BANGALORE: Upgraded connectivity, through the planned Metro line to the peripheral areas and widening of the Sirsi Circle Flyover, is spurring growth in this belt, says Sai Prasanna Mysore Road winds through the southwestern quadrant of the city, connecting it to the city of Mysore. While commercial realty developments are limited in this belt, over the last few years, residential growth has risen, with the completion of the incomplete stretches of the Outer Ring Road (ORR) in this region. With the widening of the Sirsi Circle flyover up to Nayandahalli as well as the Metro line extension up to Kengeri in Phase II, covering Nayandahalli, Rajarajeshwarinagar, Bangalore University Cross, RV College of Engineering and Kengeri, will ease traffic in this busy corridor and aid smooth travel.
Commercial market overview Mysore Road area is primarily characterised by industrial developments and is occupied by prominent manufacturing and engineering companies. It has a number of established locations such as Vijayanagar and Chamrajpet while Kengeri, Kumbalgodu and Bidadi are upcoming markets.
Satish B N, Executive Director South, Knight Frank India, gives a picture of the commercial development here. “A software tech park at Mylasandra, is a prime office project in the Mysore Road belt. Presently , it has around 3.20 million sqft of operational IT space. The total office space in this belt will be pegged at around 5.21 million sqft by the end of 2014 with the completion of the second phase of the software park, which has around two million sqft of office space under construction“, he says.
Long-term outlook The Mysore Road belt is envisaged to witness increased office space demand. Satish says, “Besides, Phase II of the Metro currently under construction will connect Whitefield to Kengeri via M G Road, thereby providing easy connectivity to the rest of the city. This will augment occupier interest in office projects as well as demand for residential properties in the region.“
Residential market overview Alexander Moore, Chief Executive Officer India, L J Hooker, explains, “Prominent locations in this belt are Kengeri, Rajarajeshwarinagar, Banashankari and Mysore Road. Emerging localities are Uttarahalli Road, Kumbalgod and Bidadi. Kengeri witnessed a launch of around 2.70 lakh sqft in the last six months in the budget homes category. As this belt is already well-populated with land at a premium in the prominent locations, emerging locations have good potential, especially towards the Bidadi side.“
Presently, access to the NICE Road has significantly enhanced connectivity to the south and north-western areas of the city. Satish says, “Rajarajeshwarinagar, a residential layout, is a preferred location in the region, owing to the presence of good social infrastructure such as organised retail, hospitals and centres of education. Demand for housing in Rajarajeshwarinagar is driven by the local populace as well as from IT professionals, owing to the presence of a software park.“ Prominent loca tions in this belt are Kengeri and Rajarajeshwarinagar.
According to Srinivasa Reddy N S, Assistant Vice President Research and REIS, JLL India, “The residential sector in this micro-market is mostly dominated by budget and mid-segment apartments. Capital values for residential realty projects are currently in the range of Rs 3,000-4,500 per sqft. The Mysore Road micro-market is healthy as there is not much pressure from a supply perspective. With an attractive investment proposition in the medium to long terms, the mid-segment and the budget housing options are likely to perform well.“
Research by Knight Frank indicates that approximately 8,000 units which, are under construction will be ready by 2017. The price range for housing options in this belt comes to around Rs 2,800-4,750 per sqft. Retail market overview statistics with Knight Frank indicate that currently there are two operational malls in the Mysore Road belt with another one planned. Total operational organised retail space in the region is around 0.50 million sqft. Options in organised retail formats include standalone buildings and malls.
Satish points out, “Mysore Road belt has a strong residential catchment for retail. The scope for retail is expected to improve given the quantum of residential supply in the pipeline.“