BANGALORE: In the mid-1990s when the road to far-off Whitefield was upgraded, it was rumoured that a delegation visiting the site that ITPL was to come up on had agreed to put up the tech park in the location only if the road infrastructure was upgraded to reduce travel time from the Vidhana Soudha to ITPL, to 10 minutes. From then on, there has been a focus to upgrade civic infrastructure in the east – the widening of several key roads, the completion of the Outer Ring Road (ORR) and ongoing works to enhance connectivity through the Old Madras Road on towards Hoskote – owing to the presence of important economic hubs in the vicinity. This has turned Bangalore east, over the years, into a coveted residential property hotspot.
Alexander Moore, Chief Executive Officer – India, LJ Hooker, explains the pattern of residential growth in the east, “To view the market and patterns of development in the east, we should break the area into two quadrants – the north-east comprising Hennur Road, Thanisandra Road, C V Raman Nagar, Whitefield, K R Puram, and Old Madras Road, and the south-east with Bannerghatta Road, Hosur Road, Electronics City, Haralur Road, Bellandur and Sarjapur Road. The south-east has many locations that are recognised, and a huge amount of high-rise apartment stock available.”
Connectivity and growth pattern
Connectivity to Bangalore east was through Old Madras Road and Old Airport Road in the past. The ORR which was completed in 2002 has eased the accessibility to Whitefield. The proposed Metro Rail extension of the M G Road-Byappanahalli line to Whitefield is a major infrastructure project which would be providing connectivity, and therefore residential growth, an impetus.
The north-east quadrant has a high volume of proposed and ongoing high-rise residential apartments planned, while the south-east has already developed to a large extent with large volumes of occupied high-rise apartments servicing the multiple tech parks in the area. The area is still developing towards Hosur, Sarjapura, with many new developing belts such as Attibele, Anekal, Chandapura etc.
Moore elaborates, “Most of the IT parks that are currently operational are situated on the south-east stretch of the ORR. The IT parks in the north-east quadrant are generally under development with only one major business park and some satellites up and running at present.”
According to Satish B N, Executive Director (South), Knight Frank India, “Indiranagar, Yemlur and Domlur are the most preferred high-end locations as they are established neighbourhoods in proximity to the CBD. Locations in Whitefield such as ITPL Main Road, Varthur Road and Brookefields are preferred locations for high-end projects due to proximity to the EPIP zone. The major industries which are driving demand in these localities are the IT/ITES and BFSI sectors.”
According to a Knight Frank’s research, Yemlur, Whitefield, Marathahalli and Bellandur are the emerging high-end localities in the east. The price range of high-end homes in this region is upwards of Rs 7,500 per sqft, depending on the developer’s brand equity, proximity to the central business district (CBD), specifications and amenities of the project. Satish adds, “The price range for highend homes in Indiranagar is between Rs 10,000 and 15,000 per sqft due to limited supply.”
The developed areas near large-scale tech parks are where the majority of high value homes are located. “Primary areas are in close proximity to Whitefield, ITPL and Sarjapur Road. The reason is higher income-generating density in these locations as IT, auto, pharma, financial services and manufacturing companies are present in these locations. The price range is about Rs 5,500 10,500 per sqft with ticket sizes going up to Rs 5-10 crores,” Moore points out.
Research by LJ Hooker indicates that Old Airport Road, Hoskote and Marathahalli are witnessing the emergence of high-end options in the east.