JP Nagar is one of the most popular residential locality in Bangalore. It is located in the southern part of the city. The area neighbours other residential localities such as Banashankari, Jayanagar and BTM Layout. The area comes under the planned development category as it was created as an extension of Banashankari and Jayanagar to accommodate the growing population there. The area is measures 2500 acres and is spread over nine phases.
One of the major connectors in the city of Bangalore is the Outer Ring Road (ORR). The ORR runs through JP Nagar. Through this road this area is well connected to all the major parts of the city. The other major roads which passed through this micro market are the Kanakapura Main Road and the Bannerghatta Main Road. The National Highway 7 and NICE Ring Road are some of the notable roads which can be easily accessed from this locality.
The Kempegowda International Airport is located at a distance of 47 kms from this micro market. Though there is no proposal for a metro station for this locality, there is a proposal for a metro station in Kanakapura which will prove very beneficial for those who are living in this area.
The average price for apartments for sale in JP Nagar stands at INR 4200 per square feet. The average rate for apartments stood at INR 3600 per square feet a year ago. The property prices here have appreciated by about 17 percent over the course of the last year. The going rate here has been going up and down for the last 4 years. About 4 years ago the going rate stood at INR 2900 per square feet on average.
The most popular configuration for apartments for sale in JP Nagar are 2 BHKs. 3 BHK flats in JP Nagar come in as a second choice. The most popular budget range for those who are looking for properties in this micro market falls between INR 40 and INR 50 lakhs. The second most popular budget range falls between INR 30 and INR 40 lakhs. The most preferred unit size for apartments here falls between 1000 and 1250 square feet. The 1251 to 1500 square feet range comes in second. Buyers are willing to spend an amount equal to greater than INR 2000 per square feet on apartments in this locality. This is followed by the INR 3001 to INR 3500 per square feet range.
The micro market is considered to be a commercial real estate hub as well besides being a hub for residential real estate. Plots are available in limited quantity here. Since the Information Technology hubs such as Electronics City, Whitefield and Marathahalli are located in close proximity to this micro market, there has been demand for commercial real estate here. It has attracted the IT population as well because of the same reason. NRIs are another set of buyers who are looking for properties such as 3 BHK flats in JP Nagar. The area still remains one of the localities in the city of Bangalore to offer good spaces to live in.