8

THE TIMES OF INDIA BANGALORE SATURDAY OCTOBER 11, 2014

Tumkur Road has

derived benefit
from easy access
to the airport,
connectivity
through the Metro
and the elevated
expressway to
Nelamangala. The
proposed
BangaloreMumbai
Industrial
Corridor will push
more realty
development in
this belt
Sai.Prasanna1
@timesgroup.com

PREMIUM INDUSTRIAL BELT

DRIVES RESIDENTIAL MARKET
houses various engineering
and manufacturing facilities.
Until recently, this micro-market was dominated by smallscale industries, manufacturing units of ancillary parts
for public sector undertakings, automobile industry,
garment industry etc. Over a
period of time, this area also
saw the arrival of large Indian and global corporates.
In early 2000s, saturation in
city center locations, steady
growth in real estate, and
availability of land for redevelopment led to the spill-over
of activity in locations such
as Yeshwanthpur and HMT
Layout. In 2008, completion of
the international airport further strengthened the demand
in this region.
Strategic location,
strong infrastructure

umkur Road (NH-4) is

the main link from the
city towards Tumkur
and onwards to Mumbai. Beginning just after Yeshwanthpur, this road is set to
emerge as a key growth corridor in the north-west,
thanks to the proposed Bangalore-Mumbai Industrial
Corridor and the upgradation
of the highway leading to
Nelamangala.
Its strategic location from
the airport is also leading to
development in the Tumkur
Road belt.

Global Workplace Solutions,

"Since late 2005, Tumkur Road
and its surrounding areas have
been witnessing significant
augmentation and improvement in terms of infrastructure and connectivity. Proximity to Yeshwanthpur and
Hebbal provides a link to the
ORR. With Metro connectivity now, the real estate scenario
has further improved here."

TUMKUR ROAD: EFFICIENT CONNECTIVITY PUSHES INDUSTRIAL GROWTH

Market for mid-range,

budget homes

port. An integrated township

present in this micro-market

has also led to appreciation in

the value of this region.

According to Shrinivas Rao,

CEO - Asia Pacific, Vestian

Efficient connectivity to
key locations through the
Tumkur Road elevated expressway and the Outer Ring
Road (ORR) link is changing
the primarily industrial character of this region, triggering demand for residential options around too. The elevated highway between Nelamangala and Yeshwanthpur
junction on Tumkur Road has
significantly improved the
physical characteristics of the
area and influenced developments within 4-5 km from the
NH-4. Further, the
Bangalore Mumbai
Industrial Corridor
GROWTH ENGINE
(BMIC) is likely to
leverage more residential, commercial, and industrial
developments.
Industrial hub
An expanding industrial
hub with large land parcels,
The micro-market of the rise of this micro-market
Tumkur Road is primarily an can also be attributed to imindustrial destination linking proved connectivity through
the core city with the tradi- the NICE Ring Road to south
tional and established indus- Bangalore, presence of the
trial clusters of Peenya and Bangalore International ExYeshwanthpur. Tumkur Road, hibition Center and the elebeing an industrial corridor, vated expressway to the air-

Prominent localities in this

region are Hessaraghatta, Jalahalli, Abbigere, Nelamangala
and Magadi Road, among others. Research by LJ Hooker India indicates that the average
area of a two-bedroom apartment is in the range of 9501,200 sqft while the average size
of a three-bedroom apartment
is in the range of 1,250-1,500
sqft. Nelamangala has two-bedroom apartments for around

Rs 30 lakhs and three-bedroom

apartments for around Rs 53
lakhs. Two-bedroom apartments are available for approximately Rs 35 lakhs and
three-bedroom apartments are
available for around Rs 49
lakhs around Tumkur Road.
While two-bedroom flats are
available for approximately Rs
41 lakhs, three-bedroom apartments come to around Rs 58
lakhs around Jalahalli.
According to research by
Vestian Global, many GradeA developments are located
along Tumkur Road, from
Yeshwanthpur up to the ORR.
Till date, about 17 residential
apartment projects have been
launched and the expected supply is around 5,100 units in this
micro-market on a cumulative
basis. This micro-market holds
potential for residential development, especially in the
budget and mid-segment categories.

THE ACTIVITY
ALONG TUMKUR
ROAD, BOTH IN
COMMERCIAL AND
RESIDENTIAL
PROPERTY
SEGMENTS, OPENS
UP A WIDER
CHOICE FOR BOTH
HOMEBUYERS AND
INVESTORS ALIKE
THE INDUSTRIAL
BELTS ARE ALSO
PUSHING RENTAL
VALUES IN THE
VICINITY
Bangalore-Mumbai
Industrial Corridor
According to Shrinivas Rao,
the Mumbai-Bangalore Industrial Corridor will impact
the industrial activity along
Tumkur Road positively, transforming it into a growth corridor in terms of residential,
commercial and industrial infrastructure. Property prices
are likely to appreciate between 10-12 percent per annum
in the short term.

