Bengaluru (formerly known as Bangalore) is touted as the most sought after cosmopolitan city in India. The city, also known as Silicon Valley of India, houses the largest number of Information Technology (IT) and Information Technology Enabled Services (ITeS) companies such as Infosys, ABB, Convergys, HCL, IBM, Cisco, Microsoft, Google & many more.
A large job market driven by a vibrant IT/ ITeS industry & entrepreneurial culture coupled with a superb weather & an equally superb infrastructure makes Bengaluru a perfect recipe for a robust real estate industry. The real estate industry in Bangalore also capitalizes from the fact that prices of properties in Bengaluru is relatively less when compared to other cities such as Mumbai & National Capital Region (NCR).
According to Square Yards Global Intelligence Centre (GIC), end users are preferring under construction or ready-to move-in apartments whereas investors are preferring pre-launch projects.
Understanding the significance of the Bengaluru real estate industry, Square Yards presents a list of top 5 locations that enjoys a robust realty market & have been giving great returns in the recent past
Hebbal – Geographically located on the northern frontiers, Hebbal is acclaimed at the new Bengaluru. The region has excellent connectivity to Kempegowda International Airport and nearby locations such as RT Nagar, Vasanth Nagar, Shivaji Nagar and Benson Town etc.
Looking at its great connectivity, the government is promoting this area aggressively for future economic activities- As witnessed by the upcoming planned Information Technology Investment Region (ITIR) near Devanahalli, Aerospace SEZ near the International Airport and the proposed Devanahalli Business Park. Together these will create 300,000 new jobs, thereby creating surge in realty demand in the coming time.
To provide state of art housing experience, prominent developers have come up with their gated projects such as L&T Raintree Boulevard, RMZ Azure, Prestige Misty Waters, Godrej Platinum Bengaluru & Embassy Lake Terrace etc. Square Yards GIC indicates that the average capital value is INR 5,455 per Sq. Ft. in 2015, compared to INR 4,660 in 2013 – over 17.10% increase over the last two years.
Whitefield – Strategically located on the eastern part of Bengaluru, it is one of the biggest IT catchments of the city. The region has easy accessibility to National Highway (NH) – 7 (Outer Ring Road) and proposed Peripheral Ring Road. It is also well connected to the IT/ITeS industry of Electronic City, Sarjapur & ITPL. The residential real estate dynamics of Whitefield has been closely linked to growth in these markets. A total of 30 million Sq. Ft. of office space is under construction in Whitefield & once completed, it will create a major impact on the residential markets in nearby locations.
The region has witnessed the foothold of most prominent developers with their gated communities such as Prestige Boulevard, Ozone Promenade, Godrej United, Raffles Park & Brigade Harmony etc. Square Yards GIC indicates that the average capital value per Sq.Ft. is INR 4,957 in 2015, compared to INR 4,507 in 2013 – a 10% increase.
Electronic City – It is the largest industrial and technological hub of Bengaluru, located on the southern parts of Bengaluru on NH 7. It is well connected to other parts of the city through NH-7, Hosur Road, NICE Road & Neeladri Road. Once the under construction metro line R. V. Road to Bommasandra will be completed, it will connect Electronic City with various other locations such as Silk Board Junction, Hosur Road, Hosa Road, Huskur Road, BTM Layout, HSR Layout & Hebbagodi etc., thereby further enhancing its connectivity.
The location is house to more than 300 companies and a very large work force of near around 100,000. To cater to the rising demand of residential units from working professionals, renowned developers have come up with various projects such as Puravankara Provident Rising City, Concorde Silicon Valley, Prestige Casabella, Prestige Norwood & Godrej E City etc. Research from Square Yards GIC reveals that the average capital value per Sq.Ft. is INR 3,750 in 2015, compared to INR 3,000 in 2013 – 25% price change.
JP Nagar – Geographically located on the south-western edge of Bengaluru, it is well connected to Mysore Road, Bannerghatta Road, Central Bengaluru, Electronic City via Ring Road. As a traditional location, it is boastful of a well-developed social infrastructure, & hence the location has been high up on the list of many home buyers in the city. The upcoming metro on Kanakapura Road will further add to the attractiveness of the location. In addition to it, 28 acre Vaikunta Hill Cultural Theme Park in the ISKCON Township is proposed in this micro-market that is expected to drive the tourist attention towards this region.
The region has exemplary projects such as HM World City, Valmark Orchard Square & Unishire Wynn Towers etc, ideal for investment purpose. Square Yards GIC indicates that the average capital value is INR 5,503 per Sq. Ft. in 2015, compared to INR 4,493 in 2013 – over 22.48% increase.
Yeshwanthpur – It is located on western part of Bengaluru with close proximity to Namma Metro, proposed Peripheral Ring Road (PRR) and proposed Mumbai – Bengaluru Industrial Corridor. It houses large number of Indian and Multinational industrial entities such as Kennametal, Widia, ITC, Volvo, BOC, Reliance Packing etc. that is likely to stimulate a whole new range of economic activities in the region. The economic activities will translate into demand for residential units as well.
The region has witnessed the presence of well-known developers with various projects such as Assetz Homes Lumos, Hiranandani Glen Classic, Salarpuria Luxuria, Aparna Elina & Godrej Elite Town homes etc. Square Yards GIC indicates that the average capital value is INR 5,964 in 2015, compared to INR 4,981 in 2013 – over 19.73% increase.