Powered by strong physical infrastructure, metro rail connectivity and low occupancy costs, the micro market of North West Bengaluru is fast emerging as the next secondary business district of the city, a report by real estate advisory firm Meraqi Research revealed on Monday.
“The region has been witnessing increased commercial development activity with demand expected to grow to 4.00 msf (million square feet) by 2025 from the current 2.00 msf,” attested Nirupa Shankar, Joint Managing Director, Brigade Group.
“Land values in the immediate surroundings are appreciating at an average 10% per annum,” said Geetha Ezhilarasi in support. She heads advisory and valuation services at Meraqi.
However, some disagreed.
“In comparison to rest of Bangalore, demand for commercial real estate is relatively low in North West Bangalore primarily because of Yeshwanthpur/ Peenya historically been an industrial belt and (there are) not many Grade A commercial development beside Brigade’s World Trade Centre,” said Shantanu Mazumdar, executive director for Bengaluru region at real estate consultancy Knight Frank India.
The area which currently provides employment to around 5,50,000 workers harbours the potential to create an additional 45,000 jobs by 2025, the report highlighted.
With office spaces coming in, there will be a ripple effect on other assets as well, such as retail and luxury housing, said Virendra Joshi, who is the senior vice president for research at property consultancy Anarock. “So the entire ecosystem will develop which is currently missing,” he added.