Some of the popular soubriquets for namma Bengaluru include the Silicon Valley of India, the Garden City and the Space City, among many more.
But the fact remains that the City also rates high on the real estate radar, with many considering it to be an attractive investment option. So, here are top ten picks that are in great demand right now:
North Bengaluru suburbsThe key factors contributing to North Bengaluru’s rise as the next big investment destination is the IT/BT corridor, a 12,000 information technology investment region near Devanahalli about 15 km north of the international airport.
“Infrastructure in the region is also among the best in the City due to the elevated expressway, monorail, excellent connectivity to prime locations. All this apart from the proposed aerospace near the airport. Residential plots and layouts are what sell in this region as a longer investment option. Prices start at Rs 1,600 per sq ft. This could go up even
higher once the IT/BT corridor becomes operational. However, the year-on-year growth in the last two years in the region has been around 20 per cent,” avers Bimal Hegde, CEO, Chartered Housing.
The development of the airport opened doors for offices and mixed-use developments along NH-7, connecting Yelahanka and the airport. Availability of large land parcels for big projects and good rail and road connectivity with the core of Bengaluru were also driving the investment sentiments in Yelahanka.
The aforementioned factors also drove the development along the Yelahanka and Doddaballapur Road due to availability of land. “Development of the international airport and the IT Parks, planned or developed, such as Embassy Manyata IT Park and Karle Town Center SEZ, are driving the demand in this location. The improved connectivity to the airport due to the expressway being operational improved the sentiments even further in this location.
The social infrastructure such as malls, schools and hospitals are also being developed along with connectivity,” says Trivita Roy, AVP, research and real estate intelligence service, JLL India. Reeza Sebastian, head, residential sales and marketing, Embassy Property
Developments Pvt Ltd, adds, “In the last few years, North Bengaluru has emerged as a hub of commercial and residential real estate activity. Areas in North Bengaluru have attracted home buyers with their proximity to the airport. Also, the increasing number of major IT companies in the vicinity has boosted the tech developments in the area, adding to the growth of residential projects. These zones are known to administer better trade and investment opportunities along with catering to employment needs in the
future.”
Koramangala
Due to its central location, Koramangala has proved to be the best location to invest in and has the highest number of new IT start-ups in the City.“It is the most preferred destination for IT start-ups and the food and beverages industry. Areas in Koramangala like the first, third and fifth block are considered to be the posh ones. Growth potential is very high due to its connectivity to Outer Ring Road and Electronic City, Sarjapur. Prices in the first, third and fifth block range anywhere from Rs 12, 000-17,000 per sq ft and being a well-planned neighbourhood, Koramangala is set to see the prices double in the next five years,” says Anirudh Gupta, founder, CEO, Avant Garde Estates.
Sarjapur
Located in south-east Bengaluru, Sarjapur was considered amongst the mid-level housing markets of the City until big IT companies Like Wipro and Infosys set up their offices in the area, thereby resulting in a surge in demand for quality residential units.
“Proximity to large IT/ITeS campuses of Outer Ring Road and Electronic City has strengthened the investor sentiment in this location. Relatively affordable prices and presence of well-established social and physical infrastructure with numerous schools and hospitals in the vicinity make this micro-market an interesting investment proposition over the mid-to-long term. Residential prices have appreciated by about 5-10 per cent in this location
depending on the type and quality of the projects. Sarjapur is also emerging as one of the most promising markets for villa projects in Bengaluru,” says Trivita.
HSR Layout
A well-planned and well-plotted area with wide roads, HSR Layout has a lot going for it. The property rates in the area are around Rs 10,000-13,000 per sq ft. With excellent connectivity to Outer Ring Road, Sarjapur and Electronic city, you could say it is the next Koramangala in the making.
Most people staying in HSR layout don’t go beyond Koramangala for their shopping, eating out and the like. In other words, HSR Layout holds immense potential for retail and commercial growth in the near future.
