Small builders drive residential development in Hormavu, Bangalore
May 31, 2013
Source : The Times of India


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, 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!

Latest Realty News

Development plan for Bharuch, Ankleshwar discussed
May 31, 2013
Bharuch Ankleshwar Urban Development Authority (BAUDA) has started consultations with stakeholders from the twin cities on a new development plan. People from various sections of the society participated in the first such meeting held on Wednesday.
Bad loans to soar on new RBI norms
May 31, 2013
The Reserve Bank of India has said that from April 2015 banks will no longer have the leeway to relax repayment norms for troubled companies without classifying their loans as non-performing assets, which would lead to a surge in bad loans. RBI has also asked banks to increase provisions on loans restructured from June 2013 to 5% from the present requirement of 2.75%.
Government to provide affordable housing
May 31, 2013
With the prices of real estate escalating it has become extremely difficult for the common man to find a piece of land within his means.
DDA to pay Rs 2L to flat applicant
May 31, 2013
The negligence of the DDA that cost an applicant an opportunity to own a flat of his own has invited a penalty of Rs 2 lakh from the top consumer court.
JLLI closes Pune's largest M&A deal of 2013 at Blueridge SEZ, Hinjewadi
May 30, 2013
Leading international property consultants Jones Lang LaSalle India have successfully concluded the largest M&A real estate deal in Pune this year to date. Acting on behalf of the company holding BlueRidge Special Economic Zone (SEZ) Phase 1, the Firm's Capital Markets team has successfully facilitated the sale of 100% equity in the company to IDFC Limited, one of India's largest domestic financial institutions.
Noida circle rates to go up, 17-35 per cent hike proposed
May 30, 2013
Buying land or a house in Noida, Greater Noida or along the Yamuna Expressway may soon get costlier as the stamp and registry department has proposed to increase the circle rates by up to 35%. This proposal comes within days of the three development authorities hiking property rates by up to 30% after their board meeting on Saturday.
Eden City launches “Homegain” – home owning option
May 30, 2013
Eden City Group one of the renowned real estate developers in the city with its flagship project Eden City Maheshtala has announced ‘Homegain’, an innovative home owning option. ‘Homegain’ home owning option is offered for its ready-to-move-in apartments that allow one to take possession of his new home by paying a minimum of 20% of the property value. The buyer is also required to sign a home loan agreement for the balance amount; the EMI for which starts after one year.
MCHI-CREDAI to focus on generation next developers
May 30, 2013
In a bid to strengthen its presence in Mumbai Metropolitan Region (MMR), developers body MCHI-CREDAI has decided to set up its Youth Wing and increasingly involve the generation next.
Noida Board approves Rs 10,017 crore budget
May 30, 2013
Noida Board on Monday gave its approval for a Rs 10,017 crore budget for the year 2013-14, which is 43 percent more than last year's budget.
Tata Housing ties up with NSC to create awareness about safety
May 30, 2013
Tata Housing on Wednesday said it has tied up with National Safety Council of India (NSC) to create awareness about importance of following environment, health and safety norms in real estate industry.

Latest Realty News Of State

Realty Talk's