Over the last five years, north Bangalore has emerged as a destination to reckon with. Smooth connectivity to the airport has unlocked the value of land parcels, paving the way for commercial and residential development in this region. The stretch from Hebbal along the Bellary Road up to the airport and beyond has witnessed the emergence of micro-markets, which are in demand due to proximity to the airport and to tech parks, lower land costs and accessibility.
Naveen Nandwani, Executive Director, Cushman & Wakefield, elaborates on key micro-markets in this belt. “Existing micro-markets in north Bangalore include Hebbal and Yelahanka. Thanisandara Road, Bellary Road, Hennur Road and Devanahalli are the upcoming markets. Post relocation of the international airport, the city started growing in the northern direction. The strategic location of micromarkets such as Hebbal, Yelahanka, Thanisandra Road, Bellary Road and Hennur Road, which are en-route from the city center and suburban locations to the airport, has provided an impetus to real estate activity here. Development in the north has also been catalysed by the construction of infrastructure such as the Outer Ring Road (ORR) and Hebbal flyover.“
In addition to this, the proposed initiatives such as the Metro Rail and Peripheral Ring Road (PRR) connecting areas in the north with the central and suburban parts of the city have further reinforced investors’, occupiers’ and developers’ interest in micro-markets here, he adds Commercial market overview Statistics with Cushman & Wakefield indicate that Hebbal has seen major commercial office space developments with close to 10 million sq ft of office space currently operational. Bellary Road, Tumkur Road and Sahakaranagar together house nearly five lakh sq ft of operational office space currently. Hebbal has witnessed healthy demand for office space owing to availability of quality commercial real estate, ORR connectivity, proximity to central areas and connectivity to the airport.
Naveen elaborates on the commercial development in this region. “North Bangalore currently has over 10 million sqft of Grade A office space. More than three million sq ft of supply is under construction currently and is spread across areas such as HebbalORR, Bellary Road and Thanisandra Road. The under-construction properties in this submarket are expected to be completed over the next one to two years. Over the past three years, north Bangalore has witnessed leasing of over three million sq ft of office space.“
IT Special Economic Zones (SEZs), IT parks and non-SEZ categories have come up in locations in the north. “Occupiers from sectors such as IT/ITeS, manufacturing, consulting etc have been active in occupying space in the micromarkets here,“ he adds.
Shrinivas Rao, CEO Asia Pacific, Vestian Global Workplace Solutions, says, “High commercial activity will lead to growth of residential activity and the present average annual price appreciation 10-15 percent will climb further. Notable infrastructure developments such as the elevated expressway and the Hebbal flyover have further strengthened growth in this belt. The Bellary Road micro-market enjoys the benefit of location with proximity to the ORR, airport and the city center. Moreover, the industrial areas of Chikkaballapur and Doddaballapur are to the north of this micromarket.“
Source: Times Property, The Times of India, Bangalore