BANGALORE: Interest in real estate peaked in north Bangalore with the setting up of the international airport in 2008. The as yet largely unexplored region boasted sizeable tracts of land at significantly lower prices. This helped the growth of commercial space in the region. Connectivity through the Outer Ring Road (ORR), the Hebbal flyover and the new expressway over Bellary Road has brought areas here into the spotlight due to easy access.
Girish K S, Local Director – Strategic Consulting, JLL India, says, “Major commercial real estate development in Bangalore north took off with two business parks, which came up during 2003-05. With the finalisation of the location of international airport at Devanahalli, 40 km from the city, this quadrant came into the limelight with the announcement of a series of infrastructure projects supporting this project”.
The international airport takes the largest credit for channelising development towards Bangalore north. Being a large piece of regional infrastructure, the Government announced several other infrastructure initiatives as part of its support agreement. The major ones included the widening of Bellary Road, the expressway connecting the city to the airport as well as the elevated highway.
Ram Chandani, Deputy Managing Director – South India, CBRE South Asia, adds, “The expansion mainly of Bellary Road and other parallel roads such as Hennur Road and Thanisandra Main Road also created opportunities for the development of commercial and residential projects in the area. Moreover, many developers had acquired large tracts of land at a relatively lower cost in north Bangalore, in comparison to the other parts of the city. As a number of organisations began travelling up north, quite a few residential projects too began to follow suit.”
Girish elaborates, “The two major business parks also effectively played the role of anchor commercial developments for the north. One on the ORR emerged as one of the leading IT park/SEZs after a large IT company chose to consolidate its operations there. There are several other leading occupiers such as banks, financial institutions and IT companies.”
Research by JLL India indicates that the total available commercial office space within this micro-market is around 6.76 million sqft and the proposed space is around 14.33 million sqft. “Some of the present and upcoming commercial hotspots in north Bangalore are areas around Hebbal and Bellary Road, along the route to the airport. The airport also has about 600 acres earmarked for landside development. In addition, the Karnataka Industrial Areas Development Board (KIADB) is developing the Devanahalli Industrial Area over 3,000 acres, comprising an IT park, hardware park and aerospace park behind the airport,” Girish states.
According to Ram, the areas in and around Hebbal, regions within 4-6 km from Hebbal towards the airport, and areas on NH7 are the preferred corridors for corporate clients. “Thanisandra Main Road and Hennur Road are also considered as secondary locations in north Bangalore. Developments towards north Bangalore are expected to grow section-wise and at present, developments within a 6-km radius from Hebbal are under consideration and evaluation from corporates seeking space,” he points out.