On the City’s residential market front, North and East Bangalore are poised for growth. Proximity to the airport, promise of the Metro and the increasing number of IT projects are some reasons attributed to this growth, writes Ruth Dsouza Prabhu
Which are the localities in Bangalore that will see development, come 2013? In a comprehensive report released by Jones Lang LaSalle India, Karun Varma, Managing Director – Bangalore & Kochi, Jones Lang LaSalle India, points out that when it comes to the City’s residential real estate for the year ahead, North Bangalore is set to shine.
Without doubt, localities in North and East Bangalore are where all the action is going to be in terms of residential development.
Proximity to the international airport, the development of the Metro and the increasing number of IT projects in the area will bring North Bangalore and East Bangalore into sharp focus.
He points out that in 2013, North Bangalore will continue to grow, thanks to its massive potential for capital appreciation. On Outer Ring Road, projects under construction on Sarjapur Road will reach the completion stage and will see incremental sales because of the preference for ready-to-occupy projects by end users. This area’s proximity to the IT growth corridor will also be a contributing factor.
This area will thrive on the back of increasing information technology investments and the aerospace SEZ being planned by the government over the coming three to five years.
Whitefield will continue to see considerable residential sales, thanks to its affordable prices, proximity to important workplace centres and the enhanced retail and social infrastructure in this location.
Thomas Teo, CEO, Ascendas India Operations, agrees. “North Bangalore, once seen as more of a research and industrial area, is fast becoming a technology hub and a business corridor for Fortune 500 companies. The availability of large parcels of land at comparatively affordable prices and proposed infrastructure developments are a major driving force in creating demand for real estate development/projects in North Bangalore,” he notes.
Also, he points out that when it comes to IT/ITes companies, they may choose to migrate to this location for comparatively lower rentals.
Also, the government’s plan to develop this zone for hardware and aerospace parks may further open new business opportunities for the IT sector.
For Bijay Agarwal, MD, Salarpuria Sattva Group too, it is North and East Bangalore which are poised for tremendous growth, thanks to infrastructure and development activities that are already underway. These areas will see speedier roads and faster commute times very soon.
Lack of sufficient water supply is still a concern in the North region, but the upcoming infrastructure support will see this belt booming in the next three years.
Though the elevated flyover has been delayed, it is expected to be completed by 2014 and is yet another reason for increasing development activities,he adds.
Head to Hebbal
According to P Premachandran, CEO, Hebron Properties, another area to look out for in 2013 is Hebbal which is seeing large number of projects, both mid-scale to upscale being located here. Hebbal will see at least 20-30 per cent appreciation in property values. Old Madras Road too will see a lot of projects coming up. In 2013, property prices will appreciate by 20 per cent here. Similarly, Sarjapur Road and Whitefield too will see good appreciation and growth, thanks to their proximity to the IT hub.
Suraj Asrani, COO, Cornerstone Properties, agrees. “Hebbal, Hennur Road, Thanisandra have seen good demand and appreciation. Infrastructure under planning includes the elevated expressway to BIAL, the Hi Speed Rail Link to BIAL, widening of the Hennur and the Thanisandra Road as also the Signal Free ORR Corridor,” he explains. “Whitefield and the ORR have seen the maximum absorption of office space, residential demand in these areas and areas like Varthur and Sarjapur Road are robust and have seen successful launches and increased demand. The Cabinet approval to the PRR would be a game changer as access and connectivity to these areas would be easier,” he notes.
For Sanjay Raj, ED&CEO, Golden Gate Properties Pvt Ltd, the coming year will be one of development for North and East Bangalore. At the same time, East Bangalore including Sarjapur Road and Whitefield will witness the completion of many residential properties owing to customers’ choice for ready-to-occupy projects.
Areas like Hebbal and Banaswadi will hopefully thrive on residential projects for their close proximity to important workplaces and the enhanced retail and social infrastructure in these locations. 3 BHK units are going to be the fastest-moving and appreciating products in 2013.
Notes Jitu Virwani, Chairman & Managing Director, Embassy Group, “Bangalore is now growing towards the north. Key infrastructure developments such as the road leading to the airport now being upgraded to include elevated roads as part of a signal-free corridor, emerging IT hubs in the northern region and abundant availability of land have led to an increase in residential projects and integrated townships towards this area.
Other facilities like elevated roads, flyovers, underpasses and road widening activities have further served as a reason to portray North Bangalore as the new investment hub as far as the real estate sector is concerned.”
Growth along ORR
Brotin Banerjee, MD and CEO, Tata Housing, points out that the growth of the residential market in North Bangalore has been primarily along the Outer Ring Road (ORR), in areas such as Hebbal, Sahakara Nagar, Dollars Colony, RT Nagar, Banaswadi, Mahadevpura and Nagawara.
Proximity to the airport and to the commercial hub of Manyata Tech Park has made this pocket of Bangalore the preferred residential location by the IT population.
With the widening of the NH-7 up to BIA from the existing six-lane to eight-lane is under process, we can expect further real estate development in North Bangalore on both sides of the NH-7.
North Bangalore has a lot to offer potential home buyers as well as real estate developers in the year to come.