Infrastructure growth is encouraging developers to commence new projects in select areas.
This is because of infrastructure development like the new international airport, the Bangalore Metro project, flyovers, underpasses and road widening activities, that are encouraging developers who anticipate a growth in demand. Though the ‘real estate’ market in Bangalore is witnessing a slowdown, lots of us know that there are certain locations in the city that are buzzing with activity.
Prominent among these emerging markets is north Bangalore, where the new international airport is located. With highend villas and a golf course set against the backdrop of the Nandi Hills, obha Developers’ Sobha Lifestyle a presidential villa project spread across 55 acres with 165 villas in Devanahalli. By the way, a tieup with Marriott International, quite a few premium residential developments in north Bangalore, recently completed or coming up, include Bearys Group’s Lakeside Habitat a 25storey, ‘106apartment’, twin tower residential complex spread over three acres overlooking the Hebbal Lake.
Loads of feel that the hospitality, entertainment and logistics companies would find this area an ideal location, with the airport becoming operational soon. You see, industry analysts predict that lots of the city’s development going to be in this region. Project expected to be ready by 2011, now is sold by invitation only.
It also has plans for residential projects in Jakkur, Hennur and Hebbal, Mantri Developers is planning a super premium project in north Bangalore.
Prestige Group also has projects 32 acre Prestige Oasis with 182 units/villas to be ready by 2011 and the 6acre Prestige Wellington Park with 482 apartments, to be completed by the year end coming up at Dodaballapur and Jalahalli respectively. Consequently, the projects are in the pipeline, not finalised yet, sources say.
Did you know that the demand that is shifting towards retail, from bulk land parcels, says Mr Balaji, CEO, Propmart, a ‘end to end’ offline and online property solutions provider. With retail investors’ interest dropping, major buyers in today’s real estate market are the retail end users.
Mr Aditya Verma, Vice President and Business Head.
The Whitefield market, that had showed signs of a slowdown a few months ago, is hotting up again, says Mr Farook Mahmood, FounderPresident, National Association of Realtors -India. For example, the Bangalore south region has also seen good sales in ‘March April’ 2008 at 404 units, up by about 320 units compared to December 2007. Airport Road, Kaggadasapura, Whitefield, AECS Layout, Kasturi Nagar and Marathahalli.
Echoing this sentiment, real estate services firm Cushman Wakefield’s recent report says that despite rental depreciation in the eastern cluster of Marathahalli, Whitefield and Airport Road, demand should continue in these regions, especially in Whitefield. Other areas to look out for are localities around the Ring Roads and Bidadi. Besides, while upcoming townships, the fourlane State Highway connecting Mysore to the city, the upcoming BMIC project, existing industrial areas, and planned theme parks and resorts at Bidadi have contributed to the regions’ development, improved connectivity between Bangalore and Mysore has contributed to a gradual growth in residential developments in and around Bidadi. Measures taken to improve connectivity to the central business district, coupled with improved social infrastructure, have enabled Whitefield to become a self sufficient micro market.