Bangalore North and East may see growth in 2016: Knight Frank

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Looking to invest in residential property next year? Panathur-Varthur and Thanisandra are the areas you could keep an eye on.

Knight Frank India on Wednesday came out with the second edition of their Residential Investment Advisory Report 2016 in which they mentioned Thanisandra and Panathur-Varthur areas which are likely to see a price appreciation of 61 per cent and 55 per cent by 2020.

The company has made the predictions based on key factors of infrastructure and employment opportunities.  Satish BN, executive director, Knight Frank, said, “Areas like Sarjapur, outer ring road and Whitefield are exhausted. The traffic has made companies look for locations that are congestion-free. Current rates of Thanisandra are at Rs 4,000 per sq.ft that would appreciate to Rs 7,450 by 2020. Similar is the case with Panathur-Varthur which currently is running at a rate of Rs 4,350 and expected to appreciate to Rs 7,000 per sq.ft.”
In Bengaluru, the realty sector is determined by IT/ITes sector and this has been followed by the recent entry of e-commerce players in terms of employment apart from metro rail in terms of infrastructure.

Thanisandra, located in North Bengaluru, is expected to have a seven million square feet office space potential in the next two years. This would create almost 80,000 new jobs. Satish said, “Once the companies set up offices, the prices will shoot up. It is advisable to buy at the current rate. North Bengaluru is increasingly being considered as a new location by companies. There is also good social infrastructure in terms of malls and hospitals near the area.”

Thanisandra is located in proximity to three under construction employment hubs – Brigade Magnum located at Hebbal (7 km), Karle IT SEZ at Nagawara (4 km) and Ecopolis IT SEZ at Yelahanka (12 km). The international airport is 30 km away from the area and Hebbal railway station is 11 km away. Retail hubs such as Esteem Mall and Elements Mall are also nearby.

Panathur-Varthur on the other hand is located in East Bengaluru and is expected to have 8 million square feet office space in the next two years. This is expected to see 90,000 jobs. The area is in close proximity to seven
employment hubs namely ITPB, Whitefield, Prestige Ozone, Whitefield, HUL Research centre, Whitefield, RMZ Ecoworld, ORR, Cessna Business Park, ORR, Pritech IT Park, ORR, and Embassy Tech Village, ORR. The Whitefield railway station is 15 km away and the airport is 51 km away. Retail hubs such as Forum Value Mall, Inorbit Mall and Soul Space Arena Mall are all nearby.

 

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