In Mumbai, the real estate market has faced its own challenges, but Bengaluru presents a unique scenario for potential homebuyers. The allure of this tech capital has drawn many to explore property investments. However, the question remains: can one still find an apartment priced at ₹1 crore amid escalating property prices? The answer is nuanced, with significant factors influencing the current state of the market.
As per real estate experts, price trends indicate a significant shift in the availability of homes within the ₹1 crore bracket. Properties in this price range are increasingly being located on the outskirts of the city, distancing themselves from established tech corridors. Areas such as Kengeri, Jigani, Doddaballapur Road, and peripheral sections of Sarjapur and Varthur have emerged as new focal points for potential buyers. This shift underscores the importance of understanding where value can still be found amidst rising housing costs.
A recent report by NoBroker highlights that over 42% of units in the sub-₹1 crore segment have become effectively inaccessible within prime markets, despite a growing demand for affordable housing options. While resale properties may offer some respite, choices remain scarce in well-connected neighborhoods that are desirable for first-time buyers. As Bengaluru's residential property prices surged by nearly 12% year-on-year, averaging ₹7,388 per sq ft, the landscape becomes increasingly challenging for budget-conscious shoppers.
Currently, areas such as Kanakapura Road, Devanahalli, and Doddaballapur Road are deemed the most viable options for those seeking homes under ₹1 crore. These locales continue to attract leading developers who offer modern amenities and spacious configurations, making them appealing to prospective homeowners. Notably, Brigade Orchards in Devanahalli has introduced 2BHK units priced within this budget, showcasing that quality living at reasonable prices is still achievable in certain developments.
However, potential buyers should be aware that opportunities largely remain confined to the city's periphery. In prime locations like Indiranagar, Koramangala, and JP Nagar, new-build apartments typically start at ₹2 crore, even for smaller configurations. Therefore, while there are options available for those looking to invest in Bengaluru's real estate market, success largely hinges on location and readiness to explore emerging neighborhoods.