Infrastructure pushes up demand for West Bangalore realty
West Bangalore was once dotted with dense residential layouts and industrial zones along the Mysore Road. However, now the scenario has changed and numerous real estate projects have replaced the once vacant land plots in the area.
Developed infrastructure has played the role of the most significant player in turning the western part of the city in to a real estate destination. West Bangalore has been a home to many industrial units and zones such as Surya Electro Controls, Peenya Industrial Area, Yeshwantpur Industrial Area, Rajajinagar Industrial Area, Premiere Engineering, Selvas Industrial Estate, etc. Recently, developed infrastructure has put it in the map of residential hub as well.
West Bangalore real estate
Real estate in Bangalore had bloomed in south, east and south east parts of the city back in mid 1990s, due to the IT/ITeS development in the city. With the international airport being shifted to Devanahalli, north Bangalore has also seen boost in realty front. However, western part of the city has lagged behind to some extent in the realty race.
Some of the prominent localities of West Bangalore are- Basaveshwara Nagar, Malleswaram, Rajajinagar, Vijayanagar, Kamakshipalya, Tumkur Road, Yeshwantpur and Mysore Road. The region has witnessed widespread residential expansion in the recent past and realty developers are increasingly heading for the western part for projects.
If we look at the realty landscape of West Bangalore, we will see that almost 45 percent of it comprises of apartments. Layouts and plots consist 21 percent and 32 percent is comprised of houses. The average residential prices of some of the West Bangalore areas as per October 2012- December 2012 quarter are:
|
Locality |
Average price (Rs/sq ft) |
|
Mysore Road |
3763 |
|
Malleswaram |
9680 |
|
Rajajinagar |
8740 |
|
Tumkur Road |
4000 |
|
Vijaynagar |
3330 |
Infrastructure boost for West Bangalore
Infrastructure is the key that unlocked realty fortunes for West Bangalore. Broadening of state highway to Mysore was the first boost which was being followed by the Nandi Infrastructure Corridor Enterprises (NICE) corridor. NICE corridor improved connectivity with the far flung areas with the city. NICE has been formed by Kalyani Group of Companies and SAB International LTD with an objective to develop the Bangalore-Mysore Infrastructure Corridor.
What holds the highest possibility for realty development in the west is, however, the two Metro links. As per the proposed plans for Bangalore Metro, in Phase I, the metro will touch Vijayanagar and in Phase II, it will connect Kengeri. It means that in both Phases, metro will connect the western parts with northern and eastern parts of the city and travel time will drastically come down.
The Planned Peripheral Ring Road (PRR) will also enhance connectivity between West areas and other city parts. The PRR will connect Hosur Road up to Nelamangala. Moreover, development of integrated townships by Bangalore Metropolitan Region Development Authority (BMRDA) will include cluster towns located towards the western part of the city.
As for infrastructure facilities in this part of Bangalore, many super specialty hospitals such as Lions, Vagus, Manipal Northside have come up, triggering a surge in demand from medical professionals.
Realty expansion in West Bangalore
West Bangalore is witnessing an influx of luxury residential units as large business houses are looking for luxury living. Developers are coming up with luxury options in this part of the city. In North West Bangalore, capital values have increased from around Rs 4000 per sq ft to the range of Rs 6500 to Rs 12,000 per sq ft within a period of four years.
The area is a gateway to rapidly developing NICE corridor and places like Tumkur Road and Magadi Road could well become the next IT hub in Bangalore. Land availability and comparatively affordable price range implies that the western part will feature as a bright spot in Bangalore luxury real estate. The region also brings in hope of good returns for long term investors.
