The green fields that flank the highways on the outskirts of Bengaluru may not remain the same; these stretches are now the most happening real estate sectors. The industry may have been painting a gloomy picture for the realty sector in the past two years, but these stretches appear to be insulated from any downward trend.
Most villages flanking these highways are witnessing a rapid growth displacing farmers and land owners. But not many are complaining. In the past 10 years, the guidance value of land in these zones has quadrupled while the present market value is at least one-and-a-half times the guidance value in these areas.
A combination of factors, prime among them being the proximity to industries and proposed better connectivity through Namma Metro, appears to be driving the property market.
Suresh Hari, from CREDAI, Bengaluru, said that the realty boom in the residential sector in these zones is likely to continue for at least a few more years.
Hoskote-Narasapura stretch
Don’t be surprised to find posh apartment complexes along NH 4 much beyond Hoskote. The Narasapura Industrial Area, which has turned into an automobile hub, is driving the realty market on this stretch between Hoskote and Narsapura. While at present most of those working in the industrial area reside at Hoskote and travel, the recent spurt in residential layouts and apartments along the route is also finding takers. Industry sources said that this is one of the hot hubs of property deals with a long term returns.
Nelamangala - Dobbespet
After Tumakuru was included in the smart city project recently, it has led to the realty boom. The Department of Stamps and Registration announced the guidance value for Bengaluru Rural district which includes the stretch between Nelamangala and Dobbespet, which has seen high appreciation in land value. For the first time, guidance value of an acre of land has crossed the one-crore mark near Dobbespet. Suresh Hari from CREDAI, Bengaluru, said Tumakuru Road has seen some hot property deals in the past year.
Jakkur - Devanahalli
Ballari Road has been one of the stretches that has seen burgeoning development for a few years now. The proposed hardware technology park at Devanahalli and the connectivity to KIA has led to further spurt of gated communities and posh apartment complexes on this stretch in the past year. Four big gated communities are under construction on this stretch.
Kanakapura Road
Kanakapura Road has retained its status as one of the most sought-after real estate hubs. The yet-to-be inaugurated Namma Metro line and the proposed extension of the line to Anjanapura from Puttenahalli is fuelling the realty growth on the road. “Kanakapura Road had remained one of the unexplored corridors. Most of those investing in the city are looking for better connectivity which is very promising on the stretch,” said Ramesh R., a property consultant.
Bannerghatta Road
Bannerghatta Road was the most happening corridors in the realty market last year. The proposed Namma Metro connectivity on the crucial arterial road in Phase II and the soon to be taken up widening of Bannerghatta Road are the major factors attracting investments on this stretch.
Being one of the major arterial roads connecting the IT hub and also housing some hospitals and educational institutions, has turned this road into also a commercial hub.
Mysuru Road: a big disappointment
However, the big disappointment in the realty sector is the Mysuru Road stretch which has recently been declared a National Highway and plans are on to make it a six-lane road. However, industry insiders said that the stretch had a huge potential but still lay untapped due to connectivity issues.
“Bidadi was proposed to be developed into a smart city. If that had happened, the stretch would have picked up on the realty radar. Now it is almost like, it has fallen off the map. Bosch has shifted to Bidadi and it may infuse some life into the realty sector in the area again,” said Mr. Hari.
