JOIN USA mention of Yelahanka instantly brings to mind the bi-annual Aero Show that takes place there. While it is famous for this grand event, Yelahanka has been in existence for centuries now. The earliest mention of it is in a stone tablet from 1267 AD, found in Doddaballapur.
Originally known as Elavanka, the name gradually evolved to Yelahanka, as we know it today. Yelahanka was originally envisioned as being a satellite town to Bengaluru. Today, it comes under the aegis of the Bruhat Bengaluru Mahanagara Palike (BBMP). It comprises Yelahanka Old town and New Town. Commenting on the growth of Yelahanka, Suresh Hari, secretary, CREDAI Bengaluru, says that Yelahanka began rapidly developing in the last five years, after the launch of the Devanahalli International Airport.
“Many invested at high rates in this area, much before it began developing. However, with time, prices have dropped a little. Connectivity issue to the City has been addressed and the government plans to establish a Technology Park close to Devanahalli, along with developing commercial and technological centres,” he informs.
Sumit Jain, co-founder and CEO, Commonfloor.com zeroed in on the factors that have contributed to the growth of Yelahanka: Proximity to the international airport (15-20 km)
Key developments such as the Aerospace SEZ around the airport. More commercial office spaces are being developed along the road between the airport and Hebbal.
Good social infrastructure is present here with a number of multi-specialty clinics and hospitals, reputed schools and colleges, amongst others. The area has a lot of room for good capital appreciation as property prices are currently affordable as compared with most of the CBD areas. Prices are relatively affordable.
There are several educational institutions like NITTE Meenakshi Institute of Technology, BMS Institute of Technology, Ryan International School, Delhi Public School, Srishti School of Art Design and Technology and SB College of Nursing. There are also many medical institutions like Dr Agarwal’s Eye Hospital, Deeksha Hospital, Balaji Multispecialty Dental
Clinic and Malavya Hospital, to name some.
Potential power
With two lakes in the area - Allalasandra Lake and Puttenhalli Lake - the demand for property in Yelahanka is quite high right now and there is intense development in the area to cope with it. According to data put together by Commonfloor, there has been a 52 per cent increase in the supply of new launch units in 2014 as compared with that in 2013. This clearly indicates the demand for properties in the area.
The area is witnessing an almost equal mix of residential development in all segments – affordable, moderate and luxury, especially along the Yelahanka-Dodaballapur Road.Elaborating on the factors that will encourage future growth, Sumit says, infrastructural upgrades like the High Speed Rail Link (HSRL), Metro Line and the Peripheral Ring Road will make distances shorter.
Added to this will be the Commuter Rail System that will connect Devanahalli with Yeshwantpur via Yelahanka. Further, Sumit adds that the widening of the NH-7 up to the airport from the existing six lanes to eight lanes (currently under process) will be an added advantage. There will also be an Intermodal Transit Hub at Yelahanka.
Pros and cons
There are several benefits to investing in Yelahanka. The availability of infrastructure that ensures good connectivity is definitely a plus point. For those working in the area, being close to work place is an added advantage.
The presence of good amenities at a short distance is ideal as well. Of course, one of the key benefits is that property in the area is still in the affordable range. But do keep in mind the following before taking the plunge:
Ground water levels have been depleting, particularly on the Yelahanka-Dodaballapur Road. With rapid development in the region in recent times, there is water shortage despite the government having sanctioned Cauvery water supply in 2012.l Lack of a reliable public transport system in the area is another issue.
lThere may be an over-supply in the market for some time, unless planned economic activities kick-off in the near future.l There are several aviation regulations in the region.
Here’s what current rates look like in Yelahanka: A two-BHK mid-range apartment for purchase costs around Rs 4500 to 6500 per sq ft, while a two-BHK mid-range apartment for rental costs anywhere between Rs 1200 to Rs 1400 per sq ft.
In case you already own property in the area, or are planning on investing here, Suresh believes that the area will see good appreciation over the next two to three years. On a conservative estimate, an appreciation of 25 per cent can be projected in the next three to four years, he says.
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