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 (BIA) work began, companies have been migrating in that direction. Rentals were also then moderate compared to the traditional IT hubs in the south and east.

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 70,000 IT employees now, and this number is expected to go up to 1.20 lakh when the entire 18.29 million sft is developed over the next three years. Philips has had a strong presence there, along with NXP Semiconductors. Now, companies like IBM, Target, Cognizant are all focusing their expansion plans in that area.

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 Hebbal, Yelahanka, Doddaballapur Road, New Airport Road. With an entry price of Rs 3,500 per sft, it’s a good value pick. You can expect a return on investment in 60 months, source said.

Retail action too is now beginning. Kirloskar Mall, developed by Kirloskar Systems, is expected to come up on Bellary Road in 2012, according to a real estate consultancy. Regaliaa Buildtech is developing Elements Mall on Thanisandra Road that is expected to open in 2012. Several hotels are also planned around Bellary Road.

Several realtors have announced new launches within a 5-km radius of Manyata park. 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 3,500 and Rs 4,500 per sft.

According to a Research, Bangalore North will witness a supply of about 10,000 residential units translating into 20 million sft by 2014. 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, high-speed rail link to the airport and widening of Bellary Road from the city centre will foster better connectivity.