Infra-upgrades have opened up several peripheral locations in the west for residential development. And with robust connectivity and infrastructure, several developers are now utilising their land parcels in the region.
Growth along Regions
Interestingly, the realty market in West Bangalore is largely concentrated along three corridors. These include Tumkur Road, Mysore Road, and Magadi Road. These three growth corridors boast of ample availability of properties in affordable, middle income as well as premium segment. Here’s a snapshot.
With constant development, Tumkur is no longer known by the epithet of Bangalore’s poor cousin. The growth of this stretch can be largely attributed to improved connectivity to South Bangalore through the NICE corridor.
Situated up to a distance of 70 km north-west of Bangalore along NH-206, this stretch is further opening up for residential, industrial, commercial and retail growth. The ‘Smart City’ tag for Tumkur is expected to ease the pressure on Bangalore’s resources. Further, the proposed Mumbai-Bangalore Industrial Corridor is likely to leverage the residential, commercial and industrial infrastructure along with the existing and ongoing projects. The region is also being promoted as one of the large industrial hubs in the city, especially Peenya Industrial Area.
Malleswaram, Yeshwantpur, Jalahalli are some of the prominent localities along the Tumkur Road. The property values usually vary from Rs. 4,000-7,000 per sq. ft. As per the property segmentation, Tumkur Road has a good mix of apartments, villas and plots.
Realising the immense potential that the stretch holds, many leading developers have already launched their projects here. Some of the popular ones are New Haven by Tata Value Homes, Godrej Gold County by Godrej Properties, Salarpuria Sattva Laurel Heights, and Opus by Salarpuria Sattva, among others.
Built by the Karnataka Road Development Corporation Limited, Mysore Road (149km) covers a massive area from the outskirts of Chamrajpet right up to Nayanadanahalli and further down towards Kengeri. Apart from enhancing the connectivity between Bangalore and Mysore, the stretch has witnessed decent real estate activity over the last few years.
NICE Corridor, proximity to the Outer Ring Road (ORR), and metro rail are the major factors catalysing growth in the region. With ample availability of land, prices are still competitive along this stretch. While one may find a couple of affordable projects here but the stretch is largely dominated by mid-segment properties. At present, the capital values fall in the range of Rs. 3,500-6,200 per sq. ft. As per the property segmentation, multi-storey apartments can be found in abundance. Interestingly, plotted layouts also have decent supply.
Rajarajeshwari Nagar, Vijay Nagar, Kengeri, Uttarahalli, Nayandanahalli, and Banashankari 5th and 6th Stage are few of the prominent markets along this stretch. Brigade Panorama by Brigade Group, Habitat Iluminar by Habitat Ventures Pvt Ltd, Rays of Dawn by Provident Housing, ICON South by G Corp (Banashakari) and Enchanta 2 by Pride Group (Vijay Nagar) are some of the prominent ongoing projects along Mysore Road.
The proposed upgrade of the current four-lane highway to a six-lane and completion of Namma Metro Phase II are the two projects that will further act as a catalyst in driving residential demand in the region.
Running through the heart of West Bangalore, Magadi Road is one of the earliest developed real estate stretch in the city. A 43 km long area, it passes through prime micro-markets such as Rajajinagar, Kamakshipalya, Sunkadakatte, and Gandhi Nagar.
The social infrastructure on this road is highly developed with good educational institutes, hospitals and clinics, banks, and supermarkets. Bangalore City Railway Junction is mere 4 km away from here while Majestic Bus Stand is at distance of about 6km.
Since the operation of Namma Metro Purple Line last year, Magadi Road has become one of the major hotspots for development owing to its connectivity to key precincts along the CBD. Currently, the property values are in the range of Rs. 4,000-8,500 per sq.ft.
At present, there are several under-construction projects that are slated for completion in the next two years. These include Puravankara Limousine Homes by Puravankara Projects Limited, Phoenix One West by Phoenix Mills Ltd, Provident The Tree by Provident Housing, Purva Sunflower by Puravankara Projects Limited, and Prestige West Woods by Prestige Group, to name a few.
Infrastructure Upgrades on the Anvil
Peripheral Ring Road
The Phase I of PRR will be instrumental in connecting Tumkur Road, Bellary Road, Old Madras Road, Sarjapur Road, and Hosur Road. This is expected to be operational by 2018-19. Once the PRR becomes operational, the commute time to International Airport from Tumkur Road will be reduced by 50 per cent from current levels. Further, new areas for development are also likely to open-up.
The Extension of Phase I of Metro line connecting Whitefield (in the East), JP Nagar (in the South), Kengeri (to the West) and Nelamangala (to the North) is expected to be operational by 2019.
Satellite Town Ring Road
The 90mt. wide Satellite Town Ring Road (STRR) have four lanes and two service roads proposed. This is expected to link nine towns, including Doddaballapur, Devanahalli and Hoskote with Bangalore. If everything goes as planned, the work on this project is likely to start by the end of 2017.
BMIC Corridor-NICE Road
Four-lane Expressway of 111km between Bangalore and Mysore; four-lane Link Road of 9.1 km connecting Expressway to the junction of Chord Road and Mysore Road; and five new townships are proposed along the BMIC. As of now, only 41 km of peripheral, 8.5 km of Link Road and 4 km of Six-Lane privately tolled expressway is fully operational.
The upgraded elevated Tumkur Highway connecting Nelamangala, announcement of the Bangalore- Mumbai Industrial Corridor (BMIC), swift connectivity to the airport and the ORR have all worked in favour of the western region of the city.
Bangalore- Mysore Highway alone has seen a tremendous increase in the urban sprawl in the last couple of years. Proposed Bangalore-Mumbai Economic Corridor (BMEC) will further enhance the realty prospects of this region in the times to come.
In a nutshell, the western region, undoubtedly, holds immense potential for further real estate development. Ample land availability coupled with several infrastructure upgrades in the pipeline is likely to catalyse the residential and commercial demand in the region. Moreover, with comparatively low property values, micro-markets here provide a favourable entry point for both end-users and investors.