Bangalore North: The place where all action is
Turning to be the epicentre of the Garden City, North Bangalore is now one of the preferred choices for developers. Project to improve connectivity and growth of commercial belts will take the residential real estate market of the region one step closer to prosperity. With the international airport at Devanahalli and a host of upcoming infrastructure projects that promises of better accessibility and less time taken on travel is like to add to the dynamics of north Bangalore.
According to industry experts, with the completion of few infrastructure projects, namely expansion of the NH-& highway and six-lane elevated expressway, connectivity from north Bangalore, from Hebbal to different parts of the city will become a cakewalk. The residential and commercial growth in the region will get a further boost because of the high-speed rail link, Peripheral Ring Road and the Metro.
Impact on the growth of housing units Highlighting the peripheral locations of north Bangalore has led to the growth of residential units in the region. In addition to housing units, better connectivity, option of large land parcels, growth potential and lower land cost along with capital appreciation have contributed significantly to the rise in number of options for investors and end-users.
Though south Bangalore has encountered significant growth, north is comparatively better developed with good roads. With high rental growths, the area seems to be the perfect place for real estate investors to put their money in.
With the inception of the international airport, buyers started anticipating about the looming opportunities in the region and the focus was again shifted on north Bangalore. In addition to it, the area area experienced interest of the corporate houses, government agencies and general public in recent times.
Supply and Demand
Demand in North Bangalore mainly flows through the upper and middle-class segment. According to property consultants, 3BK apartments will be the fastest moving units that will experience huge appreciation. Potential real estate developers and buyers will be thrown open to a number of opportunities in North Bangalore.
The typology that prevails in the region include 2, 3 and 4 BHK apartments along with villas. The micro-markets such as Sahakara Nagar, Hennur Road, Hebbal, jalahalli and Doddaballapur road have gained prominence among the developers due to their proximity to crucial areas like Palace Grounds, Majestic railway Station, Commercial Street and International Airport. This ranks the region among the top list of end-users and investors.
Localities to talk about
According to Knight and Frank, with the subsequent progress in connectivity and commencement of the airport, the Hebbal-Devanahalli stretch have emerged to be one of the best residential hubs. Yelahanka, Kogilu Cross, Sahakaranagar, Jakkur, Bagalur Cross and Amruthahalli are some of the civic projects, which will benefit the residential localities significantly.
With the onset of some high-profile projects, Thanisandra and Hebbal have again come under the radar of the developers. In addition to such reasons, the Yelahanka-Doddaballapur belt and Hennur road have significantly added to improved connectivity and thus contributed to residential development.
Market research confirms that the residential market in Hebbal mainly comprise of apartment projects while Yelahanka boasts of both villas and apartment projects. Apartment can be found in the range of Rs 4200- Rs 10000 per sq ft in Hebbal while in Yelahanka the price varies between Rs 3000- Rs 5000 per sq ft. Villas fall in the range Rs 5000- Rs 8000 per sq ft. Both Yelahanka and Hebbal have witnessed capital appreciation of 15-18% per annum and hence fall in the wishlist of the property buyers.
