North Bangalore – Emerging residential destination
Sep 27, 2013
Source : The Times of India

 

BANGALORE: Bangalore north has become the epicentre of the city with the presence of the international airport in Devanahalli. A host of civic infrastructure projects to upgrade connectivity and promote seamless travel are further enhancing the dynamics of this region.

Analysts say with the completion of projects such as the six-lane elevated expressway and the widening of the NH-7 to an eight-lane highway in the long term, this region, with Hebbal as the nerve centre, will be seamlessly connected to every part of the city. Along with the planned high-speed rail link, the Metro and the Peripheral Ring Road, this will further augment connectivity and impact residential and commercial development in the region.

Impact on residential development 

The focus on the peripheral locations in the north has led to increased residential development. Apart from improved connectivity, the comparatively lower land cost, availability of large land parcels, and potential for growth and therefore, capital appreciation, have led to the rise of a wide range of options for endusers and investors.

Swati Bakshi, an advertising and marketing consultant, who bought her first home last month opposite Iskcon Temple, feels that the city is becoming oriented towards the north. “We decided on this location as it is centrally located with good connectivity to the airport, railway station and to the Central Business District (CBD). It doesn’t feel like they’re isolated. Another reason to pick this location was the proximity to the upcoming Metro.”Obviously, connectivity is a major factor here.

“I have lived in Jayanagar since my birth so from my perspective, while the south has witnessed significant development, the north is better developed with wider roads. Rentals heading upwards and procedures such as the 10-month deposit led to our decision to move into our own home.”

Satish B N, Executive Director – South, Knight Frank India, elaborates, “The establishment of the international airport led to the anticipation of opportunities in the region, and the focus of real estate development turned towards north Bangalore. The interest of government agencies, corporate houses and the general public also picked up considerably.

The existence and the new IT parks in and around the Hebbal region coupled with active leasing by large IT/ITeS firms for consolidations/expansions has also led to a large demand for residential options here. Improved infrastructure and better connectivity is an added advantage.”

“Besides numerous infrastructure projects being planned by the government such as High Speed Rail Link and Metro, announcement of mega projects such as KIADB Park, the Information Technology Information Region and Devanahalli Business Park also triggered the rush to the north. Further, the Karnataka government has invited a number of corporates to set up their units/offices in north Bangalore, which will further provide an impetus to residential growth in the region,” he adds.

Localities in the spotlight

Research by Knight Frank shows that after the commencement of the airport and the subsequent improved connectivity, the Hebbal-Devanahalli stretch has turned out to be one of the fast-emerging residential hubs. Residential localities that will benefit owing to civic projects are Sahakaranagar, Amruthahalli, Jakkur, Yelahanka, Kogilu Cross, Bagalur Cross as well as the tangential Doddaballapur Road.

Satish adds, “Hebbal, and Thanisandra, in particular, have gained much importance as a residential destination with the launch of several high profile projects. The presence of a large operational tech park and business park has also made the northern markets preferred residential destinations, primarily for the employees engaged in the IT/ITeS sector.”
Other northern areas that have seen recent residential developments due to improved connectivity include Hennur Road and the Yelahanka-Doddaballapur belt. The launch of high profile IT parks/mixed use developments is a significant value-add for further growth of residential sector in the region. Yelahanka has also come up as a preferred residential market owing to its good connectivity with the airport as well as the city centre through NH-7.

Range of options

According to Knight Frank, the residential development in Hebbal largely consists of apartment projects while Yelahanka has both apartment projects as well as villas.

Hebbal has apartments in the range of Rs 4,250-10,000 per sqft. Yelahanka has apartments in the range of Rs 3,000-5,000 per sqft and villas are in the range of Rs 5,000-8,000 per sqft. The capital appreciation envisaged for Hebbal and Yelahanka is in the range of 15-18 percent per annum.

 

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