K.S. Girish, Local Director – Strategic Consulting, JLL India
Banashankari is an emerging micro-market of South Bangalore. The area gets its name from Bangalore’s oldest and well known temple ‘Banashankari Amma’ Temple on Kanakapura Road, which was constructed in 1915. Considered an extended part of Old Bangalore, the area extends all the way from Mysore Road to Kanakapura Road and is the largest locality in Bangalore. The area offers a serene environment and is one of the most preferred destinations for plotted developments.
Located between established areas of Jayanagar and J.P. Nagar in the east and 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 destination in Bengaluru that has all the possible classifications such as stage, phase and block. It is divided into 6 stages, with the 6th stage being the largest.
Stage 1 mostly consists of organic development. There are no large land parcels available in this region. The development in Stage 2 is planned and offers plotted development by BDA. Stage 2 too lack in availability of large land parcels and plots are small in nature. This phase is a preferred destination for plotted development with independent bungalows on offer. The property prices in this area range between Rs.11000-12000/sq.ft. for independent bungalows and Rs.8000-9000 for plots.
Stage 3 is a large area and predominantly the commercial area of this micro-market. The development of the Outer Ring Road (ORR) acted as a catalyst to the development of this micro-market. The area is closely connected to the well-developed micro-markets of Jayanagar and Kathriguppe which houses some of the leading business brands such as MindTree. This area is famous for its prominent pin code as some of the eminent personalities reside in this locality. The area has well adequate social and general infrastructure with many retail and commercial establishments available such as Big bazaar and many other factory outlets.
Seeing the potential of the Stage 3, many reputed developers such as Prestige, Sterling, Tata and Mantri have entered the region. With prices range between Rs. 6000-8500/sq.ft for a residential condominium, the area mostly caters to the upper-middle and higher income segment.
Banashankari 6th Stage is one of the best locations planned by Bangalore Development Authority after HSR Layout and Koramangla. The 6th Stage is spread over 1290 acres of land and has more than 20695 sites. The added advantage this area comes with is the presence of large green cover in the form of the Turahalli forest, which is a protected area. There are plans of turning this protected area into an adventure sports hub soon, an initiative by the State-owned Jungle Lodges and Resorts (JLR).
One of the major factors leading to the development of this region into a micro-market is being an extended part of old Bangalore, Banashankari shares historical relevance. The natives of Bangalore prefer staying in Banashankari as it is very closely situated with the key city centres which in fact are the prominent areas of old Bangalore.
In all respects, Banashankari is a well-serviced area, essentially due to the presence of Bangalore Development Authority (BDA) in the region. The area benefits from well-developed social and civic infrastructure with no water or electricity issues. There are many quality educational institutes and hospitals with numerous entertainment establishments. Proximity to ORR and various key city centres drive the residential demand to this place. The area further benefits from the Metro connectivity through Kanakapura Road via Jayanagar.