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Once hailed as the pensioner’s paradise, the peaceful, laid back city of Bangalore has since transformed into a cosmopolitan world city with a population of 6.5 million and counting. Spurred by the unprecedented growth of the IT (Information Technology) and BPO (Business Process Outsourcing) industry, Bangalore has been at the helm of the real estate boom for the last few years.
Growth drivers such as proposed infrastructural plans, establishment of IT parks and high income levels are expected to keep the property trend on an upswing in the coming years. The movement of IT companies into new areas has resulted in the formation of a number of suburbs around the city’s fringes. Read on to find out more about some the most promising localities mushrooming around the southern IT hub.
With the presence of IT giants like Infosys and up to 2 lakh employees working in IT companies along the Outer Ring Road stretch, Sarjapur is fast emerging as a sought after Bangalore suburb.
The locality has a generous smattering of educational institutions, retail outlet and will soon be home to luxury hotels like Hilton, Shangri-La and Novotel. Anticipating the growing residential demand, major builders such as Sobha Developers, India REIT, SunCity, Mantri Developers and Salarpuria have invested in multiple projects along this IT corridor.
With entry level pricing pegged at Rs 3,500 per sft the area is still quite affordable and capital values have only risen over the years. For example, flats at Mantri Flora that went for Rs 3,000 per sft two year ago are now reportedly fetching nearly Rs 4,000 per sft.
Factors like better connectivity, closeness to IT parks, development of shopping malls, hospitals and overall improvement of the social infrastructure has transformed Whitfield into a plush independent sub-city like Gurgaon and Noida.
Experts believe that if the on-going construction sticks to its brisk pace then the locality could house another 500,000 people in the next 3-5 years. The up-market neighborhood offers both luxury and affordable properties and the price of an entry level apartment is pegged at Rs 4,500.
Flats in quality constructions are now available in a more affordable ticket size of 1,000 to 1,100 sq ft.
Catered to the middle income group, Marathahalli has remained a hot realty destination in the last couple of years. The suburb’s proximity to localities like CV Raman Nagar, Whitefield, ITPL, Airport Road and other infrastructural facilities continues to attract hordes of home buyers who are looking for a modest apartments ranging from Rs 3,500 to Rs 4,500 per sq ft.
Besides the presence of shopping centers like Innovative Multiplex, Cosmos Mall and hospitals like VIMS and Genesis, Marathahalli’s main advantage is its efficient connectivity. The Outer Ring Road, Marathahalli flyover and Belandur railways station allows people to easily cut across to various parts of the city.
Devanahalli – Doddaballapur
Properties in Devanahalli have witnessed a record increase in demand due to the presence of the Bangalore International Airport and excellent connectivity brought by the six lane highway linking the suburb to Bangalore. Just like abroad, builders and investors are planning to build townships around the airport and these developments could change the face of northern Bangalore in as less as three to four years.
Neighboring areas such as Hebbal, Doddaballapur and Yelahanka are also slated to yield greater capital returns as the government plans to enhance the connectivity via a proposed high speed rail link to the airport, an elevated expressway between Hebbal and Yelahanka Road, a peripheral ring road and a host of other infrastructural developments.
The latest trend includes European style villas and towering skyscrapers that dominate the luxury segment. The city has also witnessed an exponential rise in the demand for serviced apartments to house the traveling business community. Many residents have also shown interest in villas that promise a high quality lifestyle.
With the highest cumulative demand for retail space of 42.1 million sq ft and an equally impressive expected residential supply of 4.25 million units, Bangalore will continue bask in the realty limelight.