Jayanagar, founded way back in 1948, is one of the first planned localities in Bengaluru. A cosmopolitan locality, Jayanagar is today divided into 10 blocks and carries the tag of being one of the most preferred residential property destinations. Though there are multiple commercial properties here, the locality is dominated by residential multi-storey apartments, villas and bungalows. Jayanagar has shaped up as a self-sustained residential micro-market that provides all conveniences and infrastructure for its residents.
During the early 2000s, living in Jayanagar meant a longer travel time to the major business districts of Bangalore. However, with Bengaluru witnessing a tectonic shift in its business districts, the advent of thriving information technology/IT-enabled services firms in the southern part of the city marked a turning point for the real estate story here.
Excellent connectivity to the thriving business districts is an added advantage. Being surrounded by some established centres such as JP Nagar, Vijayanagar, BTM Layout, Bannerghatta Road and Banashankari, this suburb benefits from impeccable social infrastructure and also draws a considerable amount of interest from the local population looking for residential properties towards this side of the city.
With well-developed and wide roads and plenty of green spaces, the locality is free from traffic snarls and congestion. Apart from the excellent general infrastructure, there are retail outlets and shopping malls that give residents a wide spectrum to choose from. The presence of quality health care facilities and educational institutions such as Carmel Convent School, National School of Business, JSS Educational Institute etc. make Jayanagar an extremely attractive destination for families looking to settle in this part of Bangalore.
One of the major reasons for the skyrocketing real estate prices in Jayanagar, especially around third, fourth and fifth block, is due to the rapid commercialisation with almost 50 per cent buildings and sites being converted to commercial/retail establishments. This has resulted in a significant surge in property prices of residential apartments.
Most of the properties in Jayanagar cater to the upper middle and luxury segment, which places this suburb out of the reach buyers on a lower budget. The rental market here is very popular, and one can expect a year-on-year rental yield of about 2.5-3.5 per cent depending on the exact location and amenities offered. With property prices ranging between Rs 9,000 and 12,000/sqft and a positive quarterly appreciation to the tune of three-five per cent Jayanagar is rated as one of the most lucrative property markets in the city. For the well-heeled investors, Jayanagar is one of the best options when it comes to investing in Bengaluru real estate.
The writer is managing director - south, JLL India
