BANGALORE: With an uptake in commercial development in the north, several micro-markets are opening up for residential real estate development. Localities close to the NH7 have benefitted from the upgraded 22 km highway, with seamless link to different parts of the city via the Outer Ring Road (ORR). The north is witnessing several standalone housing projects as well as integrated developments offering residents a self-sufficient neighbourhood.
Hebbal: Hub of integrated development
Research with JLL India indicates key operational Grade-A commercial options in the commercial real estate segment are two business parks located at the Hebbal-ORR junction. While the first is an integrated development with Special Economic Zone (SEZ) status, the second is a corporate campus comprising mixed-use development. The park has commercial office space, a concentration of biotech industries and a hospital as part of the campus.
As for upcoming commercial spaces, an integrated development is under construction at Nagawara, with IT SEZ as well as commercial, retail and residential development. The office precinct will host an IT SEZ on around four million sqft and the planned commercial office space is about 1.10 million sqft. Another project with SEZ notification will have just over half a million sqft of commercial office space in the first phase. Over six other IT parks/commercial centres are coming up as part of integrated developments around Hebbal.
Commercial: Long-term outlook
Ram Chandnani, Deputy Managing Director – South India, CBRE South Asia, says, “North Bangalore is considered a ‘new Bangalore’, with a number of new SEZ projects and tech parks being proposed and under construction. Corporates are considering the north either as a long-term strategic location, a built-tosuit campus location or for their consolidation plans. A State government business park located behind the international airport is expected to see construction activity soon, and corporates are likely to move into the campus within the next 3-4 years.”
Also, at present corporates are in the process of building campuses in the region, which are expected to become operational shortly. According to Girish K S, Local Director – Strategic Consulting, JLL India, till 2008-09, Bangalore north was more a speculative market, especially the land market. Now, with most land parcels in the hands of leading developers and end-users, the outlook remains quite optimistic.
He explains, “With some large infrastructure projects in progress or already operational – such as the airport, elevated expressway etc, the Bangalore north market is poised for high growth. This is evident from the recent launch of large commercial projects. Any large-scale landside development within the international airport will act as a major catalyst for future real estate market growth in general, and commercial development in particular.”
Connecting the airport through the Metro Rail expected under Phase 3 will further boost the prospects of commercial development in the region. “Overall, growth is expected to be gradual over the short-term i.e. 3-5 years, while exponential growth can be anticipated over the medium (5-7 years) and long terms (7-10 years),” he adds.
Key residential localities
According to Vestian Global Workplace Services’ Bangalore real estate Report, prominent residential localities in the north are Banaswadi, HRBR Layout, Hennur Road, Thanisandra Main Road, Bellary Road, Yelahanka, Kogilu, Chokkanahalli, Bagalur Road, Doddaballapur Road, New Town Yelahanka and Jakkur.
Hennur Road, Thanisandra Main Road and Bellary Road are emerging micro-markets owing to their proximity to the ORR and the Central Business District (CBD), good social infrastructure and availability of large land parcels. Commercial growth, presence of international schools, hospitals, retail and other social infrastructure has provided good support for residential growth here.