Nearly four years after the Bangalore International Airport started its
operations, Bangalore’s northern corridor has now witnessed a boom in
realty. The realty in the area, including residential, commercial and
hospitality have all picked up dramatically.
“The northern corridor is becoming one of the fast emerging commercial and residential hubs. The Hebbal-Devanahalli stretch has attracted many projects due to the availability of land and improving infrastructure. The improved connectivity to the international airport has further triggered the rush to the northern corridor,” suggests Knight Frank India’s latest residential traction report.
As per the report, North Bangalore stands second after South, in the micro-market split of launched units in FY 2012. While West Bangalore scores the lowest on this scale, with 2 percent, East at 19 per cent, North at 33 per cent and South leads the pack with 46 per cent.
Also, the announcement of KIADB Park, Aerotropolis, ITIR Region, Devanahalli Business Park, proposed malls and hospitality projects have further added to the popularity. “The scope for capital value appreciation on this stretch is also attracting a lot of attention from buyers,” the report states.
Many realtors opined that the next growth direction for Bangalore would be the North East (NE) quadrant- Old Madras Road and Bangalore North (Hennur Road, Thanisandra Road and Bellary Road).
“The long term potential of this micro-market is very high. Interestingly, while earlier North Bangalore comprised 10 per cent market share, it now holds 30 per cent. The capital value also has increased from Rs 2,300-2,400 per sq ft to Rs 6,000 per sq ft,” explained Shrinivas Rao, CEO-Asia Pacific, Vestian Global. “In the commercial segment, although many projects have been announced, nothing has taken off. In terms of infrastructure development, North Bangalore scores high,” he added.
“The northern corridor is becoming one of the fast emerging commercial and residential hubs. The Hebbal-Devanahalli stretch has attracted many projects due to the availability of land and improving infrastructure. The improved connectivity to the international airport has further triggered the rush to the northern corridor,” suggests Knight Frank India’s latest residential traction report.
As per the report, North Bangalore stands second after South, in the micro-market split of launched units in FY 2012. While West Bangalore scores the lowest on this scale, with 2 percent, East at 19 per cent, North at 33 per cent and South leads the pack with 46 per cent.
Also, the announcement of KIADB Park, Aerotropolis, ITIR Region, Devanahalli Business Park, proposed malls and hospitality projects have further added to the popularity. “The scope for capital value appreciation on this stretch is also attracting a lot of attention from buyers,” the report states.
Many realtors opined that the next growth direction for Bangalore would be the North East (NE) quadrant- Old Madras Road and Bangalore North (Hennur Road, Thanisandra Road and Bellary Road).
“The long term potential of this micro-market is very high. Interestingly, while earlier North Bangalore comprised 10 per cent market share, it now holds 30 per cent. The capital value also has increased from Rs 2,300-2,400 per sq ft to Rs 6,000 per sq ft,” explained Shrinivas Rao, CEO-Asia Pacific, Vestian Global. “In the commercial segment, although many projects have been announced, nothing has taken off. In terms of infrastructure development, North Bangalore scores high,” he added.
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