Realty race takes off

Realty race takes off
The Times of India

Bangalore: As you go down Bellary Road towards the up-coming international airport in Devanahalli, you can’t miss the numerous sign boards advertising real estate agents or telling you there are plots for sale.

The rapid work on the airport, the strengthening of Bellary Road — which is all too obvious as you go down that road — and the progress on the 1,450-acre IT hardware park are encouraging real estate activity all along the way from Hebbal to Devanahalli.

Near the ITC factory on that road, if you are looking for land for large-scale development, you are today likely to be quoted a price of Rs 1.2 crore an acre, compared to about Rs 80 lakh a year ago (that’s a 50% increase). Developed plots of land in the same area could go up to as much as Rs 1,200 a sq ft (that’s not much lower than what you can expect in Whitefield).

Fidelity Investments, which has taken space in the Manyata Business Park in Hebbal, is said to be looking for a 100-acre property near the upcoming airport to set up its own campus. DLF is said to be looking for a similar sized property in the same area. Nitesh Estates is planning a big township project.

Prestige Group is planning a 300-acre premium residential project, with a 18-hole golf course, near Nandi Hills.
Mayank Saksena of Trammell Crow Meghraj Property Consultants says a number of IT companies, foreign developers and realty funds are trying to acquire land on the way to Devanahalli. IBM, Microsoft, Infosys, Wipro are all said to be keen on facilities in that area.