TUMKUR HIGHWAY JUNCTION: CONNECTIVITY IS A

MAJOR FACTOR IN THE REAL ESTATE SCENARIO IN THIS
PART OF THE CITY

Tumkur Road

R Rajgopal

VARTHUR: AN EMERGING RESIDENTIAL AND COMMERCIAL DESTINATION

VARTHUR ROAD: RETAIL
DEVELOPMENT ON UPTREND

The IT-driven
development in
this region makes
the belt a soughtafter commercial
and residential
destination
Sai.Prasanna1
@timesgroup.com

f there is one location in

Bangalore that has seen a
meteoric rise, it is the
once-sleepy suburb of Whitefield. The rise of IT led to the
development of Whitefield,
which has turned into a micro-market in its own right.
Connectivity is through two
key routes from the city -

within these belts witnessing

the rise of commercial, residential and retail developments.
The flyover at Marathahalli
enhanced connectivity to the
commercial belts in the south
and north through the Outer
Ring Road (ORR), widening
of the Varthur Road and Old
Madras Road have benefitted
locations in the east. The
planned extension of the
Metro line from Byappanahalli right up to Whitefield,
covering the key locations of
K R Puram, Mahadevapura,
Doddanekundi and ITPL, will
give further thrust to residential and retail growth.
Corporate expansions
on the cards

According to Knight
Frank's report 'India Real Estate Outlook Jan-June 2014',
the Central Business District (CBD)
GROWTH ENGINE
and off-CBD office
markets are preferred by non-IT
companies primarily who look for
smaller office configurations. The
Whitefield Road via KR Pu- dearth of large spaces in the
ram and Mahadevapura, and CBD and Secondary Business
Old Airport Road leading to District (SBD) has led to comMarathahalli, Varthur right panies taking up space in the
up to Whitefield via White- Peripheral Business District
field Main Road. Upgradation (PBD) markets such as Whiteof these two routes has led to field and the ORR, which
smooth connectivity and have large quantum of new
turned them into growth cor- office spaces. Whitefield conridors, with locations falling tinues to remain on the oc-

GROWTH
CENTRE IN
THE EAST
cupiers' radar with 13 percent
of share of the total office
space absorption in the first
half of 2014.
Shrinivas Rao, CEO - Asia

Pacific, Vestian Global Workplace Solutions, says, "The

city accounts for 112 million
sqft of operational non-captive office space. The micro-

markets of ORR and Whitefield in the PBD dominate the

office space market with almost an equal share of 30 percent each, among all others.

WHITEFIELD: A LOCALITY WITH HIGH GROWTH POTENTIAL

Whitefield Varthur Road

Pics: R Rajgopal

Today, Whitefield has 29 million sqft of operational

IT/ITeS office (non-captive)
space. Existing companies in
Whitefield are consolidating
and expanding their operations within the region."
According to Vestian's research, around 1.67 million
sqft of non-captive office
space and 4.10 million sqft of
captive space are under construction in this belt. Planned
non-captive space is around
20.63 million sqft and captive
office space is around 3.60 million sqft.
Highest absorption of
residential units
Key residential locations in
this belt are K R Puram,
Marathahalli, Kundalahalli,
Mahadevapura, Varthur, and
Brookefields, with development extending further up to
Hoskote. This belt has approximately 2.75 lakh IT/ITeS
professionals employed here.
According to Vestian Global's Residential Market Report,
while Bangalore north witnessed the highest number of
launches, Whitefield accounted for 18 percent of the total
units launched. It is also
among the top three micromarkets that witnessed highest absorption at 14 percent,
after the north and the ORRSarjapur Road stretch. In the
peripheral locations such as
Whitefield, ORR-Sarjapur
Road, Bangalore north and
Bannerghatta Road, the average unit size ranges between
1,250-2,500 sqft for apartments

and 2,500-4,500 sqft for villas.

Shabeer Sait, Executive
Head of Operations, Irshad's
Property Matters, says, "Areas
in the east are doing well, especially Old Airport Road,
Kundalahalli, KR Puram-Old
Madras Road belt, Varthur,
Whitefield and Kadugodi.
There is good supply as well
as demand for residential options here. While the supply is
concentrated more towards options in the Rs 1 crore and
above price bracket, demand
is high for homes in the subRs 1 crore category too."
According to research by Irshad's Property Matters,
around Whitefield Road, the
price range for two, three and
four bedroom apartments is
around Rs 5,000-8,000 per sqft.
Villas are available in the
range of around Rs 10,00012,000 per sqft. The Varthur
belt to the left of Whitefield
Road and the Kadugodi belt
which is to its right have
apartments at an average price
of around Rs 4,500 per sqft. Villas around Varthur are available in the range of around Rs
8,000-10,000 per sqft while the
range near Kadugodi is around
Rs 10,000-12,000 per sqft. The
road leading from Hope Farm
towards Chikka Tirupathi has
apartments at around Rs 4,0004,500 per sqft.
More mall space planned
Whitefield has witnessed
the highest mall space activity in the past few years. According to Vestian Global's research, this micro-market ac-

counts for 33 percent of the total operational mall space in

the city. It is expected to see
completion of 0.87 million sqft
of mall space in the next three
years. Around 1.58 million sqft
of mall space has been planned
in this belt.

THE RISE OF IT
LED TO THE
DEVELOPMENT
OF WHITEFIELD,
WHICH HAS
TURNED INTO A
SOUGHT-AFTER
MICRO-MARKET
WITH ITS WIDE
CHOICE IN
PROPERTY
WHITEFIELD
BELT HAS A HIGH
DENSITY OF
HIGH STREET
AND MALL
DEVELOPMENT
WHICH ARE
ADDING VALUE
TO ITS
RESIDENTIAL
LOCALITIES