Hebbal, Bengaluru's hot, happening hub
Hebbal in North Bengaluru has become the hottest locality to buy property in and set up
establishments. Post the IT-boom, in addition to areas like Whitefield and Sarjapur, Hebbal too grew rapidly with people extensively purchasing apartments. Now, as the
international airport has come up in recent times, property prices have gone up
20 to 30 per cent. It seems that the real estate developers are aware that people don’t mind spending a little extra if they can reside in an upmarket area.
Hebbal has access to the Ring Road and acts as a link to areas like Lingarajapuram, Kalyannagar and Hennur. And the Ring Road provides access to Manyata Tech Park, which has been the fastest growing property in the area. The secretary of the Confederation of Real Estate and Developing Societies of India (Credai), Suresh Hari says that Hebbal is competing fairly well with areas like Whitefield, Sarjapur and Electronics city. “There has been the development of a very vibrant middle class in the area and most of them work in the IT sector. The fact that Manyata Tech Park is nearby prompts most people to buy property in Hebbal and close by places. The Special Economic Zone will fuel growth, too. In overall terms, we are looking at a region that will grow super fast.”
Another major attraction for residents and particularly software engineers to come to the region is the proposed development of nearly 10,000 acres of land at Devanahalli, in the vicinity of the international airport. One of the projects that has made a beginning is the aerospace park, which is around 3,000 acres in area.
Wipro has already started work on the land. The Karnataka government will also pitch forth its aerospace policy, which will offer a number of sops, including tax
concessions to companies to set up shop in the region.
Many companies are also looking at the development of the 10,000 acre area, which is being called the Information Technology Investment Region (ITIR). The aerospace policy also includes an Aerospace University, which will be the first of its kind in the country.
Work is going on to acquire more land, which in the first phase, has been approved for
development. The Aerospace University will also include support from the Centre and aerospace companies in the State and the City. Land is being acquired in instalments and the project would be completed in four phases.
According to Nagaraj Reddy, president of Karnataka Credai, land rates are booming in the area with the announcement of the ITIR. “What once costed Rs 25-30 lakh an acre now costs Rs one crore to Rs 1.5 crore per acre. Employment rate will also be very high. This land has been earmarked and what is now remaining is commencement of office work. There will always be the issue of disputes over land - some people may not be willing to part with their only property, which is understandable.
But when a large region itself is being developed, one or two acres in the middle cannot be left out. The government will take care of the acquisition matters. Barring a few issues that have come up, acquisition has been smooth so far. Overall, if we have a region close to the airport that deals with hi-technology, people coming from abroad need not worryabout where to stay as the best of hospitality too will be seen in the region. It looks good as of now,” he says.
Many people have bought flats close to the Hebbal lake. Even noted personalities like former president Dr A P J Abdul Kalam, former ISRO Chairman K Kasturirangan and Railway engineer and mentor E Sreedharan. “The area around Hebbal is very conducive for the middle-class. You will also find like-minded people. There is great synergy in terms of values, habits and outlooks in life. I stay behind Manyata Tech Park and it is easy for me to go and come back from office. I also have easy access to the airport because I am
located close to the Ring Road,” says software engineer, Satish Gowda.
The highly-anticipated Four Seasons Hotel too is coming up on the KIAL road. Visitors coming for business purposes will benefit greatly from this. There is a large tourist influx from USA, UK, Germany and France. “All these people have imbibed the values of global living. One would like a reasonably good neighbourhood so that one gets to interact with others who share similar worldview,” reasons Satish.
The residential and business developments are competing with each other, with companies like Goldman Sachs wanting to buy office space in the Devanahalli region. Companies pick up office space with prices running up to one lakh for a sq ft.
As far as residential development goes, Brigade has major interests, apart from Prestige. Sobha developers too is looking at buying property in the region. It is certain that residences will sell because of the high visibility of the office space.
With Bengaluru expanding on the back of IT development, it will not be too surprising if Hebbal and Bengaluru North overtake East and South East Bengaluru in growth rates. The North area may go all the way up to Doddaballapur, which may in the long run, turn in to a sister city of Bengaluru.