TOWARDS ‘real’ prospects

TOWARDS ‘real’ prospects
The burgeoning city is looking towards Bangalore South to satisfy its real estate needs
The Times of India


Real estate prices are soaring in the city and investors are raking in the moolah big time. Quite often you even witness people inferring that realty today is a better bet than stocks. In this backdrop, one gets to see major development happening in and around the city, be it new apartment complexes, shopping malls, or glitzy offices - the spin off is wide and huge.
One major advantage for the dwellers of this city is that there is a choice of location. While Whitefield, Sarjapur Road, and Hebbal were the first target locations for developers, Bangalore South is among the latest in the offing. The fact that Bangalore is going through another haul of real estate high has struck the minds of investors, developers, realtors, home seekers et el. And the indications are clear and sound. The burgeoning city has one more direction to look towards to satisfy its real estate needs - Mysore Road, Kanakapura Road, Hosur Road and Bannerghatta Road, these are major belts of Bangalore South that are seeing massive realty activities.
The major factor though that will give the locality a further push is connectivity - the Bangalore-Mysore Infrastructure Corridor project that envisages a 106-km sixlane super highway between Bangalore and Mysore. All the major roads in this region are being connected through BMIC project.
Here is a realty check on these roads:
Mysore Road
Timber Yard, Kwality Biscuits factory, SSIs, Rajarajeshwari Nagar Arch, Bangalore University and of course RV Engineering College summed up Mysore Road. The century old road, one of the oldest state highways that connects Mysore and the city was largely tagged jinxed because this sector hadn't lived up to its expectation with respect to real estate. Cut to present: four-lane road, BMICP, townships, top of the line resorts, amusement parks, industrial estates, professional colleges, international schools, and hospitals stand tall in the midst of hectic real estate activity.
One of the first few developments on this sector was the well-planned Kengeri Satellite Town, a self-contained township concept, which is currently in the center of the tremendous development this sector has witnessed. The Karnataka Housing Board (KHB) and the Bangalore Development Authority (BDA) have been instrumental in merging this satellite town into the folds of Bangalore City.
The second significant development in this sector was BEML's township in Rajarajeshwari Nagar. Situated on a higher plane, this serene locality saw home buyers queuing up for plots that were considerably lesser priced when compared to those in other localities of the city. Today, Rajarajeshwari Nagar has grown so much that it touches
Banashankari VI Stage.
All these developments weren't that catalytic for further development until the announcement of Bangalore Mysore Infrastructure Corridor Project (BMICP) by Nandi Infrastructure Corridor Enterprises (NICE), an integrated road project that is aimed at reducing the distance and traveling time between the two cities. Then followed the KIADB's Bidadi Industrial Area and subsequently the Toyota Kirloskar plant, Coca Cola's bottling plant, ancillary plants, among many other companies pitched their base here. The KPTCL's Bidadi power plant is the latest in the offing.
While the industrial developments started scaling new heights, the spin off was significant as it added variety to the real estate landscape. Next came townships, hospitals, professional colleges, international schools, and amusement parks.
This sector is all set to witness parallel development. While the four-lane road touching taluks on the way to Mysore is on the anvil, a part of BMICP between Bangalore and Bidadi is also on the cards for opening. These two roads will run parallel and open up many corridors for development all the way till Mysore.
While the BMICP will consist of an industrial park, IT parks, residential options, tourism centres, and eco centres on this stretch, the old Mysore Road will be a fitting platform for other private entities to try their luck here. With Mysore getting closer and with IT companies showing keen interest in setting up offices in Mysore, massive developments are on the cards. Such is the demand here for land that sellers talk rates in terms of sqft and no more in acres, which was the practice here till recently.
Kanakapura Road
For Bangaloreans, Kanakapura Road, till a few years ago, meant the
Roerich's Tataguni Estate, dhabas for the evening out with friends, and perhaps even the Tamarind Tree popular for music concerts. Now, the scene has transformed into one of the most soughtafter areas that is bustling with activities. Kanakapura Road has everything to offer on a platter for a resident here.
Many factors have lead to growth here. Residential layouts and availability of land is one. Shopping centres and commercial activities came up with the residential development. This belt is known
for its cultural and spiritual touch. The road projects have made it well-connected to the rest of the city.
A rejuvenated BDA resumed its retailing activity of sites and commercial complexes in the late 90s, and thus Anjanapura Layout was formed in 1998. After the BDA provided civic amenities in recent times, the rates here are skyrocketing each day. The sprawling BDA layout has in its vicinity plenty of private layouts and it's ideal for those who prefer an independent house. In the last six months, the BDA in its efforts to put in place civic amenities has provided water, underground drainage, and power supply. BDA-approved sites here cost between Rs 1,600 and Rs 2,000. Some builders have even created row houses that are of high quality.
Coming to apartments there are plenty of options. The BDA too has put up apartment complexes in the immediate vicinity. Availability of land is another major plus for people looking in this direction for property investments.
When it comes to shopping and commercial activities, the well-established MNCs including Metro and Family Mart are making a mark. Along with the retailers, they have everything a resident may need. While Metro restricts purchases to only the business class, Family Mart and others cater to the rest. This road also houses popular car and bike showrooms. Builders are planning tech parks and office spaces are affordable.
