Yelahanka emerging as a realty destination in Bangalore
Bangalore real estate market is hailed as a stable one compared to other metros in the present ‘not so bright’ realty climate of India. It witnessed the highest home sales in the calendar year 2011 among Indian metros. While 49 million sq. ft of residential property was absorbed in Bangalore, the National Capital Region (NCR) saw a development of 46.88 million sq. Ft, followed by Mumbai Metropolitan Region (MMR) with 35 million sq. ft.
Bangalore real estate market is expanding and its suburbs are emerging as the new real estate destinations. Yelahanka, a suburb of North Bangalore, is one such emerging realty hub. Once regarded as a satellite town on the outskirts of Bangalore, it now comes under Bruhat Bangalore Mahanagara Palike (BBMP), the civic body of greater Bangalore, signalling an elevated status owing to realty developments in and around it in the last few years.
Property market in Yelahanka has grown considerably over the last few quarters. With the shift of new international airport to nearby Devanahalli, Yelahanka has caught the fancy of real estate developers and large scale construction activities started in and around the town which once was a leisurely suburb. Residential apartment prices have soared and demand for residential units have increased by leaps and bounds.
The realty growth story of Yelahanka has been a rapid one and property values in Yelahanka have witnessed appreciation this year. Here are how the price stands as per July-September quarter, 2012:
| Average price (multi-storey apartments) | Rs 3,927/sq ft |
| Highest price (multi-storey apartments) | Rs.4,362/sq ft |
| Average price (residential plots) | RS. 21,475/sq yard |
In case of multi-story apartments, the average price has increased by 8% in July-September quarter of 2012 on a quarter to quarter basis. The quarter to quarter price appreciation in the three quarters are shown in the graph –
The highest locality price was Rs 4,362 per Sq-ft in the July-September quarter, which is an increase of 11% compared to the previous quarters. The average price in case of multi-story apartment was Rs 3,927 per Sq-ft. During the same period.
Price of residential plots have increased as well. It has been escalated on an average of 19% in the last three quarters. In the July-September quarter the average price per sq yard is Rs. 21,475. The builder floor apartments, however, have witnessed a fall in their average price by 6% in the July-September quarter and the average price stands at Rs. 2,838 per sq ft.
Many big developers have their foot print firmly visible in Yelahanka. Unitech Ltd., Prestige Group, Sobha Developers, Nagarjuna Developers (NCC), Ramky, ZED Habitats, Purva Constructions and Shriram properties are some of the developers with residential projects in the area. Purva Venezia, Prestige Monte Carlo, Sobha Zircon, Vani Vilas, RMZ Galleria, Prestige Garden Bay, Ramky One North, Zed Woods, Unitech Heritage, etc are few of many projects offering 2/3 BHK apartments accompanied with world class amenities.
The fact that multi-story apartment value has grown but the builder floor apartment values have not, indicates that end users prefer complexes with common amenities like club house, swimming pool, garden, etc.
The prime areas in Yelahanka are – Udaya Layout, Mother Dairy, Soma Nagar, Janata colony, Chikka Bommasandra, Yelahanka Salellite town, ABC quarters, Ambedkar colony, Allalsandra, Allalsandra kere, Judicial Layout, GKVK compus (P), Judicial colony, etc.
Yelahanka is strategically located as it is well connected with downtown Bangalore through a network of roads and a six lane dual carriageway highway. The same highway connects Yelahanka with Bangalore International Airport. There is also an air force base in Yelahanka along with an airport station. It is home to a number of industries – YeRail Wheel Factory, Astra Zeneca Pharmaceuticals, Federal-Mogul Goetze (India) Limited, Ranflex India Pvt. Ltd., Hobel Flexibles, etc.
Bangalore real estate market is IT/ITES driven. Yelahanka has also benefitted from the IT industries located in and around it. It is preferred by the IT professionals for two reasons – the price here is lower than areas inside the city and its proximity to the airport. Also, the green pastures offer a respite from the hum drums of city life.
Since it is only 14 kilometres from downtown Bangalore and well connected to the city, properties are in high demand. The connectivity is expected to receive further boost once the whole metro rail project will be fully operative in Bangalore. All these make Yelahanka a desirable location for both end users as well as investors who can be certain of getting decent return on their investment in coming years.
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