BANGALORE: Eight senior India executives of Dubai-based Landmark Group have bought homes, priced between Rs 1.3 crore and Rs 10 crore, in 77 Town Centre, a tech park that's coming up near the old HAL Airport here. The decision to buy was taken after Landmark decided to take up close to 4,00,000 sq ft of office space in DivyaSree's project.
Technology park developers in the city are launching residential units within their commercial developments, giving a fillip to the concept of 'walk-to-work' in the country's IT capital. From niche town houses for senior management to 2BHK units priced at Rs 43 lakh for the larger working populace, developers are combing diverse profiles of homebuyers within their office complexes to offer walk-to-work solutions.
South India's largest developer Prestige Estates Projects has launched a niche town house enclave comprising just 30 units within Prestige Technology Park priced upwards of Rs 5 crore. With homes ranging in size from 3,980 sq ft to 4,307 sq ft, the project is targeting the relatively large pool of senior executives working within the tech park and along the city's IT corridor.
Likewise, tech park developer Embassy Group has planned for residential developments at two of its mega commercial projects in the city. Being marketed as a 'walk-to-work' development, Embassy Knowledge Park near the international airport is being developed on a 190-acre land parcel where 79% of the project will comprise IT/ITeS office spaces. A portion of the remaining land is being utilized for residential purposes.
Embassy is also planning another residential development within its 106-acre SEZ, Vrindavan Tech Village (VTV), on the outer ring road, which it had acquired last year. Jitu Virwani, CMD, Embassy Group, said that the company's residential offerings within tech parks would offer housing options for senior and mid-management employees.
Developers believe that the time has come to offer residential solutions that allow buyers to circumvent or reduce the impact of the city's challenged infrastructure. "With the generally appalling state of infrastructure, people want to have as little to do with it as possible," said Alexander Moore, CEO, LJ Hooker India, an international consultancy firm. He added, "By taking on-campus housing options, general facilities like roads, water and power become controllable by the builder, taking the risk of poor government services out of the equation to a large extent."