North - With the focus of the city pointing to the north, the commercial property market is taking off in this belt. With large tracts of land available here and proximity to the airport, several corporates are looking at expansions and consolidation in this region.
According to Vestian Global Workplace Services, a workplace solutions firm, the total office space stock on Bellary Road, from Hebbal to the airport, is close to 0.40 million sqft. Under-construction space likely to be completed by the year-end is around 2.04 million sqft and space planned is around 23.03 million sqft. With companies initiating development of their campuses here, this micro-market is anticipated to gain more momentum by 2015.
The prominent residential localities here are Banaswadi, HRBR Layout, Hennur Road, Thanisandra Main Road, Bellary Road, Yelahanka, Kogilu, Chokkanahalli, Bagalur Road, Doddaballapur Road, Yelahanka New Township and Jakkur.
According to Vestian Global’s research, while luxury housing options are coming up around Hebbal, along Bellary Road and in surrounding localities, Hennur Main Road, Thanisandra Main Road, Yelahanka and Bagalur Road are witnessing the rise of mid-segment options in the range of Rs 40-70 lakhs. The average unit size here ranges from 1,250-2,500 sqft for apartments and 2,500-4,500 sqft for villas.
The capital values for Grade A apartments and villas ranges from Rs 3,800-11,500 per sqft. The average annual price appreciation is this region is around 11-18 percent. The average annual rental yield is around 4-7 percent.
While the older neighbourhoods of Jayanagar and Basavanagudi continue to command a premium, Koramangala and Bannerghatta Road in the Secondary Business District (SBD) and the suburbs of Sarjapur Road, Haralur Road, and Hosa Road are witnessing the rise of luxury housing options. According to Cushman & Wakefield, a real estate services firm, mid-range options are coming up around Hosur Road, Electronics City, Bannerghatta Road, JP Nagar and Kanakapura Road, with capital values ranging between Rs 4,500-6,000 per sqft. Locations beyond the NICE corridor, the peripheries of Kanakapura Road, Bannerghatta Road, Attibele and the Chandapura-Anekal belt are witnessing the rise of budget housing options, priced up to Rs 30 lakhs.
East - The upgradation of the Old Madras Road is steering development towards the Hoskote belt. Whitefield continues to attract interest and witness activity in the commercial and residential segments.
Statistics with Vestian Global indicate that the total operational non-captive office space stock in Whitefield alone is a little over 29 million sqft. While 1.67 million sqft is under construction, approximately 20.63 million sqft is on the cards. Whitefield has also witnessed the highest mall space activity in the past few years. The micro-market accounts for 33 percent of the total operational mall space in the city.
Analysis by LJ Hooker India, a real estate solutions organisation, suggests that while Indiranagar and Old Airport Road are already home to high-end projects, Whitefield, Gunjur, Varthur Road, Marathahalli and Old Madras Road towards Hoskote are witnessing the rise of premium homes. Mid-segment homes are coming up around Bellandur, CV Raman Nagar, Old Airport Road, Krishnarajapuram, Whitefield, ITPL, Brookefields, Varthur Road, Marathahalli and Hennur Road. The price of such homes falls in the range of Rs 3,000-5,500 per sqft.
Budigere Road, Chan nasandra Road, Gunjur, Hoskote, Old Madras Road, and Horamavu are witnessing the emergence of budget homes, up to Rs 50 lakhs.
Statistics with Vestian Global show that Mysore Road has 3.28 million sqft of operational office space with 3.50 million sqft planned. Of late, Tumkur Road has emerged as a promising hub for commercial, residential, retail as well as the hospitality segments due to its proximity to the airport.
While high-end options priced above Rs 1 crore are coming up around Rajajinagar, Malleswaram, Yeshwant pur, and West of Chord Road, villas in the price range of Rs 1-3 crores are coming up on Mysore Road and Tumkur Road.
Affordable homes at under Rs 25 lakhs are coming up around peripheral locations towards Mysore Road. Homes in the price bracket of Rs 2550 lakhs are coming up in Kengeri, Rajarajeshwari Nagar, Mysore Road, Nagarabhavi, Uttarahalli, peripheral locations after NICE Road junction on Mysore Road and near Nelamangala junction on Tumkur Road.
Source: Times Property, The Times of India, Bangalore