Posted on 25th January 2015 by Admin

BANGALORE:

Factors such as proximity to the airport, enhanced connectivity, price appreciation potential and good social infrastructure are dictating the development in some locations around the city. Sai Prasanna reports

Several factors have collectively led to the growth and expansion of Bangalore, as it is today. From a nascent market mainly with individual plotted developments, it has grown into a mature market offering a variety of homes for every budget.

Some of the key factors that have brought the different regions into focus are the relocation of the airport and the subsequent completion of the expressway over Bellary Road in the north; the IT hub at Whitefield, connectivity through the Outer Ring Road (ORR) and widening of the Old Madras Road in the east; the Electronics City IT hub with seamless connectivity through the Hosur Road elevated highway as well as the ORR and NICE Road; and the development of industrial hubs and the upgraded Tumkur Road highway in the west.

North With the focus of the city pointing to the north, the commercial property market is taking off in this belt. With large tracts of land available here and proximity to the airport, several corporates are looking at expansions and consolidation in this region.

According to Vestian Global Workplace Services, a workplace solutions firm, the total office space stock on Bellary Road, from Hebbal to the airport, is close to 0.40 million sqft. Under-construction space likely to be completed by the year-end is around 2.04 million sqft and space planned is around 23.03 million sqft. With companies initiating development of their campuses here, this micro-market is anticipated to gain more momentum by 2015.

The prominent residential localities here are Banaswadi, HRBR Layout, Hennur Road, Thanisandra Main Road, Bellary Road, Yelahanka, Kogilu, Chokkanahalli, Bagalur Road, Doddaballapur Road, Yelahanka New Township and Jakkur.

According to Vestian Global's research, while luxury housing options are coming up around Hebbal, along Bellary Road and in surrounding localities, Hennur Main Road, Thanisandra Main Road, Yelahanka and Bagalur Road are witnessing the rise of midsegment options in the range of Rs 40-70 lakhs. The average unit size here ranges from 1,250-2,500 sqft for apartments and 2,500-4,500 sqft for villas.

The capital values for Grade A apartments and villas ranges from Rs 3,800-11,500 per sqft. The average annual price appreciation is this region is around 11-18 percent. The average annual rental yield is around 4-7 percent.

South One of the first centres of commercial growth, the south has developed into a mature market, with extensive IT development. There is around 10.41 million sqft of non-captive operational office space, with IT/ITeS, electronics and manufacturing firms, in the Hosur Road and Electronics City belt alone. While underconstruction office space is around 1.70 million sqft, planned captive as well as non-captive space comes to around 8.51 million sqft.

While the older neighbourhoods of Jayanagar and Basavanagudi continue to command a premium, Koramangala and Bannerghatta Road in the Secondary Business District (SBD) and the suburbs of Sarjapur Road, Haralur Road, and Hosa Road are witnessing the rise of luxury housing options. According to Cushman & Wakefield, a real estate services firm, mid-range options are coming up around Hosur Road, Electronics City, Bannerghatta Road, JP Nagar and Kanakapura Road, with capital values ranging between Rs 4,500-6,000 per sqft.

Locations beyond the NICE corridor, the peripheries of Kanakapura Road, Bannerghatta Road, Attibele and the Chandapura-Anekal belt are witnessing the rise of budget housing options, priced up to Rs 30 lakhs.

East The upgradation of the Old Madras Road is steering development towards the Hoskote belt. Whitefield continues to attract interest and witness activity in the commercial and residential segments.

Statistics with Vestian Global indicate that the total operational non-captive office space stock in Whitefield alone is a little over 29 million sqft. While 1.67 million sqft is under construction, approximately 20.63 million sqft is on the cards. Whitefield has also witnessed the highest mall space activity in the past few years. The micro-market accounts for 33 percent of the total operational mall space in the city.

Analysis by LJ Hooker India, a real estate solutions organisation, suggests that while Indiranagar and Old Airport Road are already home to high-end projects, Whitefield, Gunjur, Varthur Road, Marathahalli and Old Madras Road towards Hoskote are witnessing the rise of premium homes. Mid-segment homes are coming up around Bellandur, CV Raman Nagar, Old Airport Road, Krishnarajapuram, Whitefield, ITPL, Brookefields, Varthur Road, Marathahalli and Hennur Road. The price of such homes falls in the range of Rs 3,000-5,500 per sqft.

Budigere Road, Chan nasandra Road, Gunjur, Hoskote, Old Madras Road, and Horamavu are witnessing the emergence of budget homes, up to Rs 50 lakhs.

West Primarily an industrial region, demand for property is slowly picking up in the west.

Statistics with Vestian Global show that Mysore Road has 3.28 million sqft of operational office space with 3.50 million sqft planned. Of late, Tumkur Road has emerged as a promising hub for commercial, residential, retail as well as the hospitality segments due to its proximity to the airport.

While high-end options priced above Rs 1 crore are coming up around Rajajinagar, Malleswaram, Yeshwant pur, and West of Chord Road, villas in the price range of Rs 1-3 crores are coming up on Mysore Road and Tumkur Road.

According to statistics with Cushman & Wakefield, Yeshwanthpur, Tumkur Road, Jalahalli Cross, and Mysore Road are witnessing the emergence of mid-range options, around Rs 4,000-6,500 per sqft.

Affordable homes at under Rs 25 lakhs are coming up around peripheral locations towards Mysore Road. Homes in the price bracket of Rs 2550 lakhs are coming up in Kengeri, Rajarajeshwari Nagar, Mysore Road, Nagarabhavi, Uttarahalli, peripheral locations after NICE Road junction on Mysore Road and near Nelamangala junction on Tumkur Road. [FAST FACT] OF LATE, TUMKUR ROAD HAS COME INTO PROMINENCE BY VIRTUE OF ITS PROXIMITY TO THE AIRPORT. SEVERAL COMMERCIAL, RESIDENTIAL, RETAIL AS WELL AS HOSPITALITY PROJECTS HAVE BEEN PLANNED IN THE REGION QUICK BYTES THE RELOCATION OF THE AIRPORT, UPGRADED BELLARY ROAD, AVAILABILITY OF LAND AND UPCOMING HARDWARE AND AEROSPACE PARKS HAVE BROUGHT THE NORTH INTO FOCUS.

SEVERAL CORPORATES ARE LOOKING AT EXPANSION AND CONSOLIDATION IN THIS REGION UPGRADATION OF THE OLD MADRAS ROAD AND PROXIMITY TO THE IT HUB OF WHITEFIELD HAS BROUGHT HOSKOTE INTO THE LIMELIGHT THE HOSUR ROAD EXPRESSWAY HAS OPENED UP LOCALITIES IN THE SOUTH, PROMOTING AFFORDABLE HOUSING HERE

Source: Deccan Herald on 29th June 2014