Rajaji Nagar is a residential hub in the north-west of Bangalore, situated close to the established areas of Yeswanthpur and Malleswaram. Due to rapid infrastructure development along the Yeswanthpur-Rajajinagar-Malleswaram corridor, this region has witnessed fast residential real estate development over the past decade.
Apart from being a residential hub, Rajaji Nagar boasts of some notable organised Grade-A commercial projects such as Brigade WTC and Golden Heights. In fact, because of its proximity to the central business districts (CBD), Rajaji Nagar is developing into an 'extended CBD' and is being favoured by corporate occupiers who are looking for alternate destinations close to employee catchments.
Rajaji Nagar has adequately-developed social infrastructure with schools, hospitals and hotels available. The general infrastructure is very conducive to modern family life, with good social infrastructure also acting as catalyst for residential development in the area. The area has gained additional popularity because of the beautifully-designed ISKCON temple, a magnet for international religious travellers.
In general, Rajaji Nagar is replete with attractions for end-users, as well as investors. The two mega malls in the neighbourhood viz., Mantri Mall and Orion Mall, make it a favourable destination for organised retail that is conveniently juxtaposed to major residential catchments. Other key location attributes also check out positively.
Rajaji Nagar is located about five km from the Yeswanthpur railway station and enjoys superlative connectivity to Bangalore's various business districts. The major connecting roads are Mahakavikuvempu Road and 8th Main Road.
The Metro project has enhanced this area's connectivity to all parts of the city, and the proposed Mono Rail will improve connectivity to Hebbal Outer Ring Road and BIAL. With the proposed Mumbai-Bangalore Industrial Corridor, Rajaji Nagar stands to benefit directly from this economic driver, which will significantly boost demand for residential, commercial as well as retail properties there.
V Raheja, Puravankara, Brigade Group, Phoenix Ltd, Pride Group, Ranka Group and Sobha Developers are some of the notable developers active in Rajaji Nagar, with their offering catering mainly to the mid and high-income buyer segment. The residential supply in Rajaji Nagar is more or less geared at employees of Bangalore's burgeoning IT/ITeS sector.
Rajaji Nagar presents a favourable investment proposition, as it has been seeing consistent annualised appreciation to the tune of 12-14 per cent. With prices ranging from Rs 8,500-10,500 per sq ft, residential properties at Rajaji Nagar command a premium over many other localities in Bangalore.
The writer is head, residential services (Bangalore), JLL India
