BANGALORE: The proposed Mumbai-Bangalore Industrial Corridor is expected to be the much-needed economic driver for the micro-market along the Tumkur road in Bangalore, said Girish K. S., Local Director - Strategic Consulting, Jones Lang LaSalle India.
“The development will significantly increase demand for all core real estate asset classes such as residential, commercial/office, retail, hotel, and industrial infrastructure,” he added.
The proposed industrial corridor is expected to connect Bangalore city with the northern parts of the State, especially along National Highway 4.
For the last seven-eight years (from about 2005-06), Tumkur Road and its surroundings have been witnessing significant augmentation and improvement in terms of infrastructure in general and connectivity in particular.
Some of the key infrastructure projects that have become operational in the area in the recent past include the elevated expressway, the Bangalore-Mysore Infrastructure Corridor and the Bangalore International Exhibition Centre.
Other on-going and proposed infrastructure initiatives are the Metro Rail phases 1 and 2 and Peripheral Ring Road. These infrastructure projects, along with the proposed Mumbai-Bangalore Industrial Corridor, are expected to significantly improve the physical characteristics of the area.
The result will be the development of large integrated projects, as there are large industrial land parcels waiting to be unlocked for quality real estate development with the growth of economic drivers in the area.
Until the recent past, the population of this micro-market had a low socio-economic profile – it was dominated by blue-collar workers as the area was a hub for small scale industries manufacturing ancillary parts for public sector units, automobile industries, and garment firms. Over a period of time, the area saw the arrival of large Indian and multinational industrial entities such as Kennametal, Widia, ITC, Volvo, BOC and Reliance Packing Industries.
In the past four years, the area has turned into one of the fastest developing micro-markets in the city, as is evidenced by the launch of some large real estate projects complemented by key infrastructure initiatives.
Also, Tumkur Road is emerging as an attractive destination for stand-alone developments and graded shopping complexes. This is evident from the newly launched Brand Factory at 8th Mile and McDonalds outlets along with leading brands such as United Colors of Benetton, Wrangler, Levis, Lee and Woodlands.
Girish said, “The area within a four-five km radius along both sides of Tumkur Road is likely to develop into an influence zone for the proposed Mumbai-Bangalore Industrial Corridor in terms of residential belts such as Magadi Road, Hesaraghatta, and Jalahalli up to Yeshwanthpur.”