Centrally located commercial and retail hub
Shantinagar is a well-established locality in central Bengaluru that boasts of excellent social infrastructure facilities including hospitals, schools and colleges. The area is known for its inter and intracity bus terminal and government offices like Excise Commissioner's office, the sub registrar's office, and offices of the Bangalore Metropolitan Transport Corporation and Karnataka State Road transport Corporation. These establishments have attracted other commercial, retail and hospitality developments to the locality.
The major residential pockets within Shantinagar are Langford Town and Wilson Garden. They mostly have bungalows and independent houses with a few small-sized boutique apartments.
This is a self-sustained micro market. All facilities, from those for daily needs to super-speciality services, are available here. Besides being home to long-standing citizens, the area is also dotted with several small lodges and hotels that cater to the traders who often travel from outside to trade in nearby areas like JC Road, Chikpet, Kalasipalya, and so on.
Shantinagar mainly hosts commercial and retail establishments and has only a few residential pockets. Several state government agencies jostle for space with corporates and head offices of several firms that are relocating here to remain close to major central business district (CBD) hubs like MG Road, Lavelle Road and Richmond Town. In fact, the area receives spill over demand from MG Road and Lavelle Road, where space is scarce and rentals rates are high.
Shanti Nagar is also located close to major trading hubs like JC Road, Chikpet, etc. It has excellent connectivity via public transport. The locality also has many known restaurants and pubs such as PlanB, Wazir’s Restaurant, Pizza Hut, Nagarjuna Andhra Style, Adyar Anand Bhavan, Domino’s Pizza, and so on.
Currently, the locality is in a transition stage from traditional business centres to Grade A office spaces to cater to demand from corporate offices and start-ups. With this rising demand for office space, office rental values here are also appreciating.
Some of the prominent commercial establishments in and around the area include Nanjappa Mansion, Prestige Towers, Siddam Setty Complex, Center Point, Vinay Arcade, and TTMC Building, and so on. The well-known hotels are Adarsh Hamilton, The Pride Hotel, Melange Astris, The Chancery Pavilion, The Elanza Hotel, The RitzCarlton, ITC Gardenia, etc.
Rental rates for both residential and commercial properties vary hugely, depending on whether the structure is an old one or a modern highrise. According to ANAROCK data, a 2-BHK flat in Shantinagar fetches anywhere between ~25,000 and 70,000 in monthly rentals, depending on parameters like location, building quality, and amenities within the building. Monthly rentals for commercial spaces range from ~30-80 per square foot.
Thanks to its strategic location, Shantinagar has considerable demand for retail, F&B and office spaces. Demand from each of these sectors is based on specific location.
The writer is MD-land & headSouth India, ANAROCK Property Consultants