BANGALORE: Hormavu, a suburb in North Bangalore, is fast developing as a sought after residential locale predominantly due to its good connectivity to all major parts of the city. In the absence of established developers, small city-based builders are offering varied residential options to potential clients.
“Hormavu is still developing and none of the major names in the real estate field are currently present here, Prestige Group being the only exception,” states Manoj Sharma, Director, Property Matrimony, a city based realty firm. He continues, “Some other renowned developers have also acquired land parcels in the area and we are expecting announcements related to their projects by the end of the year. However, at present residential developments are largely being driven by the city based developers.”
Some of the city based developers present in the locality are Vinayaka Group of Company, Riches Builders and Developers, Satwi Infra and Sree Angala Parameshwari Constructions among others.
These developers are cashing in on the connectivity of the area as the locality is well connected to the city via Outer Ring Road. It is strategically located between Whitefield on one side and Manyata Tech Park on the other, each located at a distance of approximately 9-10 km. The locality also offers good connectivity to the airport and the Krishnarajapuram Railway Station. Well developed localities such as Banaswadi, KR Puram, Ramamurthy Nagar etc are also located nearby.
“Demand is largely driven by IT professionals working in the Manyata Tech Park. The most demanded configurations are 2 and 3BHK units,” states Nishit Aggarwal of Perfect Pincode, a city based realty firm. As per data on MagicBricks.com, the average capital values for apartments vary from Rs 3,150-3,700 per sq ft. “The city-based developers even offer apartments at prices as low as
Rs 2,500-3,000 per sq ft. However, these developments offer only basic facilities such as parking and lifts. Amenities such as swimming pools, clubs, 24-hour security etc are not available,” adds Aggarwal.
With land parcels more easily available in North Bangalore as compared to South and East Bangalore, renowned developers are ultimately expected to reach Hormavu, sooner than later. It needs to be seen if the city-based developers would hold fort once this happens. Would consumers prefer reasonable prices offered by the city based developers or go for world class amenities that the established names bring with them? We will have to wait and watch!