Mid range and budget homes market expands in Bangalore North
Dec 21, 2013
Source : The Times of India

 

BANGALORE: In the early 2000s, Bangalore north beyond Anandnagar was still largely unexplored. Vast tracts of barren land laden with trees lined the highway leading towards Andhra Pradesh, and the only known landmark in the area was the Devanahalli fort. The relocation of the airport brought the north into focus and over the last five years, residential property development has taken off, with a host of housing options coming up in this region.

Shrinivas Rao, CEO – Asia Pacific, Vestian Global Workplace Solutions, says, “Prior to 2008, the residential neighbourhoods in Bangalore north were chiefly located in and around Yelahanka. However, post commissioning of the airport, the stretch from Hebbal northwards witnessed increased interests from most developers. Within a short time span, micro-markets such as Hennur Road, Thanisandra Road, Bellary Road, Bagalur Road and Yelahanka observed substantial augmentation in commercial activity, steady improvement in infrastructure and also gained prominence as thriving residential markets.”

Infrastructure and growth

Some massive infrastructure projects poised to shape the growth trajectory of Bangalore north in the short to medium terms include the elevated expressway to the airport, the Aerospace Park, the Devanahalli Business Park and the Hardware Park.

He adds, “Further, Bangalore north, located between the city and the popular tourist destination Nandi Hills, benefits from the location. Hebbal and Bellary Road have gained prominence by virtue of being largely patronised by high net worth individuals and NRIs. Projects in this sub-market are in the ticket size of over Rs 1 crore, provide several amenities that are on par with international standards and hence considered high-end. Hebbal also benefits in terms of connectivity to the Outer Ring Road (ORR) and its proximity to the Central Business District (CBD). Of late, the section beyond Yelahanka in Bangalore north has witnessed heightened development in the high-end villa category.”

Mid-range options

According to Vestian’s real estate report, amidst the agglomeration of neighbourhoods classified under Bangalore north, mid-segment options ranging between Rs 40-70 lakhs are mostly located on Hennur Main Road, Thanisandra Main Road, Yelahanka and Bagalur Road at present. Availability of large land parcels, proximity to the ORR and improving infrastructure are the key reasons for residential developments in these regions.

Rao elaborates, “Additionally, proximity to Doddaballapur and Chikkaballapur industrial areas, the ORR as well as the Hardware and Aerospace Parks has benefited the real estate development in Bangalore north. Senior and mid-level personnel employed in these commercial zones choose to reside in this micro-market largely due proximity to workplaces and the ready availability of a host of residential options. While two large corporates have already begun operations in Bangalore Hardware Park, the upcoming expansive facilities of two more are sure to fuel the residential demand in this quadrant further.”

Budget options

Vestian’s report states that budget residential options ranging up to Rs 35 lakhs are presently concentrated in and around Doddaballapur Road and off Bellary Road. Sanjay Chugh, Head – Residential Services (Chennai and Bangalore), Jones Lang LaSalle India, points out, “The north-east quadrant of Bangalore is emerging as one of the hotspots for affordable housing projects due to the availability of land at relatively economical prices. Ongoing and proposed infrastructure developments, easy access to the airport and to the IT hubs in Whitefield and Hebbal are resulting in the rise of budget homes. The current supply scenario for mid-segment homes in the north stands at over 9,000 units and for budget homes, at over 4,500 units.”

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