Bangalore North: The rising

Bangalore North: The rising
Big Push To Retail And Residential Development
The Times of India

Bangalore: If you looked at the property ads that appeared in this newspaper during the weekend, you may have noticed also a significant detail — the biggest and most prominent ads were for properties in north Bangalore.

There was Puravankara’s Venezia in Yelahanka, Prestige’s Kensington Gardens off BEL Circle, and Sobha’s Beryl and Basil on Tumkur Road. And each one of these is a massive project — offering between 800 and 1,300 apartments, on land areas of 8 acres to 21 acres.

This is a remarkable change, for till recently, property development in the south, east and south-east — Bangalore’s IT corridor — has dominated newspaper and mind spaces. And what’s driving the change is the growing corporate activity in the North.

In October 2004, when TOI broke the news about Philips Software setting up a massive campus in Hebbal, we had also said that this was likely to encourage other companies to look at that location, which in turn would push residential and retail development. That’s indeed what has happened. IBM is taking a huge space in the Manyata Business Park in Hebbal, Fidelity has leased some 2.5 lakh sq ft in the same park, DuPont subsidiary Pioneer Seeds has acquired 40 acres on the Doddaballapur Road to set up a seed research centre, and the Doddaballapur apparel park has gathered enormous steam.

“By December 2006, North Bangalore will beat Whitefield,” predicts Sudeep Chandra, partner in Terrafirma Developers, which put together the land for DuPont, and is also now setting up residential units in Yelahanka. Following DuPont, several major seed companies, including Zuari Seeds, are believed to be looking for land in the same area because of the fertile soil and high water availability.

Mayank Saksena of Trammell Crow Meghraj Property Consultants says the widening of the Bellary Road and the rapid progress of the international airport has given a great deal of confidence to companies and developers. “Many believe infrastructure will be less of an issue here than in other parts,” he says.

And when companies set up base in a location, residential developments must follow. Says a Philips Software employee who is buying an apartment near his campus: “Staying near my workplace will mean a great deal of saving on time and energy. Besides, apartment prices are much cheaper here than, say, in Whitefield.” He’ll be paying about Rs 1,800 a sq ft for his flat, as against about Rs 2,500 he would have to pay for a similar place in Whitefield.

The desire of people to stay close to their workplaces is what is pushing development even on Tumkur Road. Sobha Developers director Jackbastian Nazareth says his market research showed people travelling long distances to reach workplaces in Peenya and adjacent areas, and a keen desire on their part to stay closer. “The problem was, there weren’t good properties in this area. Which is why some major residential developments are now happening,” he says.

IN A NUTSHELL
n The biggest and most prominent property ads were for properties in north Bangalore. n What’s driving the change is the growing corporate activity in the North n The desire of people to stay close to their workplaces is what is pushing development even on Tumkur Road. n By December 2006, North Bangalore will beat Whitefield, say developers