North Bengaluru gets BIA boost

The proposed high speed rail link to BIAL, the elevated expressway planned between Hebbal and Yelahanka, road widening of Bellary Road, BDA’s Peripheral Ring Road connecting North Bengaluru to the rest of the city, Metro Rail connectivity and the proposed Mono Rail, all point to one fact — North Bengaluru is fast becoming one of the most sought after destinations in the city.

“It is not surprising that North Bengaluru is growing at such a stupendous pace as historically cities have been built around airports. Bengaluru cannot be an exception and that is why you see so much of infrastructural development planned around the BIAL” opines T.S. Sateesh, Managing Director, Hoysala Projects. “All this augurs well for real estate growth.

In the next one or two years, Devanahalli itself will see a lot of commercial development with the recent Global Investors Meet having brought a lot of focus to the area,” he adds.

BIAL’s Airport City

To begin with, the BIAL is planning its own ‘Airport City’. In line with the increasing attention being paid to ‘aerotropolises’ globally, the Bengaluru International Airport Limited (BIAL) has planned to develop an ‘Airport City’.

“BIAL’s Airport City is proposed to be built on around 215 acres of land on the Main Access Road to the Airport terminal building. It will stretch over a distance of 2.5 km and will consist of a downtown area, a business unit, a technology center and a hotel. The downtown area will be a typical urban entertainment center spanning approximately 39 acres of land and will house a shopping area with various retail formats, entertainment facilities, offices and hospitality facilities,” apprises Irshad Ahmed, Managing Director, Irshad’s Property Matters and President, Bengaluru Realtors Association of India (BRAI).

“The Airport City will provide much impetus to the residential development around the airport and in North Bengaluru. The proposed connectivity of the Airport City to the high speed rail link (MRTS) and the road expressway from the city center will make it quite accessible too besides serving to decongest the city and emerge as a satellite township,” adds Irshad.

Projects in the pipeline

“There is the aerospace SEZ which is being planned in North Bengaluru besides three industrial parks on 3000 acres of land. There are a lot of 5-star and 7-star hotels like Oberoi, JW Marriot’s and Fortune hotel which will also come up shortly. There is plenty of commercial development also in the pipeline with several developers having bought huge land parcels for development in the stretch from Hebbal to Devanahalli. With so much of commercial development, residential development will surely follow,” explains Bijay Agarwal, Managing Director, Salarpuria Sattva Group.

A few builders who have planned residential projects in North Bengaluru are Brigade Group with their Gateway, Ozone Developers with their integrated project called Urbana, Prestige with their Ozone and Golfshire projects, Hiranandani Upscale with their Chancery, Nitesh with their Columbus Square and Sobha with their Althea.

Time to buy?

“The rates for residential built up from Hebbal till Yelahanka is around Rs 3500 — 5000 per sq ft and land rates vary between Rs 4500- 6500 in the same area.

Rentals for apartments are around Rs 18000-20000 for 2 BHK and Rs 25,000-30000 for 3 BHK depending upon the facilities offered.

As you go beyond Yelahanka towards Devanahalli land rates drop down. You can own a piece of land here in a good gated community for anywhere between Rs 1500-2000 per sq ft today,” informs Irshad.
“It is a good time to buy in North Bengaluru now as the prices currently are very reasonable. However, prices are also likely to head northwards in the next two to three years,” he advises.

“Owner occupiers must look at investing in North Bengaluru now as this is one area where the appreciation will be high both in the short term as well as long term,” concludes Sateesh.