North Bangalore is fast becoming a bustling business corridor dotted with office and retail spaces. Once seen as a pre-eminent centre for research and industrial activity, it has transformed into a knowledge hub and is home to several Fortune 500 companies.
Ever since the Bengaluru International Airport (KIA) is shifted to Devanahalli, companies have been migrating in that direction. Rentals are also then moderate compared to the traditional IT hubs in the south and east.
An aerospace SEZ is coming up near Devanahalli. A Rs 1,000-crore financial city and the Information Technology
Investment Region (ITIR) in 11000 acres between Devanahalli and Doddaballapur are other infrastructure initiatives expected to come up and which are expected to drive a residential boom in the region.
A lot of the movement has been towards Manyata Embassy Business Park, an IT SEZ located on the Outer Ring Road and close to Hebbal.
The business park is said to be hosting 1,50,000 IT employees now.
IBM & Philips has had a strong presence there, along with NXP Semiconductors. Companies: IBM, Target,
Cognizant all have big presence in this location.
There is a clear movement towards the northern part of the city. The east quadrant is getting too congested. So the north is emerging as a preferred destination for IT firms. There is also now more action in the residential space in the areas like Yelahanka, Doddaballapur Road, Doddaballapur, New Airport Road.
With an entry price of Rs 5,000 per sft, it’s a good value pick. You can expect a return on investment in 24 months, source said.
Retail action too began with many malls built in North Bangalore: Kirloskar Mall, developed by Kirloskar Systems, came up on Bellary Road in 2012. Regaliaa Buildtech buit Elements Mall on Thanisandra Road that is opened in 2012.
Several hotels are also planned around Bellary Road.
Several realtors have announced new launches within a 20-km radius of Bangalore International Airport.
Developers like Embassy Group, Century Real Estate, Karle Infra Projects, Sobha Developers, Bearys Group, Godrej Properties, G Corp and Legacy Group are all coming up with projects.
Prices are generally between Rs 7,000 and Rs 10,000 per sft.
According to a Research, Bangalore North will witness a supply of about 10,000 residential units translating into 20 million sft by 2022.
Many companies will shift to the northern part of the city when their current leases expire. There is greater scope for expansion here.
Real estate experts believe that there is potential for capital appreciation with infrastructure projects aiding growth in the northern corridor.
North Bangalore is emerging with possibly the best infrastructure. The elevated road from Hebbal to Yelahanka, Metro Rail extension and Suburban Rail link to the airport
from the city centre will foster better connectivity in addition to existing 16 Lane elevated expressway to the airport.
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