As Magicbricks.com’s data projects, property rates have climbed up from a mere Rs 3,700 per sq ft (Oct-Dec 2012) to Rs 4,500 per sq ft (Apr-Jun 2013). This indicates more than 20 per cent rise in prices over the last six months. Real estate agents across the city have recognized Devanahalli as one of the fastest developing areas. And with the growing demand, the area is only getting better. They say investors are more active in Devanahalli.
According to Om Ahuja, CEO, Residential Services, John LangSalle India, “Devanahalli is buzzing with infrastructure activities such as the Bangalore Metro Project, flyovers, underpasses and road widening activities, which are encouraging developers who anticipate a growth in demand.”
“After the international airport became operational here, real estate activity in the area practically took off along the first flight. Devanahalli got a facelift with a number of road widening projects and underpasses,” informs Sudam. “The Outer Ring Road project has also enhanced the area’s connectivity to the rest of the city,” he adds.
The upcoming metro rail project and the highway that will come up between Hebbal flyover and Yelahanka bypass, with six lanes also makes Devanahalli a perfect location for investment and is expected to further open up channels for growth.
But what makes this region a favorite among home buyers and developers? It is the cost of land that comes at an affordable range and a plethora of choices are available. The capital value of apartments in Devanahalli falls within the bracket of Rs 3,400-4,500 per sq ft.
According to Krishna Murty, Silicon City Properties, “The real estate market of Devanahalli is abuzz with activity today. The area has seen the emergence of realty majors with projects by Sobha Developers and Brigade Group among others.” There are many projects, which will be ready for possession by the end of 2013 in the locality.
Nikunj Joshi, MagicBricks.com Bureau