The green allure

The green allure

The green allure

Vidyaranyapura has seen tremendous growth since its inception in the 1970s. Proximity to several prominent hubs of the City has helped its popularity among home buyers, learns A Varsha Rao

An expansive part of north-western Bengaluru, Vidyaranyapura is witnessing prolific growth by the day. Originally, a wealthy landlord owned large tracts of land here, but he sold a major portion of it to the government for developmental purposes and converted the remaining portion into an estate called Dinshaw Estate. Named after the noted saint Vidyaranya, this area comes under the Byatarayanapura constituency of Bengaluru.

Initially considered as an obscure part of the City, the establishment of government factories like HMT and BEL in the 1970s set the ball rolling for the area. As both the factories created many employment opportunities, there was a huge demand for housing in the locality. As a result, the land surrounding the factories was provided at a subsidised rate for all the employees. Needless to say, many set up their homes here. This in turn gave a big boost to the infrastructural development in and around the area.

Soon, the area had many colonies and layouts such as HMT Layout, BEL Layout, Nanjappa Layout, Balaji Layout, BHEL Layout and NTI Layout, to name a few. The residential profile of the area to this day mainly includes employees, both current and retired, of the two government factories. Apart from that, the area is also seeing many IT professionals setting up their homes here, due to its proximity to Hebbal.

Apart from the lush greenery and the many lakes it houses, Vidyaranyapura also has the advantage of being in a prime location surrounded by big ticket areas like Jakkur, Yelahanka, Jalahalli and Mathikere. Furthermore, the International Airport is only 21 km away, while Majestic lies 15 km away. The availability of good, wide roads makes it easy for people to commute. In fact, the public transport services offered by BMTC, to and from this area, are quite extensive.

Enriching prospects

According to Satish B N, executive director-south, Knight Frank India, the peaceful environment and comfortable commuting options are enriching the real estate prospects in Vidyaranyapura. “The area is gaining more attention lately and many residents from across the City have started to make their homes here,” he says.

“Due to unavailability of land in this region, the number of new project launches have decreased over the years, with very few projects having come up in 2015. However, the rental market is expected to flourish due to its locational advantages, presence of educational institutions and relatively lower pricing,” opines Vikas Malpani, co-founder, CommonFloor and head, CommonFloor Groups.
 The area boasts of reputed educational institutes like Narayana E-Techno School, Sri Sri Ravi Shankar Vidya Mandir, Vyasa International School, Sambhram College and MES B R Subbarao PU College.

But what works best for Vidyaranyapura is its proximity to notable institutes like Gandhi Krishi Vignan Kendra (GKVK), Indian Institute of Science, Jawaharlal Nehru Centre for Advanced Scientific Research, National Centre for Biological Sciences and TIFR Centre for Applied Mathematics, among others. In fact, the lush green campus of GKVK is a welcome getaway for many residents of Vidyaranyapura, who can be seen enjoying their morning and evening walks there.

When it comes to entertainment avenues, Vidyaranyapura doesn’t have a mall in its area. “The nearest malls are Mantri Square Mall and Orion Mall in Malleshwaram, which are situated about 10 km away,” Satish elaborates. There are decent dining options, but there’s definitely scope for more. In terms of healthcare, Vidyaranyapura is home to many small- and medium-sized hospitals, and healthcare centres, but most residents prefer the bigger centres that are present in surrounding areas like Hebbal and Yelahanka.

Growth factor

“There had been a price surge in the locality before the lull in the market in 2013, reaching the top price bracket and is headed for a consolidation between Rs 3,000  and 5,500 per sq ft for the residential spaces. As per our research, there was about five per cent appreciation in prices of the residential spaces over the last one year,” explains Vikas. “This means that you have to shell out anywhere between Rs 30-50 lakh for a two-BHK and around Rs 50-80 lakh for a three-BHK apartment,” adds Satish.

As far as commercial spaces are concerned, the locality’s commercial activity has seen no significant change. “Taking into account the commercial space listings, the average price bracket is between Rs 4,500 and 6,000 per sq ft,” avers Vikas.

When it comes to the area’s real estate prospects, the common consensus is that it has the potential for a decent growth. Vikas explains, “Vidyaranyapura may not have much scope for builders due to the land crunch, but investors may still look into the resale market for favourable options as the prices are relatively low.”

Satish, on the other hand, believes that the area might be a safe bet for investment purposes. “Investors can choose this locality if they are looking at lower risks and stable returns. Additionally, the proximity to International Airport works in favour of the area. Builders have an untapped market here, since very few developments are found and a good grade developer may bring more appreciation and development to the properties.”

Vidraranyapura has witnessed four per cent property appreciation value over the last two years, notes Satish. “Considering that it is close to the Airport and the locality is still growing, this location will give stable returns in the long run.” And if you are looking to rent an apartment in this locality, the monthly rental is anywhere between Rs 10,000 and 13,500 for a standard two-BHK of 1,000 sq ft.

“As a result, one can get a decent rental return of three per cent annually,” maintains Vikas. This is not to say that Vidyaranyapura doesn’t have its share of problems — traffic woes, unkempt roads, garbage disposal, poor security etc. The fact that it is close to busy areas like Hebbal and Yelahanka can also be a major drawback as the traffic spills over to its roads.

The absence of malls, movie theatres and restaurants is also proving to be an impediment to the area’s growth. However, for most homeowners here, the vast green cover more than makes up for all the other issues. If you don’t mind the minor hassles, Vidyaranyapura  might just turn out to be the perfect abode for you and your family.