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Koramangala is one of Bangalore's prime locations and it has sprung up as a lucrative realty option in the past few years. Gaurav Pandey, senior vice-president, PropEquity Research & Consulting says that Koramangala has evolved as a premium residential market with proximity to established commercial hubs in Central, East and Southern Bangalore.

There is negligible availability of vacant land parcels in Koramangala that may be utilised for real estate development activity. Thus, in light of limited new supply and consistent demand, the property prices are expected to increase further.

In this part of the city, the rising real estate prices have not deterred buyers from purchasing residential and commercial spaces. Bangalore is primarily driven by IT/ITeS segment, which has been growing consistently. Further, unlike other investor driven property markets, Koramangala's residential real estate demand is primarily driven by end-user segments, which reduces the volatility of the local market.

Not just that, Bangalore's real estate market is doing exceptionally well, as compared to the more popular metropolitan cities like Mumbai and Delhi. Bangalore property market has done reasonably better than other major cities of India, such as National Capital Region (NCR) or Mumbai Metropolitan Region (MMR) during the last year, say realty industry analysts.

Both MMR and NCR have witnessed a significant fall in new launches and absorption. It may be noted that the absorption or sales of residential projects have fallen by about 42 percent in NCR and approximately 34 per cent in MMR.

But Bangalore has seen a comparative rise in the business. The decrease in total absorption or sales in Bangalore is only three per cent which suggests relatively lesser impact of current economic conditions, the analysts say. Koramangala is seeing a slow, but certain shift from residential space to commercial spaces.

In the last five years Bangalore has grown in peripheral locations such as Hebbal and Yelahanka in North, Whitefield in East and Electronic City in South, but mostly as residential spaces.

Areas such as, Outer Ring Road and Sarjapur Road are witnessing heightened real estate activity due to heightened interest shown by apartment complex builders.