Bangalore West: A rising commercial hub
Commercial real estate in West Bangalore is set on a high pedestal, which is reeling out at a great pace. One of the primal residential catchments in the city with good to go industrial growth, west Bangalore is coming of age with integrated developments and commercial set-ups.
Connectivity has played a key role to trigger the growth of this region and fuel its commercial activities. The enhancement work of Magadi Road and Mysore Road, and the accessibility via Tumkur Road Highway made travelling a cakewalk for commuters.
What property consultants had to say?
According to property consultants, all the prime localities (such as Basaveshwara Nagar, Yeshwanthpur, Mahalakshmi Layout, Chandra Layout , Rajajinagar, Malleswaram, Mathikere and Nandini Layout) in west Bangalore fall within 8-10 km radius from CBD, credited with adequate social infrastructure.
With a slew of ongoing mixed development projects in line, pitching in of metro connectivity and quality residential growth in the region will skyrocket the commercial development in west Bangalore. Having few Grade A developments, the region is mainly characterized by Grade C stand alone buildings, measuring an average size of 10,000 sq ft.
Statistics confirm
Market statistics stand as a testament to the growth of commercial real estate in the region. Leasing activities in west Bangalore were at its best during the 1Q 2013 and 2Q 2013 of the calendar year, when a number of national and international retailers occupied space in numerous malls. According to survey reports, around 1.2 million sq ft of organized retail space will be offered at large, by the first half of 2014.
Factors pushing demand
Certain aspects which push the growth of commercial catchments in this micro market include:
- Future Metro connectivity
- Improvement in social infrastructure
- Growth in Grade A residential developments
- Proximity to the airport
- State Highway projects that connect to Mysore
- Enhancement in infrastructure through the NICE corridor
- Industrial growth in Kengeri, Kumbalgodu and Bidadi
To add to it, Magadi road, Rajajinagar and Mysore road have evolved as commercial hotbeds. Upcoming mixed-use developments in the region promote the ‘walk-to-work’ hypothesis and give the commercial aspect an extra edge. With numerous mid-sized stand alone buildings, companies that require small office spaces, in proximity to Mysore and NICE corridor, are offered a wide variety of choice in this region.
Mysore road, in the long run, can be foreseen as one of the potential commercial destinations because of land availability and Metro connectivity. With the functioning of metro line, which is to be started between Sampige and Peenya Road, commercial development in the region will rise above par. Metro line, moving towards Rajajinagar, as a completion of Reach 3 phase, will mark the commercial development of West Bangalore vehemently.
