Rising number of housing projects in Yelahanka
Ascending real estate prices have been driving the home buyers in Bangalore towards the satellite towns and suburb areas. One of the growth locations in the city that offers property for each segment of the society, especially for the middle-income group, is Yelahanka.
According to JLL reports, numerous housing projects have been launched in Yelahanka in the last 5-6 years and the area has been one of the hot destinations for builders. Proximity to Hebbal road and Bellary road that offers easy accessibility for commuters, adds to the number of reasons for the rise in new housing projects in Yelahanka.
Reason for the rise in housing projects
Yelahanka, a fast growing suburb, located to the north of Bangalore, was previously foreseen as a satellite town, however, at present it is under BBMP- Bruhat Bengaluru Mahanagara. The locality is 20 km from Bangalore International Airport and 20 km from the city center.
Easy accessibility to the nearby industrial areas located in Jakkur and Doddaballapur have surged the demand for a residential property in Yelahanka. Factors such as proximity to airport, well-planned development, vicinity to industrial areas located in Peenya, Jalahalli and Doddaballapur Road, etc offers huge demand for real estate projects in Yelahanka. The area houses the largest milk diary of Karnataka and the Rail Wheel Factory. Trouble-free public transport further encourages the growth of demand for residential properties.
In addition to connectivity, the announcement of certain mega projects such as IT Investment Region, KIADB Park and Devanahalli Business Park have also played a key role to lure buyers to this area. Potential for capital appreciation in the Hebbal-Devanahalli stretch has also catered a lot of attention from the home buyers. Proposed malls and hospitality projects and presence of business parks have made the location one of the preferred residential destinations, especially among the employees of IT/ITes sector.
Real estate and price trends
In accordance with the market reports, in the next 3-5 years the Grade A projects, which offers numerous amenities in north Bangalore will be completed. Ongoing infrastructure activities and commercial growths will further boost the demand for a residential property in the region.
The price range in Jan-Mar 2012 was Rs 3400- Rs 3600 per sq ft, while the price range between Jan-Mar 2013 was Rs 4000- Rs 4600 per sq ft. In one year there was an increment of around 22% in property price due to enhanced connectivity and reduced time travel for the employee catchments in the Sarjapur-Marathahalli ORR and Whitefield belt.
Home buyers are generally offered 2BHK and 3BHK units in multi-storey apartments from key developers such as GK Shelters Pvt Ltd, Tata Housing Development Company Ltd, VH Shelters Integral Foundations etc. Some of the of the ongoing projects in Yelahanka include Max Meridian, Vrindavan Bliss and Ramky One North.
Yelahanka is one of the upcoming locations in north Bangalore, strategically located between new and old developments of the city. It is encompassed by a good number of schools, colleges and tech parks. According to experts, growth of Yelahanka as a peripheral Business District in the coming years will help it evolve as a flourishing residential real estate destination. Thanisandra and Hennur road, major upcoming markets in North Bangalore, are likely to follow the suit.
