A look at our history books would tell us that most great civilizations of the past came up near river banks or coastlines. Moving to the present, the story has changed somewhat. Nowadays, it’s the physical infrastructure and the promise of opportunity that attracts people to settle in an area. A look at the evolution of India’s ‘Silicon Valley’ and ‘Garden City’ of Bangalore is a clear illustration of the same.
Bangalore city, earlier defined by its petes and cantonments, rapidly expanded eastwards and southwards in the late 90s. Fueled by the IT boom and the construction of the Outer Ring Road, many villages rapidly became urbanized and a part of this ever-expanding city. We are now on the cusp of history repeating itself, with north Bangalore being the new theatre of development. The one major factor, which has brought about this boom, is the construction of the Kempegowda International Airport in Devanahalli, which opened in 2008. Already one of the country’s busiest airports, it has become a key economic and real estate driver. We look at the changes this airport has already indirectly brought about and also the impact of some promising developments announced recently.
As the population is increasing day by day. the land rates in India will go on increase unless there is some serious issue in that area. If you invest money in some bank or in shares there will be no guarantee for that money to get double. But if you invest in property especially land it will surely get increased.
How Increasing Demands of Millennials are Shaping Real Estate Market:
Growing Purchasing Power
The booming millennial workforce in the garden city has enabled Bangalore’s real estate to grow significantly. Bangalore has always been one of the active residential markets and now is also known for having sustained demand for commercial space. According to a NASSCOM report, 2018, Bangalore is one of the fastest-growing technology start-up hubs in India with nearly 7,700 registered start-up firms. Of this, approximately 1,200 new start-ups were registered in 2018 alone.
2.Various govt. reforms:
The introduction of reforms like RERA & GST has made the sector go through significant improvements. As a business hub, the city caters to the technology and other services requirements of companies globally; no wonder then, that Bengaluru attracts a huge ratio of India’s highly-skilled workforce.
3. Rapid real estate growth in Bangalore:
The year 2018 re-established Bangalore’s position in the commercial space. According to a JLL report, the city accounted for the highest absorption of office space at 7.9 million sq. ft. in the first nine months of the year. Bangalore also fared decently in the residential segment. According to a recently conducted research, about 870 projects were launched in 2018. About 50% of this new supply was in the mid-segment (Rs 40-70 Lakh), followed by 24% in the affordable segment (Less than Rs 40 Lakh) and 26% supply in the luxury segment (Rs 70 Lakh and above).
4. Boost in the affordable housing segment:
Affordable housing witnessed a growth of 22% in sales during 2018. In the recent Budget announcement, the government has extended the deduction of interest on home loan by Rs 1.5 lakh to Rs 3.5 lakh and flat 1% rate for under-construction affordable housing to boost demand. Furthermore, the government has extended the benefit of Credit Link Subsidy Scheme (CLSS) on home loans for the Middle-Income Group (MIG) under the Pradhan Mantri Awas Yojana (Urban) till the end of March 2020 and this seems to be a major push for the progression of affordable housing segment.
5. Rising Rental Expenses:
Millennials favor homeownership over increasing rental expenses in the long run. Owning a home offers independence and flexibility that a rented home cannot. This generation would rather direct the money for monthly rent to pay off EMIs instead.
About North Bangalore:
Hebbal, Devanahalli, Yelahanka and Hennur Road are the cream of the areas in North Bangalore which offer exceptional residential projects that suit every buyer’s requirements. From affordable housing to luxury 1 BHK, 2 BHK, and 3 BHK apartments and villas this region has it all. Elevated expressways, metro routes, flyovers connecting Outer Ring Road, NH-7, and Peripheral Ring Road, local buses are the numerous options to have a smooth and effortless commute to any region.
Considered as one of the most prime locations of North Bangalore, Hebbal is located near Hebbal Lake and Nagavara Lake. Its serene surroundings and impressive infrastructure is home to some of the most luxurious residential projects in the city. The employment opportunities in this area have skyrocketed due to the presence of the finest tech parks including Manyata Tech Park. Two projects of L&T have been approved with a total of 17 acres and 30 guntas being given in two locations in Byatarayanapura on Ballari Road to develop IT SEZ at a cost of Rs 2,080 crore. Renowned schools, colleges, and shopping malls are just an added bonus here. Its connectivity to Kempegowda International Airport and other regions of Bangalore is one of Hebbal’s best features.
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Initially, home to a number of factories and manufacturing industries, this area was not known for its real estate. Once the Kempegowda International Airport became functional, this area experienced a boost in its residential demand. In addition, a large number of employment possibilities are available due to the increasing IT companies sprouting here. The area still being in its initial development phase offers economical apartments with massive returns.
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3. Hennur Road
If you’re a family person then Hennur Road is the most ideal place for you to invest. Premium homes, health care centers, educational institutions, theme parks, and excellent facilities are available here in abundance. Known for its enjoyable activities like karting, snooker, bowling, cricket, bike rides, paddling, swimming, boating, etc make it an outstanding place to raise a family. It is true, a home in Hennur feels like living in a paradise.
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A quiet suburb, Devanahalli came into limelight after the construction of the Bangalore International Airport. This area is famous for its satellite township, thus investing in projects like Embassy Springs will make all civic amenities easily available to you. Tech Parks like Aerospace Park, Science Park, and Financial City escalate the popularity of this region. Bangalore is extending towards the airport after the construction of Bangalore International Airport. The state high- level body has also approved a major investment proposal in this area. Three hundred acres of land in Haralur and Muddenahalli villages of Devanahalli taluk have been granted to Cornerstone Property Developers Ltd to develop a theme park and sports hub at the cost of Rs 1,330 crore
The fastest-growing area in North Bangalore is undoubtedly Thanisandra. This area, in particular, has seen an astounding boom in residential and commercial real estate development. All the achievements of this area are credited to its well-planned infrastructure. Public transport facilities make commuting to major parts of Bangalore smooth and time-saving. The upcoming 72 km Metro Rail Phase 2 will only add to its list of advantages. KIADB Park, Bagalur KIADB IT SEZ (5000 Acres), Bagalur Finance City (50 Acres), Hardware Park, and Shell Park are few of the mega ongoing projects in Thanisandra. Connectivity, massive growth rate, and increased development make this area a sure bet to invest in.
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