. Jakkur started emerging as a residential precinct soon after the commencement of office operations at Embassy Manyata Tech Park in 2007, because Jakkur is close to this tech park. Real estate growth surged further when the Kempegowda International Airport started operations in 2008. These two major infrastructure improvements formed the development magnets pulling investments at Jakkur. It is possible to reach anywhere in Bengaluru once one gets on to the Bellary Road.

In 2014, when the NH7-Hebbal, Devanahalli Expressway connecting the airport to the city started operations, connectivity at Jakkur improved significantly and the area started attracting more investments. The availability of good social infrastructure, such as Columbia Asia hospital and numerous schools, makes it a destination for luxury homes as well.

The completed luxury projects which have already made their mark in the residential property circle are Sobha Emerald, Century Celeste, Prestige Dorchester, N R Orchid Gardenia and Arun Auroville. The average sale price of two-to-four bedroom apartments in Jakkur is between Rs 6,500 and Rs 12,500 a sq ft and rental prices for two-to-three bedroom apartments range between Rs 16,000 and Rs 65,000 a month, depending on whether the apartment is premium or regular and the location.

Jakkur is likely to witness moderate price appreciation of 5-10 per cent in the next one year, as this sub-market has a good volume of units already available for sale. However, keeping in mind the future developments that will benefit Jakkur in the near future - such as the governments' keen interest in relocating the Bangalore Turf Club from outside the city to Jakkur - will once again boost the overall real estate profile and appreciation potential of the region.

The writer is Associate Director - Research & Real Estate Intelligence Service, JLL India