The north is witnessing hectic activity in the residential property market in anticipation of planned commercial development in the region that will lead to higher demand for homes
With the airport and good connectivity in place, the north has turned into an active residential hub with commercial real estate also set to take off.Presence of talent pool and proximity to the airport will be two key factors that will push commercial growth here apart from low rentals.Residential property options range wide with several smaller-format affordable units coming up alongside larger, premium units.
Ayub Khan, Proprietor, Apex Estate and Properties, elaborates, “North Bengaluru is witnessing a major move of IT companies. In the coming years, this area will emerge as the next IT destination in the city. Affordable housing is available in many locations here. This region also offers good education and healthcare facilities, which is a major plus point. The next phase of the Metro which covers locations in the north will be a game-changer for this region.“
Residential offerings
Bengaluru north is emerging as a prime residential property market with configurations ranging from one-bedroom units to large villas.
Ayub says, “The north offers residential space for all the three segments budget, premium and luxury. Highend residential options are available around Hebbal and RMV IInd Stage. Many premium villa projects are coming up in locations around the airport. Mid-segment housing is available in Sahakaranagar, Yelahanka, Thanisandra and in locations around the airport. Affordable or budget housing is available on and around Hennur Road and some parts of Thanisandra. Of late, some development is seen in proximity to the airport which caters to the budget housing segment.“
According to research by PropTiger, configurations available in this region are one-bedroom, two-bedroom, three-bedroom and four-bedroom units. Options available here are apartments, villas and plots. Anurag Jhanwar, Business Head Consulting and Data Insights, PropTiger, says, “There are over 500 residential projects here covering over 37,000 units. The unit size for an apartment ranges between 700-5,100 sqft, price range Rs 4,7505,100 per sqft.“
Trend in the Residential Market
According to Ayub, a noted trend in the north is, “A lot of high-end housing is coming up in this region. Many integrated development projects with high-end and mid-segment housing, commercial space, mall, multiplex, and star hotel within the development are also underway here.This area, in the years to come, will see a slow but sure shift of the city's Central Business District (CBD) towards it.“Anurag says, “Many residential projects in the north offer customisation based on buyer specifications, consumer-centric financing schemes and the launch of housing units with smaller sizes to increase the affordability.“
Locations Performing Well
PropTiger's research reveals that Devanahalli and surrounding locations, Jakkur and surrounding locations, Yelahanka and surrounding locations including Doddaballapur Road, and Thanisandra Main Road accounted for around 60 percent of the sales witnessed in north Bengaluru in the financial year 2016. The one and two-bedroom segments together accounted for around 50 percent of the sales.
The price range for options in Devanahalli and locations around is Rs 3,500-4500 per sqft. Jakkur and locations around command between Rs 4,000-6,500 per sqft. The price range for units in Yelahanka and locations around is Rs 4,300-7,000 per sqft.Thanisandra Main Road has options priced between Rs 3,300-5,500 per sqft.
Shrinivas Rao, CEO APAC, Vestian Global Workplace Services, says, “In this region, real estate activity has been witnessed mostly along Bellary Road (NH-7) which is emerging as the key link between the airport and the CBD, with office spaces, hospitality, retail and high-end residential.Doddaballapur Road is witnessing activity in the midsegment and premium segment. IVC Road has luxury villas and plot developments. All leading real estate players have acquired land banks in the north as it is the future growth corridor of Bengaluru.“
“On the residential real estate front, almost all locations here are doing well. In my opinion, Yelahanka, Jakkur, Thanisandra and locations on and around Hennur Road will be worth investing in for the future,“ Ayub adds.
