Bengaluru, India’s technology capital and a cosmopolitan city with mushrooming IT/ITES, is now expanding its base with more micro-markets in North Bengaluru emerging as preferred destinations and witnessing both residential and commercial traction. A look at micro-markets getting traction that are expected to grow in the coming days:
This micro-market has witnessed proliferation of residential development coupled with healthy demand. Good connectivity with the CBD and other parts of the city is an added advantage that has made this locality viable for residential and commercial investment. The proposed Phase 2 of Metro rail, connecting Gottigere and IIM in South Bangalore to Nagavara, will improve the connectivity of this micro-market with the CBD and South Bangalore significantly.
The18 stations connecting Gottigere, Hulimavu, IIMB, J.P. Nagar 4th Phase, Jayadeva Hospital and Swagath Road Cross, Dairy Circle, Mico Industries, Langford Town, Vellara Junction, M.G. Road, Shivajinagar, Cantonment railway station, Pottery Town, Tannery Road, Venkateshpura, Arabic College and Nagavara will surely witness increased traction towards completion.
The social infrastructure with prominent schools and hospitals around the belt has also led to the emergence of this area as a preferred residential location with good investment potential.
Yelahanka is slowly emerging as a self-sufficient ecosystem with increased developments in social as well as physical infrastructure space. Major players in Bangalore’s real estate market have ventured to the location to tap the underlying potential of this micro-market. It is emerging as a significant residential destination for high-end to luxury developments. The Yelahanka-Doddaballapur Road has witnessed a number of new launches in the last 12 months.
A slew of proposed infrastructural projects in North Bangalore such as the High Speed Rail Link, BDA Peripheral Ring Road, the broadening of Bellary Road and the elevated expressway are set to pave the way for the micro-market to become one of the most sought after self-sustained real estate destinations, apart from North Bangalore all set to become ‘Greater Bangalore’ in the coming days. The ITIR [Information Technology Investment Region] and the Karnataka Industrial Areas Development Board- Bengaluru Aerospace Park is contributing to rank this region in the list of preferred investment destinations. The announcement of extension of Cauvery water supply to this micro-market is an added advantage.
Connectivity to the micro-market will also improve with the completion of the elevated expressway from Hebbal to BIAL that will have an interchange in Yelahanka. The location is in proximity to the Manyata Embassy Business Park, therefore creating an expected demand for increased accommodation too.
Hebbal serves as a main junction between Airport and the other parts of the city. This micro-market gained more traction post commencement of Bangalore International Airport due to its strategic location between airport and the city. The key drivers for residential activity in this region are good physical infrastructure, emerging economic hubs and good connectivity to various business districts of the city.
Infrastructure initiatives like elevated expressways, widening of the ORR, and development of underpasses to ease connectivity in the location have also accentuated enhanced demand for this micro-market. The proposed monorail connecting J.P. Nagar with Hebbal, the 24 km north-south Metro corridor and the High Speed Rail Link connecting Cubbon Road with the BIAL are expected to do wonders for North Bangalore with its connectivity, while its business parks are major employment generators and have been the main feeder for residential developments and consequent price increase in the micro-market.
Since 2011, the Hebbal locality has registered a 59% hike in real estate property appreciation. Much of it can be attributed to its close proximity to the International Airport, Majestic Railway Station, ISKCON, Marathahalli, Palace Grounds and M.G. Road.