Bangalore: The tall storey
Feb 20, 2014
Source : The Times of India

 

BANGALORE: Bangalore is known for its bungalow culture. It’s not surprising then that the country’s IT capital doesn’t have a great skyline. That maybe about to change. In a daring move real estate developers are reaching for the stars in a bid to give Bangaloreans a skyline to shout about.

In the next couple of months south based builder Golden Gate Properties will start work on the city’s tallest building, Presidential Tower, located in the western suburb of Yeshwantpur. It will rise to 161 metres.

The 1-million sqft residential development, being touted as the tallest building in south India, will top a list of seven other high-rise buildings above 100 metres that have come up in the last six years. For the longest time the Public Utility Building or Subhas Chandra Bose Tower on MG Road, with 25 floors and built 106 metres above ground level was Bangalore’s only skyscraper.

In 2008, businessman Vijay Mallya’s office UB Tower, which overlooks Cubbon Park became the tallest building in the city at 128 metres above ground level. Two years later the World Trade Center built by Brigade Enterprises piped Mallya’s UB Tower to become the tallest building, with 32 floors. Last year, Mantri Developers’ residential development Mantri Pinnacle in south Bangalore, off Bannerghatta Road, with 46 floors and towering 153 metres above ground level was by far the tallest building that Bangalore had seen.

In contrast, Mumbai has over 50 buildings – both under construction and constructed – that are over 150 metres above ground level.

Bangalore’s high-rise growth has been restricted for various reasons, including the fact that the city boasted of an airport located within 10 kilometres of the central business district (CBD). The HAL airport, which continues to operate, is the apex authority to issue a no objection certificates (NOCs) on height limits to developments situated in a 20-kilometer radius around the airport, which effectively covers a major portion of the city’s commercial and IT hubs.

“Areas like Yeshwantpur in west Bangalore and Bannerghatta Road in South Bangalore could emerge as high-rise clusters, just by being located far away from the restrictive height regulations that the CBD areas face,” says Sanjay Raj, promoter, Golden Gate Properties.

Given the number of high-rise developments that have popped up in west Bangalore and with many under development, Raj believes that Yeshwantpur could well emerge as the Manhattan of Bangalore, in the future.

Real estate analysts, however, aren’t buying into that argument. “High-rise residential buildings will only work in two situations – firstly, where the views are great and secondly when it is a premium/luxury building. Apartments with views of railway tracks or low-income housing are not going to find takers at fancy prices,” says Amit Bagaria, founder chairman of Asipac Group, a real estate consultancy firm.

Drawing a comparison to the global culture of high-rise buildings, Alexander Moore, CEO, L J Hooker India, says, If you look at the international scenario high rise buildings are generally restricted to CBD locations or perhaps coastal areas on a beachfront, where there is a clear logical advantage from the height.”

Latest Realty News

Bangalore real estate rings in new year with PE deals
Feb 19, 2014
BANGALORE: Just 45 days into the New Year and Bangalore is seen to be racing ahead in attracting private equity investments in the real estate sector. Many deals topping $10 million (above Rs 60 crore) have been concluded or are in advance stages of closing, said multiple industry sources.
Commercial property market sees upward trend
Feb 19, 2014
BANGALORE: Positive indicators for growth are increasingly evident across the real estate sector with results pointing to a slightly faster improvement in retail real estate compared with office and industrial. At the forefront of these trends are the UAE and Japanese real estate markets, where the Occupier Sentiment Index (OSI) and the Investment Sentiment Index (ISI), are firmly entrenched in positive territory. Significantly, twelve month forward expectations for rents and capital values in b
CM sets roads rolling to nowhere
Feb 17, 2014
BANGALORE: CM Siddaramaiah's allocation for Bangalore's roads - a surprising Rs 8,800 crore - is enough to beat Singapore's smooth network. The funds are earmarked for roads and related infrastructure, including road widening, elevated corridors, grade separators etc. But look close, and there's nothing concrete about the plans.
Karnataka Budget: Thrust on infrastructure
Feb 17, 2014
BANGALORE:The State government’s budget for 2014–15 proposes projects worth Rs. 9,476.86 crore for Bangalore to remove traffic bottlenecks, expand the public transport network, increase water supply lines and create new drainage pathways.
Uniform stamp duty on joint development projects in Bangalore
Feb 17, 2014
BANGALORE: This is good news for real estate developers and landowners. The budget has proposed a uniform stamp duty of 2% on joint development projects, bringing down land registration cost.
Demand for commercial space on uptrend in PBDs of Bangalore
Feb 16, 2014
BANGALORE: With its landlocked area, competitive property rentals and infrastructure initiatives, Bangalore is an attractive destination for occupiers. While the Peripheral Business Districts (PBDs) of Outer Ring Road (ORR) and Whitefield have been performing well, more recently, north-east and north Bangalore have come into prominence.
Two teams to probe realtors’ murder
Feb 15, 2014
BANGALORE: The police on Friday formed two teams to investigate into the murder of two Bangalore-based realtors whose bodies were found with heads severed in Kollegal forest of Chamrajanagar district on Tuesday.
Real estate businessmen from Bangalore found murdered in Kollegal forests
Feb 15, 2014
BANAGALORE: Two real estate businessmen, who had gone missing from the city last week, have been found brutally murdered in Kollegal forest region in Chamrajanagar district.
Demand for commercial space on uptrend in PBDs of Bangalore
Feb 15, 2014
BANGALORE: With its landlocked area, competitive property rentals and infrastructure initiatives, Bangalore is an attractive destination for occupiers. While the Peripheral Business Districts (PBDs) of Outer Ring Road (ORR) and Whitefield have been performing well, more recently, north-east and north Bangalore have come into prominence.
Jones Lang LaSalle India's PE arm makes final close of maiden fund
Feb 12, 2014
BANGALORE: Global real estate services firm Jones Lang LaSalle Indian arm has raised Rs. 161 crore through its first fund focused on residential sector in India, a development that marks a cautious return of risk capital to the country's beleaguered property market.

Latest Realty News Of State

Realty Talk's