Head north!

TRENDS

A few years back, if one were to drive down to Devanahalli or through the entire stretch between Hebbal and Doddaballapur, all you would come across were green fields, peppered with a few houses. Life up there was quiet and far removed from the other parts of Bangalore. Until the Bangalore International Airport, the metro project, flyovers, underpasses and road-widening activities came up.

This infrastructural activity has encouraged property developers to anticipate a growth in demand.

To add to it, the widening of the Bellary Road and future connectivity through the planned Peripheral Ring Road (PRR), which is aimed to connect Tumkur Road, Hosur Road, Mysore Road, Magadi Road, Bellary Road, Old Madras Road, and improve accessibility to Devanahalli, has also made this area the most sought-after real estate destination. This is also spurring interest in residential options around these areas.

Abuzz with activity

North Bangalore is buzzing with activity as a lot of money is being pumped in to develop the infrastructure and of course, the development of residential and commercial spaces that are being offered by small and big property developers alike.

As Sridhar Kulkarni, Marketing Head of Shriram Properties puts it, “The recent Global Investors’ Meet put the spotlight on this area and many industries expressed keen interest in three industrial parks that are coming up on 3,000 acres of land in this region, which will be ready to occupy by the end of this year. We expected a huge demand for properties in North Bangalore and therefore have already completed 4.23 million sq ft of residential space and 1.03 million sq ft of commercial space, in addition to 67 million sq ft of built-up area currently under various stages of development. We have also proposed to launch two projects on the Doddaballapur Road and  Jalahalli with 1.3 million sq ft of residential space.”

Bharat Dhuppar, Chief Marketing Officer, Mantri Developers Pvt Ltd says, “Wherever there is improvement in infrastructure, there is increased real estate activity and subsequent demand.  The Bangalore International Airport and the six-lane expressway have resulted in a lot of prestigious projects around its vicinity, making North Bangalore a promising real estate destination.”

To add to it, “The schooling infrastructure and connectivity to other parts of Bangalore is one of the major reasons why builders are offering residential spaces in the area and consumers are lapping up these offers too! It’s a win-win situation,” says Nikhil Thard, MD, Edifice Builders Pvt Ltd. The stretch has many projects coming up, especially in the premium segment – villas and high-end lifestyle apartments are being offered by majority property developers.

“In recent times, there is an increasing trend of shifting to high rise lifestyle apartments. These high-rise projects that offer swimming pools, health clubs, landscaped gardens are now growing in popularity and we see a lot of consumers firming up their purchase decisions based on these offerings,” says Bharat Dhuppar.

All for luxury

Reason enough why even Prestige Developers are offering high-end villas (between two and seven crores approximately). Their first project is Prestige Oasis located at Rajankunte while the other is Prestige Golfshire, a golfing enclave located just below the Nandi Hills and a short drive from the International airport. “A lot of people don’t mind travelling for 30 kms everyday from work to home and for people who want a luxurious lifestyle, such spaces are just the answer,” says Nandakumar, Senior General Manager, Prestige Group.

He adds, “These villas or any other homes in North Bangalore might also double up as weekend homes for people, who want to get away from city life once in a while.”
And the response builders have been receiving has been phenomenal. For Nikhil Thard, schooling infrastructure and other social infrastructure in North Bangalore is getting stronger, thereby attracting a lot of interest. “We have therefore launched two projects – high-end villas and a row housing project in Yelahanka that has garnered an impressive response. Customers today are discerning enough and do not mind travelling a little more as long as they know that they will lead a good lifestyle in North Bangalore.”

Connectivity

Says Sridhar Kulkarni, “More importantly, parameters like distance to workplace, children’s school, places of frequent visit, accessibility to the airport or railway station come into focus here. People want the property they invest in, to appreciate more in the future. Therefore, they look out for attributes like metro connectivity, flyovers coming up and proximity to the ring road. North Bangalore has all that and therefore, qualifies as a good investment. The only challenge is whether this growth and investment can be sustained and facilities such as water for instance can be provided.

Says Nandakumar, “Availability of water is a huge concern in North Bangalore. If this is considered and worked upon, the north Bangalore stretch along with its peripheral areas will definitely prove to be a good investment in the next five to ten years.”

Also, with people going ahead and investing in property in North Bangalore, they need to keep in mind various factors before they take the plunge.

Suggests Bharat Dhuppar, “In North Bangalore or elsewhere, consumers buying property should be aware of the pricing, current true value and future appreciation potential before making purchases. The reputation of the builder and this track record is also of utmost importance.” As Nandakumar puts it, “The future is here. Invest in it.”