North Bangalore soon will be becoming the destination for real estate market and IT hubs. The key factor for this growth will be infrastructure. When the international airport came to Devanahalli, it brought with it the promise of realty growth for this region. This part of the city is slowly showing signs of emerging as the next IT hub. The elevated road over the existing road to the airport once has done will fast track commuting time. The easy access to the Outer Ring Road (ORR) puts this region in close contact with the rest of the city too. Residential catchments have already emerged along this stretch in anticipation of the commercial growth and the housing needs of the workforce that will eventually come to settle here. The region is also well connected to Old Madras Road and Sarjapur, thereby spinning off growth stories and creating connects to regions beyond too. According to Naveesh Saxena, an entrepreneur from NCR, “The drive into the city from the airport is enough to assess the possibilities of growth in this region. I was happy that certain regions have been earmarked as Special Economic Zones (SEZ) for IT, BT, and aerospace parks. Investors definitely look at connectivity and infrastructure when scouting for an office space.” According to Santhosh Kumar, CEO – Operations, Jones Lang LaSalle India, “North Bangalore will continue to look attractive for commercial real estate. The improved infrastructure, developing social infrastructure, planned commercial developments, proximity to the international airport and enhanced connectivity have resulted in north Bangalore grabbing more of the limelight. Because of the infrastructure initiatives that are in various stages of construction and planning such as the high-speed rail link, Hebbal-Yelahanka expressway, and elevated expressway to the airport, it is anticipated that capital values will continue to appreciate. Similarly, rental values will also witness appreciation. The Information Technology Investment Region (ITIR) and Aerospace SEZ planned by the government will provide further impetus to north Bangalore with a growth horizon of 3-5 years”. He also added, “Sarajur Road-ORR also has great potential to emerge as an active rental market backed by the commercial (office) activity in this stretch of the ORR. Infrastructure development, the controlled office space supply coming up and this region’s proximity to the airport will provide continuing impetus. North Bangalore will strengthen its status as the business continuity location of choice”.
Bangalore East once home to expansive British-style bungalows has now transformed into a self-sufficient region solely due to improved infrastructure. The cable-stayed bridge at K R Puram, the Marathahalli Bridge linking the east to the south and north via the Outer Ring Road (ORR), the widening of Varthur Road, and the over-bridge at Kadugodi have all served to push demand for residential options in the surrounding localities. The development of the ORR in the beginning of the past decade and the government’s promotion of an IT corridor between Electronic City in the south and Whitefield in the east helped the emergence of the ORR-Sarjapur Road stretch as the new IT hub. Factors that improved its draw are the proximity of this sub-market to the city’s core areas, better connectivity, as well as proximity to the residential catchment areas and the IT workforce. Whitefield is expected to continue to yield considerable residential sales, thanks to its affordable prices, proximity to important workplace centres and the enhanced retail and social infrastructure. The development of ITPB in 1997 acted as a pivot for the emergence of this region as an IT/ITeS hub. Also, to facilitate the growth of the IT/ITeS industry in the State, the Government of Karnataka promoted EPIP (Export Promotion Industrial Park) in Whitefield.
East Bangalore sub-market, specifically Whitefield and ORR currently has the largest retail space in operational malls, the largest among various submarkets in the city. Whitefield has sizeable supply especially the in Class-B category. Many regional, national, and international developers are planning their projects in this region. Research by Vestian Global has shown that Bangalore has witnessed the launch of 40,336 units in 2012 with a net absorption of 33,988 units. Fresh supply in 2013 is projected to increase owing to initiatives by the government such as exemption on home loans, and reduced interest rates.
With land getting to be the new goldmine of an investment, buying land is like buying a hugely profitable chunk of gold. With Bangalore being one of the fastest growing cities of India, several new developments have happened. Among them is Neo Bangalore, an area of great promises and expectations. It is not a place where time will stand still. It will be about great ambiance, good infrastructure, and fantastic connectivity.
In case of Neo Bangalore, the government of Karnataka has revealed great plans for the place, including an exclusively designed Special Economic Zone, SEZ, for electronics hardware and IT at Bagur. The Aero IT SEZ is already under development at Budigere and promises to create employment for almost 98,000 people.
The Karnataka Industrial Areas Development Board is seeing a high demand for the 685 acre industrial belt of Narsapur in Hoskote. This area is already home to Volvo and Honda factories and many more big industrial heavyweights are said to be getting their new address here. About 468 Japanese companies have set up shop along the Bangalore-Chennai belt and Hoskote is the starting point of this corridor.
Neo Bangalore is Bangalore’s own Navi Mumbai, a place that holds a lot of promise. Neo Bangalore is at Hoskote, a completely planned township that will be able to distill all the good features of Bangalore city and highlight the same. The soothing greenery, the lure of managed growth and the promise of a bustling activity – these are the pulling factors apart from the main salient features.
Neo Bangalore will be able to extend the promise of Bangalore city without diluting its ethos or credence. As people begin to look at other cities as an alternative to Bangalore, it becomes logical to look closer home for an answer. Neo Bangalore will satisfy all those who remain true Bangaloreans.
The 6-lane Super-highway to Chennai starts at Hoskote. It is being developed all the way to Sri Perambudur and that would reduce the travelling time between the two cities considerably. Locally, Hoskote has good connection to important parts of Bangalore. It is a quick drive from the Bangalore International Airport, Byappanahalli Metro Station, and the K.R. Puram Railway Station. Budigere road connects Hoskote to the BIAL in 30 minutes. The railway station is 20 minutes away. Time taken to reach the Central Business District is shortened by taking the metro from Byappanahalli, which will reach M.G. Road within 25 minutes without any traffic issues.
