Bangalore has one of the most thriving real estate markets of the country. Although the entire city is bustling with residential and commercial projects, north Bangalore is the new destination for developers and buyers. Let’s find out why.
If you live in Bangalore, you would know about the real estate market of the city. Ever since the establishment of IT sectors in Whitefield and Electronic City, there has been a huge surge in the demand for good residential and commercial properties in these areas. Over the past decade, the Sarjapur-Marathahalli region has gained prominence as the best location for office spaces in the city. Similarly, many commercial properties came up on the entire stretch of Outer Ring Road (ORR), as it is a Special Economic Zone and home to many IT companies. However, the scenario is changing now as north Bangalore is experiencing many infrastructural developments. This article talks about the prospects of north Bangalore as the new realty hotspot of the city.
Saturation Point in Other Parts of Bangalore
A major part of Bangalore’s real estate activity is concentrated in Electronic City and Whitefield. The government developed both these places. Karnataka Industrial Areas Development Board (KIADB) allotted lands for establishment of IT parks on ORR. Bangalore Development Authority was also responsible for developing ORR. Private developers and the state government have played a huge role in transforming these areas.
Due to the development of commercial real estate, the demand for good residential projects went up in these areas. These localities have good infrastructure and lie in close proximity to commercial districts. Hence, property prices or rental rates are quite high here. According to CommonFloor.com, the average selling price of a property in Whitefield is Rs 5,183 per square feet. You can rent a 2 BHK house in this locality for Rs 21,109 per month.
Infrastructural Developments in North Bangalore
Since, all the prime localities in Bangalore have reached a saturation point in terms of real estate projects, the focus is now being shifted to north Bangalore. Government has come up with two mega projects to develop this part of the city.
The first project is the prestigious Kempegowda International Airport. The airport is built on 4,700 acres of land. The project is expected to create approximately 40 million square feet of real estate space in the coming decade. It is the busiest airport in south India and the third largest in the country.
The second major infrastructural development will take place on 3,000 acres of land. This huge plot has been allotted for the establishment of three major industries; Aerospace Park, Hardware Park, and IT park. Electronic City is one-tenth of this upcoming industrial area. Imagine the number of jobs it will create and its positive effect on the real estate market.
Good Sale Price Appreciation in North Bangalore
Unlike Electronic City or Whitefield, north Bangalore witnessed a development in residential real estate, even before the commencement of IT parks. The area has a good number of schools, colleges, hospitals, and shopping complexes.
According to CommonFloor.com, the average selling price of a property in Devanahalli is Rs 4,237 per square feet. If you think this is lesser than Whitefield, wait till you hear about the estimated sale price appreciation of a property in this area. The figure is a good 26.8 percent per year. This is way more that Whitefield where properties have an estimated sale price appreciation of -0.7 percent. This shows that north Bangalore is climbing the real estate ladder and will soon become one of the most popular commercial and residential locations of the city.
Real estate experts have predicted a good future for north Bangalore as more and more investors and buyers are moving in this direction. If you are planning to invest in property in Bangalore, head north.
