Bangalore :The property values of localities near IT companies are on a record growth in the quarter ending Jul-Sep 2012. Major areas where the rise has been noticed are Sarjapur Road, Electronic City, Brookfields, Marathahalli and Bellandur. Sarjapur tops the charts with 11% growth. Also 9% growth in Bellandur and 8% in Marathahalli has been witnessed. Sarjapur is not only witnessing high property demands but also improvemnets in infrastructure and public transportation with the rolling out of new Volvo buses resulting in lesser traffic congestion.“All these areas are near campuses of large IT MNCs. Although the global economic situation is tight, these companies have not really witnessed a dramatic downturn of fortunes. This, coupled with the attractive loan market, has contributed to the growth in these localities,” said Krishna Bhat, CEO, Srujana Architects.The growth in Brookfields is also about 9% but Whitefield has managed to grow only by 3% because Brookfields has better infrastructure facilities with wider roads and less traffic while Whitefields is full of bottlenecks.With the increase in the number of IT companies, the IT workforce has been boosted. Thus the desire to live near the place of work is driving the property rates to witness a hike. 2 and 3 BHK’s falling in the range of above Rs.50 Lakh are in high demand.
Along with property prices, rental values are also increased significantly. Indira Nagar, Electronic city, HSR Layout, Whitefield, Banshankari stage 2 and many other areas touched a high level in rental prices. As IT seems to be an ever-growing sector, property and rental rates will keep increasing in the precinct leading to a rapid real estate development.