Even in times of real-estate ebb,Hebbal is the new destination for those seeking high-end,premium addresses.
But why Hebbal Basically,you are targeting the second-home buyer who cant afford to buy on Palace Road or in Sadashivanagar or in any of the other central locations, says Cherag Ramakrishnan,CEO,Equinox Realty,who is developing a high-end residential unit,Waters Edge,near Manyata Embassy Business Park.Besides Equinox,Mantri Developers,G:Corp,and Karle have also launched projects in the same vicinity.Golden Gate Properties is also slated to launch a high-end residential project in the area.
There is a shortage of high-end space within the city limits,and here you have a destination thats 15 to 20 minutes away from the city centre,and has land available, adds Jitendra Virwani,CMD,Embassy Group.
Bespoke projects from RMZ,Embassy,and Godrej Properties,priced above Rs 2 crore,have been launched along the Bellary highway after the Hebbal flyover.Century,Brigade and Salarpuria have also planned high-end projects in this area.Last year,Sobha launched its mega township project of 1,500 units Sobha City located off Bellary Road.The average per sqft rates that developers are quoting is in the range of Rs 5,000 per sqft to Rs 8,000 per sqft.
The airport has definitely magnetized this part of town as it attracts a lot of senior management of companies.Hence,you see the pricing in the area is line with the customer profile, says Raj Menda,CMD,RMZ Corp.
Interestingly,the spike in residential activity in the region has brought back some amount of investor demand,though developers reiterate that Bangalores residential market is very much end-user driven.There has been a lot of interest from investors from Mumbai and Kolkata for high-end projects in Hebbal, says Sudeep Chandran,owner,Terrafirma Developers,adding that 15% to 20% of offtake seen in Hebbal is by investors.However,there are no signs of bulk buying by investors,which could potentially create a price bubble.
The senior management of IT companies is looking at north Bangalore as an investment opportunity.As of now,they are investors.Once the developments are ready,many of them would become end-users, explains Ram Chandnani,deputy MD of South India CBRE South Asia,a global real estate consultancy firm.
Says Farook Mahmood,CMD,Silverline Group,Bangalore is turning to be a very mature market,and our prices are still one of the lowest as compared to other metros.
According to another global consultancy firm Cushman & Wakefield (C&W),The purchases in Hebbal are mostly led by long-term investors and the prices have appreciated consequently. Considering the first two quarters of 2012,C&W says,Hebbal has witnessed a price appreciation of around 8% in the high-end residential segment
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