Looking for a decent accommodation in Bangalore East which is well connected, has reasonable rental rates, is safe to live in, has furnished houses and is ready to move in then a 2bhk flat on Old Madras Road (East Bangalore) can be an excellent choice. The area has lots of options available for different pockets.
Old Madras Road is a known area, easily accessible from other parts of the city, offering numerous and sound rental options. A 2 bhk Flat in Old Madras Road, East Bangalore is a perfect choice with regards to maintaining a balance between link with other areas, sensible pricing, and ready to move in flats providing a secure environment.
The realty in the area got a boost when the six-lane Bangalore-Chennai expressway work started, promising a shorter route between the two southern capitals. The road begins from the Hoskote, in north-east Bangalore and joins the city of Sriperumbudur, which is 40 kilometres away from Chennai. The work is going on in full swing and the six lane highway is likely to be completed by the year 2014-2015. Due to this infrastructural marvel, the distance between the two states has been reduced to a 250-km tension free and easy drive. This is one of the major reasons for real estate development in the area, and ever since in the year 2011, when the highway was approved the area has seen a growth in property prices like never before.
Old Madras Road offers a variety of rental options in each and every category and the rental rates range between Rs 12,000, to Rs 30,000 and up to Rs 35,000 ( Jan 2013- Mar 2013), depending upon the society and quality of construction and facilities available. A normal 2 BHK flat in Old Madras Road, East Bangalore for rent comes with some usual specifications like semi furnished interiors, design as per Vaastu norms, vitrified flooring, well ventilated, attached bathroom, common bath room, car wheeler parking, 24 hours water, cot, bed, T.V., fridge, washing machine, water purifier, sofa, dining table, gas cylinder, tables and chairs. Meaning all one has to do is pay the rent and move in. These ready-to-live-in flats are in line with the modern professional who doesn’t have the time for the nitty gritty of shifting. Also, the locality has shopping complexes, restaurants, cinema halls and parks for the locals. The greenery has been maintained which is liked by the locals coupled with decent infrastructure to maintain it.
The future seems bright as far as the rental rates go for the lessee, as the area has already seen the rental rates go down up to 12 per cent and the downward slide is likely to continue for some time. This may be the perfect time to rent a house in a decent location providing facilities and ambiance to the live in. The fall is temporary and actually some areas have seen an increase in rental rates but it is around 2 per cent to 5 per cent only and not as much as the fall in rental rates.
The fall in rental rates is due auto correction of the market coupled by local reasons and a dip in the demand of houses here. The overall picture looks bright for the area and in fact one may consider buying a 2 bhk flat in Old Airport Road because of this slight fall in the realty prices as well, which also applies to the commercial property rates here.
(The author has been tracking the real estate sector for eight years for leading television channels and print media.)