Proximity to the airport, and planned commercial growth supported by residential, retail and infrastructure development, are set to push demand for realty in this region
Although it took the longest to be recog nised as a micro-market with potential, Bengaluru north is emerging as a hub of activity now. It has been predicted to turn into the `new Bengaluru' with the airport as its heart. The availability of large land parcels at competitive rates, when compared with the existing commercial destinations in the city is the key factor for corporates who are looking to expand or set up new facilities here.
AIRPORT ADVANTAGE
This region received its biggest thrust when the air port relocated here. Government initiatives also helped give a fillip to development.Bengaluru being a tech hub with many global corporates, frequent travel to and from the airport is a major factor.With several Grade-A spaces coming up, many corporates are consolidating operations or expanding new businesses here. Upcoming and anticipated commercial growth has led to a good residential spread in the region with a wide range of offerings.
COMMERCIAL DEVELOPMENT
Long-term commercial development in the north includes the 414-acre Devanahalli Business Park which will have Special Economic Zones (SEZs) and also facilities of ITITeS and biotechnology companies. Residential development, hospitality, entertainment and healthcare will come up to support commercial activity.
The proposed 215-acre airport city is expected to employ over one million people.It will have an office park and a software campus along with retail, hotels and serviced apartments.
Shrinivas Rao, CEO APAC, Vestian Global Workplace Services, says, “Regional economy and airport share a close link. High-tech industries (firms specialising in information and communication technologies) generally locate their facilities around the airport as their profes sionals are likely to travel by air at least 60 percent more frequently. Proximity to the airport also gives these businesses high visibility for their brands.“
Recent studies sampling airports all over the world suggest a correlation between an airport's development and proliferation of supportive real estate in the region. “Round-the-clock activities in an airport are gradually transforming these transportation hubs into viable retail, hospitality, business and industrial destinations,“ he adds.
Other initiatives include the 1,000-acre Aerospace Park south of the airport, 941-acre Hardware Park and 1,028-acre ITBT Park at Bagalur village, 150-acre Logistics Park at Balepura near Devanahalli and 469-acre integrated Textile Park on Doddaballapur Road. Employment generation by 2025 is anticipated to be around five lakhs.
CIVIC INFRASTRUCTURE
In the light of planned development, civic infrastructure plays the most crucial role, providing connectivity and enabling real estate to grow at an accelerated pace. The 22-km expressway over Bellary Road preceded development here and has opened up new locations for growth on either side. The Outer Ring Road (ORR) provides seamless connectivity from locations in the east linking K R Puram to Hebbal on one side and from Tumkur Road to Hebbal on the other. Locations along this corridor are now witnessing development thanks to an easy commute to the airport.
Among infrastructure initiatives proposed for this region, the extension of the Nagavara-Gottigere line via Thanisandra to the airport in Phase III of the Metro Rail project is most significant.This will directly connect the Bannerghatta IT hub in the south with the upcoming peripheral locations in the north, creating easy travel to the airport and furthering growth.
The planned Peripheral Ring Road (PRR) in Phase I will connect the industrial and economic hubs of the city from Tumkur Road to Hosur Road via Bellary Road, Old Madras Road and Sarjapur Road. The 284-km Satellite Town Ring Road (STRR) will connect the industrial areas and satellite towns of Bengaluru Dabaspete, Doddaballapura, Devanahalli, Hoskote, Anekal, Kanakapura, Magadi and Ramanagara.
ALTERNATE ROUTES TO AIRPORT
The major alternate routes to the airport which are also witnessing development are Hennur Road, Thanisandra Road and the Cargo Road connecting from Old Madras Road.
Surabhi Arora, Senior Associate Director Research, Colliers International, says, “Over the next 2-3 years, market leaders will set up offices and expand in north Bengaluru. They don't want to rely only on one micromarket. For corporates, it also works out well because of the proximity to the airport and lower rentals, going between Rs 30-50 per sqft presently.“
