NORTH BANGALORE - THE RISING STORY IN BANGALORE REAL ESTATE
Bangalore with a population over 10 million is the third-most populous city in India, after Mumbai and Delhi. It is the largest IT exporter and is generally known as the IT capital of our nation. The city has also emerged as a green spot for real estate investors offering a sound return on investment and assured rental income. Thanks to the city's strong IT/ ITeS sector driving real estate demand, the city claims strong macroeconomic dynamics and stability.
Even post the demonetization in 2016, property prices in Bengaluru have not witnessed any large fluctuations or loss of investment and the real estate market of the city hasn’t lost its momentum. Most of these residential hubs come with amenities such as parks, hospitals, schools and colleges, retail outlets, and restaurants.
In terms of investment, the northern part of Bangalore is the more preferred option for experts as a viable long-term investment option. In the past few years, property values have constantly been on a rise due to the proximity to the Kempegowda International Airport, vast connectivity via the Outer Ring Road (ORR) and easy access to the Central Business District. With several smooth and effortless commute options to other parts of the city via elevated expressways, metro routes, flyovers connecting Outer Ring Road, NH-7, and Peripheral Ring Road, local buses, North Bangalore is the key to Bangalore’s growing real estate market.
The phase II of the Namma Metro connecting the airport in the north via a 33 km proposed High-Speed Rail Link (HSRL)to central Bangalore is also planned. This will heavily boost the region's commute options and add to the ever growing demand.
Hebbal, Devanahalli, Yelahanka and Hennur Road are some of the areas in North Bangalore which offer exceptional residential projects that suit every buyer’s requirements. From affordable housing to luxury 1 BHK, 2 BHK, and 3 BHK apartments, plots and villas this region has it all. With more than 35 mn sq ft of leased commercial real estate and another 30 mn sqft to be added in the next 5 years, this will lead to lakhs of employees and generate high volume demands.
Even features-wise, North Bangalore has some of the most futuristic projects being currently developed. Smart homes with voice assistants, senior living and care facilities, true to its word of lake views, ultra-modern security and safety equipped homes, etc. The amenities and such features attract even the millennials to invest in homes at an early stage of life.
Some of the key highlights or upcoming projects to look out for are:
- Bangalore Aerospace SEZ: Bangalore Aerospace Park is about 950 Acre off which 250 acre is of special economic zone (SEZ). 56 large and mid-sized companies have invested into this. The SEZ will be introducing US companies to the government officials and industries to the aerospace programs giving them a good exposure.
- Devanahalli Business Park: Devanahalli Business Park, 413 Acre, is expected to lure an investment of about $2.2 billions in the next 5-7 years. It is one of the massive and biggest projects which is coming alongside the Bengaluru International Airport (BIA).
- BIAL IT Investment Region (ITIR): BIAL IT investment Region has 12,000 Acres and over 55 multinational companies mainly IT sectors like Infosys, TCS, Wipro and Cognizant have shown interest in it.
- International Convention Centre: Bangalore International Convention Centre is located next to Bangalore International Airport and will be built on 35 acres of land through a public-private-partnership (PPP) model. It will be a design plan with a garden city theme creating a distinctive convention demonstrating an amazing experience in a garden, that will have people go through it in order to reach their final destinations.
- Bellary Road: From an existing 6-Lanes, Bellary Road (NH-7) will be widened to 8-Lanes. This would support the heavy traffic due to the expansion of the airport, resulting in developments of real estate on both sides of NH-7.
- Disneyland Theme Park: Through a public-private-partnership (PPP) model, Karnataka Tourism Industry is all set to be boosted by the department of Tourism, by initiating over 1000-acres land for a theme park on the lines of Disneyland. The preferred location would be in Devanahalli or along Bangalore - Tumkur road.
- Nano Park: India’s first Nano park is being planned by the Government of Karnataka which has a 15 acre plot size. It will contain a Nano Incubation Centre with all the necessary infrastructure and support systems.
Current property prices (average) have more than doubled up to reach Rs 5800/sq.ft. in 2019 from Rs 2600/sq.ft. in 2015.
The flourishing development of social and physical infrastructure, its central location to commercial and residential hotspots of Bengaluru, the linkage through Outer Ring Road and diverse housing configurations have made North Bangalore one of the top residential destinations to watch out for in the country.