Saturday, March 29, 2008

Premium localities in the making

Premium localities in the making
More localities in Bangalore North will emerge as premium neighbourhoods in the months ahead, says Mythili G Nirvan

Bangalore North is fast-emerging as a cosmopolitan hub, complete with social and commercial infrastructure. Almost discreetly, the localities leading to the northern corners of the city began to develop as both premium commercial and residential localities through the last decade. The mega retail showrooms, branches of major hotel chains, and good residential complexes with all amenities changed the skyline over the past five to seven years. Land prices went through the roof and apartments here became hot property.
Even as the south story was being scripted through the mid and late nineties, the north saga was beginning to take root. Perhaps the first of the seeds were sown with the Mekhri Circle grade separator that remains one of the best projects in the city. The Hebbal Flyover and the Golden Quadrilateral projects saw the localities here shift to the premium segment in a matter of months.
And with the announcement of the international airport, this segment of the city simply took to its wings. The Outer Ring Road brought connectivity to the IT clusters, making localities here a good option for those in the IT sector. With the large number of people from all over the country coming to the city looking for an opening in the IT sector, localities in Bangalore North saw cosmopolitan neighbourhoods developing. Indeed, now most Bangalore is cosmopolitan. Yet, this tag creates new vistas in development.
A cosmopolitan neighbourhood opens up potential for a host of segments. A broad spectrum of players in the retail, education, and hospitality segments primarily benefit from the demand coming from the diverse populace. This fuels healthy commercial development. With the new comprehensive development plan for the city - Master Plan 2015 - allowing specified commercial development in residential localities, this factor is a good sign.
Bangalore North has good medical facilities, educational institutions and by the day, more retail and hospitality players are moving in. From malls to hypermarkets and lifestyle stores, these localities are pushing development. As more people move in and the localities feel the drive of the new economy affluence, more commercial development will follow.
The plan of the civic administration to disperse IT development in the months ahead is a good sign for localities here. With large land parcels available for IT-related development, the premium residential options, and civic infrastructure falling in place, localities here will see more people moving in. This will, in turn, open up new vistas for the property sector.
These days, what was once a luxury in an apartment complex, is a basic amenity. All apartment complexes come with such amenities. The projects planned in these localities have all such facilities. This is a significant factor as the airport-related development on the cards here will fuel top-end residential development. This, in turn, will lead to the creation of upscale neighbourhoods. Gated communities to large residential layouts, the localities here have it all. Now with the complement of commercial development on the cards, they hold promise of premium self-contained integrated townships.
As the international airport draws more travelers and the city grows, these layouts will benefit from the civic infrastructure that will need to be put in place in the years ahead. The Bangalore Development Authority layouts planned here have a significant amount of civic and social infrastructure as part of the development. This will come as a boost to neighbouring localities too. In the months ahead, Bangalore North is a part of the city prospective property buyers need to watch closely.


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