Sri Sri Ravishankar's Art of Living Foundation, Sahaj Marg Research Centre, Shankara, and Roerich's painting gallery are among the most popular centers of culture and spirituality in this part of the city.
The Public Works Department has a new project planned that will connect Kanakapura Road, Bannerghatta Road, Jigani Industrial Road, Anekal and Attibele. This circuit is planned to create a 'corridor' for industrial development at a cost of Rs 26 crores. Towards Mysore, the Bangalore-Mysore Infrastructure Corridor project cuts across Kanakapura Road. This will mean around 20 km of a sixlane road in the vicinity, translating to further potential for development.
Hosur Road
National Highway 7 was what Hosur Road was meant to be, connecting Bangalore and Hosur in Tamil Nadu. The Silk Board junction was the last recognised name on this road with only dump yards and weighbridge all along the road. But today, it is a high profile road that features in addresses of famous establishments.
Famous for becoming sixlane six years ago, the road made news again in the last couple of years. Paradoxically, this time it was for being a congested road, such is the scale of development on this road. Electronic City, specialty hospitals, residential apartment complexes, resorts and restaurants, ayurvedic centres, car showrooms, the list just goes on.
The evolution of Hosur Road didn't gather much significance until the State Government mooted the idea of a dedicated area for IT and electronics industries in the early 1990s. A decade and a half later, this place spread across a sprawling 500 odd acres is often referred to as the heart of the information technology industry. Market leaders in field of electronics and information technology are located here.
Hewlett Packard, Infosys Technologies, Wipro Infotech, Siemens Information Systems, Yokogawa Blue Star, Fusion Software and Phoenix are some of the major companies that are established here. Currently, around 200 companies operate from here and the government is working on Electronic City Phase III to accommodate biotech companies.
Even while the companies were lining up to enter the Electronic City, supplementary sectors started sprouting as a spin off. Car garages, dumping yards and makeshift movie halls made way for car showrooms, petrol pumps, and factory outlets. The commercial establishments multiplied over the years. Toyota, Tata, BMW and Chevrolet have their showrooms here. Hotels, resorts and ayurvedic centres were the next to follow. The road became more famous with Narayana Hrudayalaya.
Very soon, the road will see a significant change in its landscape. The nine-km elevated road from Hosur Road to Electronic City that was delayed for nearly six months will see daylight soon, according to sources. The project will be completed within a maximum time span of 24 months. It will cost Rs 450 crores. The project will also include four subways for the heavy pedestrian traffic to cross at Bommanahalli, Garvebhavipalya, Kudlu and Singasandra junctions.
Bannerghatta Road
What was just an extension area beyond Bangalore city, ignored by civic authorities and realtors alike a decade and half ago, is today a premier corridor for IT and allied segment, professional colleges, and property traders. This is Bannerghatta Road.
Till the 90s the name Bannerghatta Road was attached to only the Bannerghatta National Park and Indian Institute of Management. These apart, there were only some farmhouses in the neighbourhood. Now, MNCs and top-notch Indian companies have lined up here bringing into fore the potential the locality has. It also heralds the 'walk-to-work' concept with the residential options around.
In the last six years, this road has witnessed significant development that has raised many an eyebrow. Tagged as one of the most appropriate locations for self-contained living, Bannerghatta Road is today dotted with software parks, call centres, MNC banks' back end operations, massive apartment complexes, educational institutions of repute, shopping malls and marriage halls of all sizes. This multidimensional development can be largely attributed to its proximity to the rest of the city.
Around a 100-odd companies today operate from Bannerghatta Road including, Airtel, Accenture, Convergeys, Infosys, Honeywell, HSBC, IBM and Oracle among others. The workforce here was a worried lot till recently. What has come as some respite is the completion of four-lane work of Bannerghatta Road and the Rs 24 crore Jayadeva Circle flyover project. It may be recalled
here that there were widespread protests against the condition of Bannerghatta Road caused mainly due to construction activities. It was only after the PWD, BCC, private builders and IT companies agreed to take up road work on a joint venture that the project was initiated.
Supplementing the employees with residential options proved not much of a hurdle for employers as the locality threw up huge apartment complexes within no time. Name any reputed builder in town and he has a project here. With 100 percent pre-completion bookings in projects, the builders have in fact found a good market here.
There is scope for more builders to float residential projects in and around Bannerghatta Road due to the rising demand. Of course, this huge demand has caused the property prices to escalate. The prices of residential properties in and around Bannerghatta Road range from around Rs 2,500 per sqft upwards for plots and around Rs 2,400 to Rs 4,500 per sqft for apartments. Prices vary depending upon the location, connectivity, and the value-added services offered.
Realtors are very bullish on the appreciation in property prices here. Since the demand is largely due to the IT sector where people have been investing in residential property for self-occupation, the escalation is realistic.
When it comes to shopping, a majority of sportswear and branded clothing companies had put up their outlets here as early as 1996 when the Outer Ring Road was formed. To tickle the taste buds, restaurants came up quickly, while convenience stores to fit all kinds of budgets mushroomed subsequently. Bannerghatta Road is also famous for its innumerable marriage halls all along the road. But the demand for office space is such that they are slowly being pulled down to put up office buildings.