When it comes to property investment, Bangalore offers a plethora of options in its various thriving and flourishing localities. One such stretch, which is gaining momentum in the real estate market of the IT city is Old Madras Road or popularly known as OMR. It is perhaps one of the most prospering suburbs of Bangalore which include major localities like KR Puram, Ramamurthy Nagar, Hoskote, Kannamangala, and Budigere Cross. Take a look at various other factors that make this locality a favourable hotspot for investment:
Location and Connectivity
The Old Madras Road is surrounded by some of the major residential and commercial hubs of the Bangalore. Because of its location, it enjoys smooth connectivity to almost each and every area via rail and road network. The metro station of Byappanahalli and the KR Puram railway station are easily accessible from here. OMR also lies in proximity to the International Airport. The local buses are also a good option to commute from one place to another.
The road is also well-connected to Yelahanka, Hoskote, and Kadugodi via NH-44 and NH-77.
Apart from this, the state government has also proposed an expressway between Hoskote and Sriperumbudur that will link the two bustling South cities easily with one another.
Besides sound connectivity, OMR road also boasts a well-developed infrastructure with the presence of leading schools, colleges, hospitals, entertainment centers, malls, etc. Some of them include SB International School, Sri Chaitanya Techno School, Deepa Hospital, Government Hospital, Gopalan Grand Mall and Gopalan Signature Mall.
In order to enhance the last-mile connectivity, the government has proposed to extend the Purple Line of the Namma Metro. An eight-lane Peripheral Ring Road (PRR) is also planned alongside OMR.
Real Estate Market
With presence of both residential and commercial pockets, the real estate market of OMR is quite lucrative to invest. Proximity to IT parks and companies calls many working professionals to invest here. Some of the leading companies and parks include Wipro Corporate Office, International Tech Park (ITPB), and Embassy Manyata Business Park.
Because of sprawling connectivity and better infrastructure facilities, leading developers have launched their residential projects on OMR. Many other projects are ready for possession and others are in various stages of construction. Some of the leading developers who have marked their presence in the area are Prestige Group, Brigade Group, Shriram Developers, etc.
From 2 or 3 BHK apartments to independent villas, a home buyer can invest as per their budget and need.
Salarpuria Sattva Magnificia, Shriram Greenfield, Salarpuria Sattva Celesta, Pashmina Waterfront and Brigade Exotica are some of the ready-to-move-in properties present on Old Madras Road.
Property Price and Trend
With a deluge of options for home buyers, the property prices on OMR have witnessed a huge leap of 10% on a Y-o-Y basis. At present, the average property rate here is Rs 4,876 per sqft. A 2 BHK starts from Rs 50 lakhs, while a 3 BHK costs for 68 Lakhs. On the other hand, an independent villa ranges between 65-75 lakhs. Due to this, a residential apartment is a popular investment option among prospective homebuyers.
Moreover, in the last 5 years, the price of the property on OMR has seen a surge of nearly 41% and the momentum will remain the same in the coming years too. Also, with several planned and proposed infrastructure, the area will see a further boom and gain traction in the realty market. So, if you want to earn good ROI and rental income, investing on Old Madras Road much beneficial.