BANGALORE: Bangalore west has primarily developed over the years into a residential hub with Rajajinagar, Basaveshwaranagar, Malleswaram, Yeshwanthpur, Mathikere, Mahalakshmi Layout, Nandhini Layout and Chandra Layout being some of the prominent localities.
The Rajajinagar Industrial Town adjoining the residential locality of Rajajinagar, and the Peenya Industrial Area lining the periphery of the western region were the early industrial areas. With connectivity augmented through various civic infrastructure projects such as the upgraded NH-4 and the upcoming Metro line, this region is opening up to further residential, industrial, commercial and retail growth.
Tumkur Road elevated highway
The Tumkur Road project eased up congested roadways in the largely residential-cum-industrial western quadrant, making travel to the north Karnataka region at one end and Mumbai at the other end, smooth. The 19.5-km stretch of the NH-4, along with the 4.5 km elevated expressway, has reportedly benefited an estimated over 1.20 lakh commuters per day.
Consequently, the region has come up fast on the radars of developers, aiming to cash in on increased consumer interest. Shrinivas Rao, CEO – Asia Pacific, Vestian Global Workplace Services, explains, “The micro-market of Tumkur Road is primarily an industrial destination with traditional and established industrial clusters of Bangalore – Peenya and Yeshwantpur industrial areas. This location is actually under radical metamorphosis as a series of projects such as the Bangalore-Nelamangala expressway, the Metro Rail etc. provide an impetus to the region through better infrastructure. Tumkur Road being an industrial corridor houses various engineering and manufacturing industries along its stretch and is progressively gaining prominence in terms of residential developments.”
Localities connected and benefits
According to a Knight Frank report, the residential locations that have benefitted from this project include Yeshwanthpur, Nelamangala, Hessarghatta, Jalahalli and HMT Layout.
Dr Samantak Das, Chief Economist, Director – Research and Advisory Services, Knight Frank India, points out, “The main advantage of this project for residential catchments is that the Yeshwanthpur-Nelamangala stretch, which was an agonising distance to traverse due to congestion, has now turned into a swift commute. Residents in peripheral locations such as Nelamangala can now reach the city in a quarter of the time that was taken previously. Thus, owing to the emerging residential catchments, investors can expect good price appreciation.”
The rise in the popularity of this micro-market can be attributed to three key reasons – the availability of land parcels that provides room for future development of healthcare, entertainment and other aspects of social infrastructure development; large and steadily growing industrial hubs as economic activity is directly correlated to residential growth; and improved connectivity through the NICE Ring Road that provides easy access to Hosur.
Rao adds, “The elevated Tumkur Road seamlessly connects prime locales in north Bangalore such as Malleswaram, Yeshwantpur, Rajajinagar and Peenya to the Nelamangala Industrial Area. Apart from these localities, this expressway is also a boon for the potential development of areas along Tumkur Road, such as Hessaraghatta Main Road, Jalahalli, HMT Layout etc. A majority of the residential development along this stretch caters to the budget and mid-segment real estate categories. This location is also witnessing development of office spaces, retail, hotels and highend residential options near Yeshwantpur.”
Potential for appreciation
Research by Knight Frank indicates that the capital appreciation envisaged in the region is about 10-15 percent per annum. “Tumkur Road connects Bangalore to Mumbai and this channel will remain an active industrial corridor in the years to come. Additionally, there are large industrial land parcels available, raising the growth potential. Hence, capital appreciation as well as rental returns will be high in the long run,” says Rao.