Saturday, March 29, 2008

IT drives demand in east

IT drives demand in east
The localities in Bangalore East work well for buyers from the IT sector, says
Leena Mudbidri

Bangalore has grown into the fastest-g rowing city in South Asia today, triggered by a series of factors telescoping into one another. The entry of large IT conglomerates and financial institutions has fuelled a distinct change in the lifestyle of the citizens. From retail and education to housing and travel, there has been an upward trend in the standard of living. Both these industries have also had a direct effect on the real estate industry, spiraling it to an all-time high in the last few years alone.
East Bangalore was perhaps one of the first zones to experience the realty boom. With the HAL airport adding on more international flights thanks to the IT industry, real estate developers saw more potential in the areas around Airport Road, Domlur, Marathahalli and Whitefield.
The demand for luxury accommodation saw the emergence of gated communities and high-end apartment complexes offering facilities on par with those worldwide. Ranging from a clubhouse with swimming pool, health club and spa to children's play areas, landscaped gardens and shopping complex, these expansive residential complexes offer the best in good living.
A host of new infrastructure developments in East Bangalore especially along the Airport Road has made this zone a goldmine for investors and homeowners. The widening of Airport Road, the new flyover and the easy access to ring roads along with good civic amenities has fuelled a host of work-and-live concepts around this zone.
With the new international airport coming up in North Bangalore, the demand for land has definitely shifted towards Bellary Road. However, analysts still foresee an optimistic trend in East Bangalore realty with several large tech parks and IT related projects coming up around Whitefield.
A tech park which is located in Whitefield just off Outer Ring Road is coming up with five million sqft of premium office space with 10 state-ofthe-art buildings of approximately five lakh sqft each. This mammoth facility will have planned integrated facilities such as business centres, a 5-star hotel, serviced apartments, food courts, ATMs, etc.
Growing market
According to the real estate services firm Cushman & Wakefield, major micro markets in East Bangalore like Airport Road, Whitefield, Outer Ring Road, Domlur etc have emerged as IT and ITeS hubs with larger scale office space being developed over the last 5-7 years. These areas being the periphery of Bangalore with a high IT concentration have a good mix of residential apartments, plotted developments and villa projects.
According to Cushman & Wakefield, Sarjapur Road - Outer Ring Road in south-east Bangalore will continue to be a preferred location for IT, ITeS employees due to the excellent connectivity to office destinations and the improved infrastructure. This has resulted in increased availability of mid-segment apartments with sizes varying between 1,200 sqft and 1,600 sqft.


Post a Comment

<< Home