North Bangalore: The new saga for real estate investment
Authored by Srinivasan Gopalan, CEO, Ozone Group
Post demonetisation, GST and RERA, Bangalore’s real estate is revitalising. The sales of existing projects as well as new launches have been a success in recent times especially on the Northern corridor of Bangalore. In recent times, North Bangalore has been making its mark as a hotbed for investment. Proximity to the International Airport and the presence of robust infrastructure are some of the factors that have been working well in favour of the region. Consequently, a large number of multi-national companies have shifted their base to the North of India’s Silicon Valley.
North Bangalore consists of 950 acre Bangalore Aerospace Park that includes 250 acre SEZ that consists of more than 50 large and mid – sized companies. It has upcoming 400 acres Devanahalli Business park and is expected to attract the investment of over $2.2 billion in next few years. Apart from this there are several developments like BIAL IT Investment Region of 12,000 acres that has generated interest from over 55 multinational IT companies including Infosys, Wipro, TCS, and Cognizant. In terms of connectivity, the proposed 8-lane wide Bellary Road (NH-44) from the existing 6-lane will cut the travel time.
KIAL in North Bangalore is one the fastest growing localities and has more than 200 residential projects in the area nearby. The area enjoys enhanced connectivity and strong physical and social infrastructure, and emerges as the investment hub.
Various factors responsible for the growth of North Bangalore are:
Apart from presence of international airport, this area enjoys excellent connectivity to the city center via current 6-lane Bellary road and the high frequency of BMTC (Bangalore Metropolitan Transport Corporation) which operates many buses in this area and eases the commute. The widening of Bellary road which will connect to the international airport and central Bangalore, 72 Km Namma Metro that will connect the city centre to the airport, peripheral ring road and satellite ring road that will connect the airport to different parts of the city are major developments which will make commute easier and overturn the realty landscape of the area.
The area has strong social and physical infrastructure which increases the liveability quotient. It has easy access to reputed educational centres like Delhi Public School, NAFL – NPS (National Public School), Ryan International School, Canadian International School, Chrysalis High, Oxford English School, Caramel English School, Presdiency College, CMR University, REVA University, Brindavan College, Vidyashilp academy. The area has hospitals like Chaithanya Hospital, Columbia Asia Hospital, Aster Hospital, retail stores and entertainment centres like Esteem Mall, Elements Mall, Decathlon etc.
North Bangalore is full of commercial developments that include IT Parks such as Manyata Tech Park, SLK Software, Ecopolis, Kirloskar Business Park, Aero SEZ, International Tech Park, Devanahalli Business Park proposed by KSIIDC, BIAL. These developments along with proposed commercial developments will improve the North Bangalore’s realty in the coming years. Other than these, the locality is also home to various famed names such as Rolls Royce, TCS, Infosys, StarragHeckert, Target, L&T, Philips, Nokia, Fidelity, Nvidia, AXA, Cognizant, Shell, ThyssenKrupp Aerospace, IFCI, and Wipro which would create nearly 4 million jobs.
The proposed Satellite Town Ring Road connecting Sarjapur, Hoskote, Kanakpura and many other areas, Phase 2 of Namma Metro connecting North and South Bangalore will encourage more IT companies and corporates to set up their offices in the area which in turn will surge the residential demand.
North Bangalore is a perfect destination for affordable and luxury housing. Over the past few years the area has attracted reputed developers to launch their projects. Not only amongst the developers and homebuyers but the region has also gained prominence as a coveted rental hub among the tenant community which is largely due to International Airport and nearby IT and no IT companies. Few reputed developers who launched their township projects which provide walk to work culture, senior living, array of luxury amenities, healthy living offering all types of configurations. These townships are mix of large apartments, plotted developments, Villas and student living. The best part about having plotted development and villa living within the townships is that the customers can own a township at the price of a villa or plot as they get to maximize the benefit of using the luxury amenities which are integral part of a township.
Prices: Property values range between 25 lakhs to 2 cr for apartments and 3 cr to 6 cr for Villas and Plotted Development.
All above developments and factors will surge the demand for residential units in the area. With an influx of commercial offices and IT Parks, the realty prospect of North Bangalore is expected to soar further in the times to come, hence making it an attractive investment destination for developers and homebuyers alike.