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

Current realty prices in metros may be unsustainable: Report
May 31, 2013
Investment demand for real estate in the metros, rather than the demand from those who want to stay in the house they are buying, seems to have outpaced the rise in home prices in these cities compared to in the smaller ones. And this faster pace of rise in real estate prices in the metros may eventually turn out to be its own undoing, a report by Japanese financial services firm Nomura pointed out.
Realty prices in Puducherry’s French quarter take a hit
May 31, 2013
It's an inevitable domino effect. The local government's civic apathy is robbing Puducherry of its real estate sheen. According to sources, the attraction of the city's famed White Town or French quarter - whose limited residential properties have always attracted both well-heeled locals and expats - is wearing off thanks to mounting garbage, litter-lined streets and hand-cart hawkers.
Online registration of properties introduced in West Delhi
May 31, 2013
People in West Delhi can now expect hassle-free registration of properties with Chief Minister Sheila Dikshit today launching an online system to ensure transparency and offer people a seamless experience.
Mid income homes drive property sale in Bangalore
May 31, 2013
Bangalore's residential real estate market remains resilient despite global turmoil driven by demand for mid-end homes. The city saw 35,500 residential units launched during 2012 and around 8,000 units in Q1 2013.
Bangalore drawing NRI investors in real estate
May 31, 2013
A growing number of NRIs across the US prefer to invest in real estate back home due to a combination of factors. The capital appreciation in India, competitive local lending rates in the US, easing of investment norms by the government, repatriation facilities and availability of property management services are primarily instrumental in driving them to investing in real estate here.
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.

Latest Realty News Of State

Realty Talk's