Here's Why Electronic City Real Estate Strikes The Right Chord With Buyers

Development activities, particularly in the residential segment, in Bengaluru's Electronic City has been rising steadily since few years now. Established by Karnataka Electronics (Keonics), a pioneer in IT infrastructure development, Electronic City offers residential accommodations at an extremely affordable rate with the average price of Rs 3,813 per sq ft. In spite of an increase in prices by 13.7 per cent, the Electronic City continues to impress homebuyers with presence of ample educational institutions, commercial complexes and robust connectivity.

Also Read: 10 Cool Facts About Bengaluru's Electronics City

Factors that make property investment in Electronic City preferable

Alluring prices

A 1BHK apartment is available for Rs 23.64 lakh, 2BHK for Rs 38.89 lakh, 3BHK for Rs 57.36 lakh while a 4BHK residential space is available for Rs 1.67 crore. A residential plot is available at a reasonable cost of Rs 47.22 lakh. The minimum and maximum prices of property is between Rs 2,100 per sq ft and Rs 5,400 per sq ft, respectively. Furthermore, properties on rent are easy on pocket. Clearly, people from varying income groups can find suitable E-City homes to suit their budget and preferences. 

Ideal location

The Electronic City is located 18 kilometres from city central via the Hosur Road. Spanning across 332 acres, it is segregated into three different phases i.e. Phase I, II and III. E-City is also embraced by other localities such as mico layout, HSR Layout, Kammanahalli, Bommanahalli and Bilekahalli. There is a well-developed social infrastructure too entailing educational institutions like International Institute of Information Technology, shopping malls like Spencers Hyper Mart and Neo Mall and hospitals viz. Vimalalaya Hospital and The Apollo Clinic.

Proximity to IT hub

A business hub with some prestigious technology organisations viz. Wipro, Tech Mahindra, Hewlett-Packard, Infosys, HCL Technologies, Patni Computer Systems, CGI, Siemens, Genpact, Intel and Tata Consultancy Services are situated in the vicinity.

Also Read: Localities with maximum property price appreciation in Bangalore City

Efficient Transportation Network

A nine-km-long highway, which is an extensive elevated highway in India, connects the region to Silk Board. Metropolitan Transport Corporation Buses (BMTC) and International Airport Ltd (BIAL) Buses, an under-construction metro line from RV Road to Bommasandra as well as the presence of the international airport is 21.5 kilometres away via the Electronic City Flyover and Hosur Road — all enhance the connectivity of the region.

Plethora of options

As many as 265 units of residential spaces and 69 under-construction properties are on sale. Shanders Youlla, Kolte Patil iTowers Exente, Krishna Enterprises Goldfields and Skylark Royaume are some significant projects coming up in the locality which are worth investing in. Ajmera Villows and The Address Maker -- The Lake View Address some chief luxury housing properties in the area. 

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To know about more about Electronic City, read on...

The exponential growth in the price of  real estate in Bangalore will turn many areas into 'hubs'. For many reasons, Electronic city or e-city is on the top of the list of such hubs.

Apart from factors common to such hubs like high growth in property prices, high potential for growth, and large number of inventory, E-city has a few unique features that indicate that it is expected to remain a hot real estate market for very long.

1. Large tracts of land: Unlike many hot real estate markets in Bangalore, Electronic city is a planned township. Conceptualized as an electronics manufacturing hub, the government had reserved as much as 330 acres of land to the project in 1978. However, instead of being a manufacturing hub, it became an IT Hub that did not require much of the land that was reserved for the project. So, there is much land that is suitable for development in this area. In E-city, today, there are many IT companies and residential projects. But, the developments so far are merely part of Phase I of the township's growth. The second phase is spread over 340 acres, and 122 acres were acquired for the third phases in the development of this area. In terms of development, the first phase is saturated at this moment, and the development of the second phase has begin. The growth has been enormous and these areas were divided into East and West. This indicates that much of the potential of this area is waiting to be tapped.

2. Growth in mid-income housing: Like many other areas in Bangalore, demand for mid-income housing in the E-city is growing. The E-city is known for its villas and other luxury projects. But it also caters to mid-income home buyers. This is expected to the key trend in the next four to five years, fueling construction activity. On average, currently, apartments in electronic city cost Rs 3,700 per sq ft. The price of mid-income housing prices range between Rs 2,800 to Rs 5,000 per square feet. Developers are now building 1 BHK apartments in electronic city with fewer fringes allowing them to be affordable.

3. Ever-increasing connectivity: In Electronics city, infrastructural growth is yet to reach a saturation point. Apart from highways and the 10 km long elevated highway that connects it to various parts of the city, Neeladri roadconnects Electronics city to the IT hub of Bannerghatta. The Metro Phase II is also transforming the transportation network in the city. Metro lines will increase the connectivity between E-city 1, E-city, Huskur Road and Hebbagodi.  

4. Smart city project: E-city is also the testing ground for the government's smart city project. Smart cities are expected to have intelligent systems powered by Cisco. A smart city will allow citizens to connect to public utility systems using WiFi. For example, a user can find more about parking availability in an area using a smart phone or see the weather updates displayed on their screen. This project, if successful, will transform the township yet again.

5. Commercial hub: E-city is not merely an IT Hub. It has many manufacturing companies too, like GE Power Tools, Tata Power and several biotech companies. With many companies building offices here, slowly, it is becoming an auto showroom hub. This indicates that E-city has the potential to become an integrated commercial hub very soon. 

   (Why Electronic City Will Remain A Hot Real Estate Market was compiled by Katya Naidu on July 23, 2015)