Whitefield
With the establishment of several world-class technology parks, Whitefield has transformed from an industrial hub to one of India’s biggest IT hub. “Whitefield enjoys strong road connectivity to Central Business. District through Outer Ring Road, Old Madras Road, Varthur Road and will soon have metro connectivity to all parts of the City. Mercer’s Index ranks Bengaluru as India’s best place to ‘live and work’ by expatriates. And with a majority of expatriates in the City based out of Whitefield, it is safe to say that this micro-market will continue to attract the interest of investors and end-users alike,” says Girish Shah, chief marketing officer, Godrej Properties Limited.
Indiranagar & Domlur
Indiranagar first stage and Domlur have proved to be very good investment options as prices in Indiranagar second stage and Defence colony are already very high. “Located in close proximity to 100 Feet Road and Defence Colony, it makes a lot of sense to buy property in Domlur and Indiranagar first stage. Ideal for residential investments, Indiranagar has long-term growth potential,” opines Anirudh.
Tumkur Road
Located in the north-west part of the City, Tumkur Road has been an important industrial destination on the National Highway (NH4) between Yeshwanthpur and Peenya industrial corridor, catering mainly to the blue-collared workforce employed in the area. “However, with a range of infrastructure enhancement activities such as elevated expressway, the Bangalore-Mysore Infrastructure Corridor and the Bangalore International Exhibition Centre, coupled with the arrival of some of the large industries in the area, has changed the socio-economic profile of the area. At present, the area has an average price of Rs 5,500 per sq ft with a high appreciation of 17-19 per cent. With the proposed Mumbai-Bangalore industrial corridor, Tumkur Road and its nearby locations are further going to get a great boost,” says Vikram Bhardwaj, head, business development, Square Yards.
Recent announcements by the state and central governments to establish a state-of-the-art nanoscience institute on Tumkur Road and also to develop Tumkur as a smart city will
undoubtedly act as a catalyst to spur residential growth in this market.
Hebbal
Considered to be one of the most promising real estate destinations in the country as per the Knight Frank Investment Advisory Report 2013, Hebbal is equidistant from the
airport and Central Business District (CBD); it’s a mere 20-minute drive. The key drivers for residential development in Hebbal are good physical infrastructure, emerging economic hubs and good connectivity to various business districts of the City. Major infrastructure initiatives like elevated expressways, widening of the Outer Ring Road, development of underpasses to ease connectivity in the location has also accentuated enhanced demand for homes here. Moreover, Hebbal has been identified as the first intermodal transit hub for Bengaluru for non-stop commute by monorail and metro.
Kanakapura Road
Unlike other areas in South Bengaluru like Bannerghatta Road, JP Nagar and Jayanagar, Kanakapura Road is a perfect location for middle-income home buyers. “While prices in other locations have skyrocketed in recent times, apartments on Kanakapura Road start at an average of Rs 55-75 lakhs with a year-on-year growth of about 15-18 per cent. Road widening, the metro and the Peripheral Ring Road, apart from fast developing social infrastructure like schools, hospitals and malls, make this area attractive,” says Bimal. “This area’s demand has been primarily driven by saturation stages reached by other nearby locations such as Bannerghatta Road, Banashankari and JP Nagar. NICE Road interchanges here, thereby connecting easily to Electronic City and Tumkur Road. With the arrival of metro in the second phase, there will be further enhancement in the connectivity of Kanakapura Road to other parts of the City. The average price in the area is roughly Rs 5,000 per sq ft, with a price appreciation of 18 per cent in the recent past,” adds Vikram.
Electronic City
One of the fastest growing markets in South India, Electronic City is a hub for start-ups, medium and large-scale businesses.“During the last decade, Electronic City was identified as a critical market for infrastructure development and consequently, a host of developments have taken place that include a four-lane mixed corridor elevated highway from Silk Board, a major junction in South Bengaluru, to Electronic City - which is one of the longest elevated national highways in the country. It helps a commuter reach Electronic City in less than 15 minutes. In addition, Bangalore Metro Rail Phase 3 has been planned to connect Electronic City to Whitefield, another major IT hub. Asia’s first Internet-of-Things hub is being developed in Electronic City, which will provide a smart city environment to IT and electronic companies and help them become the pioneers in creating the next generation IT-enabled solutions,” says Girish. So, take your pick and find your dream abode in the City.