SEZs will spur demand for homes

SEZs will spur demand for homes
Residential localities close to the SEZs coming up will witness an increasing demand to cater to the workforce. Sai Prasanna elaborates


The IT boom has primarily driven the demand for both residential and commercial spaces around the city. Special Economic Zones (SEZs) is the other new phenomenon that is fuelling this demand further. Nine out of the 35 SEZs that will come up around the city will comprise non-IT and ITeS companies.
Presently, two biotechnology SEZs have been approved in the south-east region of Bangalore which has predominantly been a biotech hub. One will come up in Anekal Taluk (86.4 acres) and the other one by Karnataka Biotechnology and Information Technology Services (KBITS) will come up in Phase III of the Electronic City (103 acres). Apart from these, the other non-IT SEZs approved are for textiles and services at Ramanagaram (240 and 971 acres respectively), aerospace at Devanahalli (918 acres), and hardware at Bagur village, Hoskote (39 acres). All these will lead to demand for residential options close to their locations. Consequently, each of these SEZs will see residential localities opening up for occupation close to them.
NEAR ELECTRONIC CITY
According to a report by Cushman & Wakefield, the residential localities that will come up around the two biotech SEZs to cater to their workforce are around NH 207 (Attibele - Sarjapur Road), Anekal (close proximity to Jigani), and KHB Suryanagar (Off Hosur Road) and residential layouts like the D Devaraj Urs Layout between Airport Road and Varthur village (1,976 acres), S Nijalingappa Layout between Varthur Village and Sarjapur Road (2,806 acres), and K C Reddy Layout between Hosur Road and Sarjapur Road (2,134 acres).
Around NH-207, many projects are underway and most developers have planned either villas, row houses, or threefour bedroom apartments on this stretch. Residential projects along the Anekal stretch will mostly have apartments and gated communities. KHB Suryanagar (Off Hosur Road) is a BDA-approved layout with plots of different dimensions. The Devraj Urs layout will have around 32,000 residential sites and can house one lakh people. 35,000 sites will be available for residential occupation in the Nijalingappa layout which can cater to about 1.5 lakh people. K C Reddy Layout will be able to accommodate close to a lakh, with 26,000 sites.
The factors that will make these residential localities ideal for occupation are proximity to the workplace. This will be the biggest incentive to take up residence in these areas. For instance, a person working in the biotech park in Electronic City will find it easy to commute to a place of residence near Attibele. SEZs will spur demand for homes
Also, as these are some of the emerging periphery residential micro markets, the sale option is quite feasible making it a lucrative option for the working and migrating population. Another major factor that will work in the favour of these localities is connectivity from the Central Business District (CBD) and the suburban areas to Electronic City. Several infrastructure projects like the elevated expressway connecting Hosur Road (Central Silk Board Junction) to Electronics City, the NICE Road, and the planned Peripheral Ring Road (PRR) have been launched to ensure smooth flow of traffic and better connectivity.
Ramanagaram
Close to Ramanagaram, the residential options available are plenty. The Ramanagaram (4,013 acres) and Bidadi Townships (9,684 acres) by the Bangalore Metropolitan Region Development Authority (BMRDA), BDA layouts like Banashankari 6th stage layout, Anjanapura Layout (near Kanakapura Road), and the Kempegowda layout will cater to the housing requirements of the employees of the textile SEZ.
Devanahalli
The emerging residential areas in close proximity to the Bangalore International Airport (10-km radius) are IVC Road, Sadahalli Cross (near ITC factory), Doddajala and areas near Doddajala Lake, and areas along NH-7. Besides this, there are other key residential developments proposed in locations beyond a 10-km radius from the international airport.
These are coming up in Yelahanka with the satellite township, Doddaballapur, Nandagudi Township (proposed integrated township by the BMRDA, and the K Shivarama Karanth Layout (proposed residential layout by BDA).
Areas around the Devanahalli airport and Doddaballapura have witnessed largescale layout developments, gated community projects, and villa developments. The main reason for the development of these localities has been proximity to the international airport and the improved connectivity (widening works on Bellary Road and signal-free corridor from BDA junction). All these residential localities will have the walkto-work concept.
More residential developments are likely to happen here when the SEZs becomes operational, to meet the residential demand of the workforce. Also, social infrastructure like schools, hospitals, and recreation centres are likely to develop in these areas with the emerging residential and commercial development.
Once the SEZs are in operation, land values are expected to appreciate, in turn affecting the capital values in these localities. Rentals are likely to be high when there is a shortage of readyto-move-into residential developments.
Retail spaces
At present, these micro markets have witnessed some organised retail development on Hosur Road. However, these corridors are beginning to emerge as a retail destination due to the rising number of planned residential and commercial developments, and expected improvement in connectivity to the area once the planned PRR is operational. Upcoming mall supply in Hosur and Electronic City is approximately 1.3 million sqft expected in the next two to three years.