Seated on Bangalore-Mangalore Highway, Peenya is a well-developed industrial area, located in the north-western region of Bengaluru. Its neighbouring localities include suburbs like Yeshwantpur, Chokkasandra, Jalahalli, and Kammagondanahalli.
Peenya has many industrial units like Sree Mahakali Industries, Pete Narasimhaiah Industrial Estate, Hitachi Koki India, and Miracle Electronic Devices Pvt. Ltd set up in the area. The social infrastructure around Peenya is impressive and complements the industrial establishments present in the area. National Institute of Design, AIMS Institute, Indian Plywood Industries Research and Training Institute, and Nettur Technical Training Foundation are a few noteworthy institutions scattered around the region. Hospitals in the vicinity include Rajiv Kirloskar Hospital, Raksha Multispeciality Hospital, and Sarojini Hospital.
Basic amenities such as water and electricity are supplied in the area by the Bangalore Water Supply and Sewerage Board (BWSSB) and Bangalore Electricity Supply Company (BESCOM) respectively.
The commercial infrastructure around Peenya augments its robust social infrastructure, with malls like Rockline Mall, Fashion Mall, Big Bazaar, and Shop Mall Store present in proximity to the area. The locality also plays host to popular eateries like McDonald’s and Cafe Coffee Day.
Connectivity and Transit Points
Bangalore-Mangalore Highway connects Peenya to Tumkur Road, which meets the Outer Ring Road at Yeshwantpur. This stretch further links the locality to an upcoming and important area, Hebbal. The locality has an active transport system with multiple buses plying through the region. Several BMTC buses pass through Peenya First Stage Bus Stop, facilitating travel to regions like RT Nagar, MG Road, Rajajinagar, and Navrang.
Yeshwantpur Railway Station is the closest station to Peenya, situated 5 km from here. This station facilitates inter-city travel to cities like Delhi, Mumbai, Hyderabad, and Howrah among others. Air travel is facilitated by Kempegowda International Airport, which lies 35 km away, and can be reached within an hour via NH-7.
Factors for Growth in the Past
Development of Bangalore-Mangalore Highway was one of the major factors that helped Peenya come to terms with its real estate worth. This highway connected Peenya to other developed regions such as Yeshwantpur and Hebbal, improving the locality’s connectivity drastically.
Another factor that helped this area grow was the availability of a vast expanse of land. This resulted in the advent of many industries in the area, which in turn lured many reputed builders such as Vaishnavi Group, Pratham Construction, and Vani Properties to set up numerous residential projects here.
Presence of an active transport system within the locality ushered a spurt of development in this part of the city. Establishment of educational institutions, malls, hospitals, and other amenities followed shortly, improving Peenya’s real estate demand.
Residential and Commercial Market
Residential Market Trends
Peenya housesa variety of properties such as apartments, residential plots, and independent houses. Apartments are found in large numbers here, followed by plots and houses. The average rate of 2 BHK apartment units in Peenya is Rs 2,900 per sq. ft. and the average rate of plots is Rs 1,995 per sq. ft. The price of 2-3 BHK apartment in Peenya range between Rs 26 lakh and Rs 54 lakh, while the price of plots range between Rs 30 lakh to Rs 46 lakh.
The rent culture in this area is not very prominent. Only a few properties are up for rent. The average rent for apartments and houses in Peenya is Rs 10 per sq. ft.
Commercial Market Trends
The commercial market has a better hold over Peenya when compared to its residential market. The average rate of offices is Rs 2,775 per sq. ft., while the average rate of commercial plots here is Rs 2,875 per sq. ft. The price for offices range from Rs 5-6 crore, whereas the price range of plots in Peenya lie between Rs 6 - 9 crore.
There are many commercial properties that are leased out in Peenya. The rental rate for offices is Rs 25 per sq. ft., and the rent prices for offices range from Rs 1-5 lakh per month.
One of the major issues faced by the area’s residents is poor maintenance of footpaths and overflowing drains. Roads near certain areas in Peenya are clogged with vehicles as there is a shortage of parking spaces in the region, which adversely leads to traffic congestion in the area.
Another major challenge hovering over this industrial area is the release of untreated effluents from factories. They are directly released into the drains and cause inadvertent health conditions, if not monitored or treated properly.
Factors for Growth in the Future
The BMRCL is planning to conduct trial runs on Namma Metro Reach 3B, which will be ready for public use by 2015. The result of these trials on the stretch from Peenya Industries to Nagasandra on Tumkur Road will help them decide whether the existing Metro should be extended up to the northern part of Tumkur. If this project is successful, Peenya will see a major boost in connectivity in the coming years.
The civic authorities are planning to improve the basic infrastructure in Peenya. This plan includes repairing and re-asphalting of roads and construction of a bus shelter and public toilet. Improvement in civic infrastructure will contribute greatly to the future development of the area.