Why is Koramangala One Of Bangalore's Top Rental Zones?

Every year, thousands flock to Bangalore to find jobs or study. Most reputed IT companies of India are based in Bangalore which not only offers IT specialists jobs but also professionals from other backgrounds. There are several areas in Bangalore that have emerged as rental destinations like Marathahalli, Electronics City, Whitefield and HSR Layout, but they are yet to achieve the success that Koramangala has.

Koramangala regularly features among the top five rental markets in Bangalore, mainly for the social infrastructure, communication, distance from offices and physical infrastructure available. The neighbourhood is for the affluent and upper middle class. Flats for rent in Koramangala Bangalore are taken by mostly those who aspire to live here but cannot purchase property as a standard unit's price can run into crores. Also know about Revanta Smart Residency and Emporis Tower Noida

The area has 1, 2 and 3BHK apartments available for rent. For 1BHK flats for rent in Koramangala Bangalore, you would have to spend Rs 15,000 to 20000 per month while for 2BHK units the amount escalates to Rs 25,000 to 43,000. These apartments are between 1200 and 1500 sq ft. For 3BHK flats for rent in Koramangala Bangalore, the rent payable every month ranges between Rs 30000 and 70000 and these flats are sized from 160 to 2100 sq ft. The revision of rental rates is also regular in the area as landlords can increase rent by up to 10 to 12 percent every year.

 

Koramangala lies in the vicinity of several IT hubs and companies such as Bosch and Texas Instruments are based here. Those employed in these firms prefer taking rental property in Koramangala. Koramangala is also located close to the Jayanagar Metro Station of the Namma Metro Route (around 6 kilometres away). The area has several malls such as the Forum Mall which attracts young crowds. The area is also at the confluence of several major roads such as Inner Ring Road, Outer Ring Road, Sarjapur Road and Hosur Road.

Gurgaon-Rewari Road a national highway, elevated road at Badshahpur soon

Because of high rentals, several rent seekers move to areas like BTM Layout, Domlur Layout and Indiranagar, which are equally developed and are less expensive. For a 2BHK apartment of 2000 sq ft in Koramangala, one would have to pay up to Rs 40,000. However, for a similar apartment in BTM Layout, the rent payable is Rs 25,000 per month.

 

Those thinking of making property investments in Koramangala can earn up to Rs 70000 per month from them. However, to earn such an amount, buyers would have to invest a lot as well. Koramangala has one of the highest per square foot rates in Bangalore, that range between Rs 9000 and 13000. Therefore, for property in Koramangala, you would have to spend Rs 1.2 to 5.5 crore. This is one of the reasons why the neighbourhood is a successful rental market- most residents cannot afford to buy property here.

Most property analysts have pointed out that the demand for apartments in Koramangala exceeds supply which is why the rental rates escalate quickly.