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Banashankari, named after Bengaluru's oldest temple, the Banashankari Amma Temple on Kanakapura Road (constructed in 1915), is an emerging micro-market in south Bengaluru. Considered an extended part of old Bengaluru, the area extends from Mysore Road to Kanakapura Road and is one of the city's largest localities. It is one of the most preferred destinations for plotted developments in this city.
Located between the established areas of Jayanagar and J P Nagar in the east, Girinagar and Rajarajeshwari Nagar in the west, Basavangudi towards the north and Padmanabhanagar, Vasanthapura, Kumaraswamy Layout, Isro Layout and Uttarahalli in the south, Banashankari is the only area in Bengaluru with all possible classifications, such as stage, phase and block. It is divided into six stages, with the sixth being the largest.
Stage-I primarily comprises organic developments; there are no large land parcels in this region. The development in stage-II is planned and offers plotted development by the Bangalore Development Authority (BDA). Here, too, there aren't any large land parcels. This phase is a preferred destination for plotted development, with independent bungalows. Property prices in this area range between Rs 11,000-12,000/sq ft for independent bungalows and Rs 8,000-9,000/sq ft for plots.
Stage-II, a large segment, is predominantly the commercial area of this micro-market. Development of the Outer Ring Road acted as a catalyst to growth here. This area is closely connected to the well-developed micro-markets of Jayanagar and Kathriguppe. The area has adequate social and general infrastructure, with many retail and commercial establishments such as Big Bazaar.
Sensing the potential in stage-III, many reputed developers such as Prestige, Sterling, Tata and Mantri have entered this area. With prices at Rs 6,000-8,500/sq ft for a residential condominium, the area mostly caters to the upper-middle and higher-income segments.
Banashankari's stage-VI is one of the best locations planned by BDA, after HSR Layout and Koramangala. This stage is spread across 1,290 acres and has about 20,695 sites.
Many in Bengaluru prefer residing in Banashankari, as it is very close to key city centres, the prominent areas of old Bengaluru.
In all respects, Banashankari is a well-serviced area, essentially due to the BDA's presence. The area benefits from well-developed social and civic infrastructure. There are many quality educational institutes and hospitals. Proximity to the Outer Ring Road and various key city centres drives residential demand in this place. The area also benefits from metro connectivity through Kanakapura Road, via Jayanagar.
The writer is local director (strategic consulting), JLL India