As far as investment is concerned, the promise of Neo Bangalore hikes up the price immensely. Thus, Neo Bangalore is soon to become a promising partner of the city of Bangalore.
Uttarahalli, a locality in North Bangalore, is becoming one of the destination investment destinations in Bangalore. According to Magicbricks.com data, the rental values in Uttarahalli have increased over 200 per cent in the Jan-Mar 2013 quarter. The factors favoring this growth are affordability, Metro connectivity, and proximity to Kannakpura Road and the NICE Bangalore Mysore Highway. According to Javeed Khan, proprietor, RK Gruha Properties, “These roads are about 4-5 km away. The Uttarahalli Road passes through the expressway and connects to the Jawaharlal Nehru Road. The Metro is under construction on Kannakpura Road. Also, the bus stop at Uttarahali circle helps the locality connect to major parts of the city such as Electronic City and Hebbal Road”. According to Ashok, proprietor of SM Enterprises, “With a number of employers opening offices in South Bangalore and a number of new malls and multiplexes about to come up in the vicinity, Uttarahali has lured the attention of people owing to its affordable prices compared to areas such as JP Nagar and Jayanagar”. He also adds, “A 1BHK unit is available for a rent of Rs 5,000 to 7,000 per month, 2BHK for Rs 7,000 to Rs 12,000 per month and 3BHK for Rs 12,000 to Rs 17,000 per month. Whereas, in JP Nagar, the rentals start from Rs 9,000 for the smallest apartment and goes up to Rs 25,000 per month”. Uttarahalli is an extension of JP Nagar and has the largest land bank of BDA and several housing cooperative societies in and around it. Most of the land has been converted to approve layouts. The buyers are mostly investors who are buying the second property to earn extra income through rents. The locality also enjoys proximity to Bangalore University on the one side, Jayanagar, and Banshankari on the other. This also draws a lot of working professionals and students owing to its affordable rents. Riding high on its connectivity and affordability, Uttarahali is one locality in Bangalore suburbs that ensures fast increasing returns on property and can be looked on as one of the alternatives for rented accommodation to the expensive areas in South Bangalore.
Hosur road is becoming a realty destination for both the investors and End-users. According to Magicbricks.com data, from Jan to March 2013, Hosur road witnesses a 17 per cent quarter on quarter rise in capital values. This road connects Karnataka and Tamil Nadu. Many developers are launching new residential projects here. Hosur Road is a four- to eight-lane highway and is a part of the National Highway-7. It covers villages such as Bommanahalli, Hebbagodi, Singasandra, Chandapura, and Attibele. According to Shiva of Sri Sai Enterprises, “Renowned IT companies such as Biocon, Infosys, Wipro, HP, and HCL etc began acquiring land in and around Electronic City which is about 10 km away from Hosur Road”. Another reason that attract the investors and end-users to Hosur road, is its easy accessible to other part of the city. This road stretches from Vellara Junction, through Koramangala and Silk Board to Attibele and Bommanahalli. It is on the route to major industrial hubs such as the Electronic City. It is about five km from the Silk Board Junction and has a good connectivity to downtown city areas. One of the biggest boosts to the area has been the Bangalore Elevated Tollway from Bomanahalli to Electronic City, which has cut down travel time from Koramangala. The proposed Namma Metro link is also a factor in its favour. Another reason that attracts the investors and end-users is that Hosur road gives more option at affordable price. Most of the upcoming residential apartments are budget housing in the range of Rs 30 to 50 lakh per unit. According to Realtor Arun Gandhi of Nest 4u Properties, “These areas are still under construction. Therefore, developers are focusing more on mid-segment housing than the luxury”. Thus, Hosur road is becoming a preferred destination for both the Investors and End-user in Bangalore.
Ulsoor or Halasuru is one of the oldest neighborhoods in Bangalore. According toMagicbricks.com data, there is a rise in demand for 3BHK by 34 percent in Jan-Mar 2013 quarter when compared to the Oct-Dec 2012. Ulsoor or Halasuru is centrally located and is begins near the eastern terminus of MG Road. Most of the demand comes from working force and NRIs working in global companies and corporate houses. According to Ajmal Yusuf, Sales Executive from Brigade Realty, “Professionals drawing a salary of Rs one lakh and above can only afford a property in the locality. These are young professionals who are married and have small families or are planning to get married”. Developers such as Nitesh Mayfair and Shanta Sriram Constructions Pvt Ltd are developing high-end apartments in the area. These apartments are in the range of Rs 1 crore and above. RMZ Group is also coming up with a commercial property called Millenia.
Another factor that is driving demand in the locality is two proposed Bangalore metro stations. According to Ameen K, Proprietor, Regal Property, “These are located in the vicinity of the area. One is located on Old Madras Road, at the end closer to MG Road and the second is at CMH road”. Some of the main streets in Ulsoor are CMH Road, Cambridge Road, Halasuru Road, and Old Madras Road. CMH Road has several fashion outlets and supermarkets and is the main shopping area here. The locality is also famous for its temples and its proximity to all prime areas. It is 2 km from MG Road and 4 km from Indira Nagar. One of the major attractions of this locality is the Halasuru Lake. The famous temple of Someshwara Temple is also located in Ulsoor. The largest Sikh Shrine in Bangalore, the Sri Guru Singh Sabha, is situated on the banks of Ulsoor Lake. Thus, Ulsoor is well developed and is situated in the heart of the city. It is good for investment purpose.