Among the most-sought-after localities in the recent times, the area around Hebbal was among the least preferred by Bangaloreans less than two decades ago.
Not only that, scouting for residential property after Hebbal was a futile exercise since there were hardly any. Two landmarks — the Parsi Tower of Silence and the Military Farm — were what would greet most visitors.
All this changed in the early 90s when the vast Sahakarnagar layout was formed by the Ministry of Telecommunication Employees Housing Cooperative Society that triggered formation of other layouts in the vicinity. This was also among the first planned layouts on Bellary Road.
“Unlike many other layouts where investments were mostly speculative, Sahakarnagar developed quickly after the layout was formed since most of the allottees were employees looking to build their cherished homes,” recalled K. Ramesh, a real estate consultant. As families moved into the new area, amenities developed as well as the neighbouring layouts, he said, adding that the layout brought people to North Bangalore.
Rate of growth
According to him the rate of growth of Sahakarnagar was still slow in comparison with layouts in Bangalore South where Cauvery water was available. The demand for residential plots picked up after Cauvery Phase III was implemented that brought Cauvery water to these pockets.
“The area is not too far from the city centre or the airport as connectivity is good. It is not clogged and also has good space for peaceful living,” said M.S. Chandrashekar, a resident of Sahakarnagar for nearly 14 years now. Though the area has some issues with transport (auto drivers not going by the meter), most residents are comfortable with the current facilities, he added.
The trigger
What triggered the demand resulting in skyrocketing of real estate prices was the international airport at Devanahalli, which commenced operation in May 2008.
In the last seven to eight years, real estate prices have shot up sharply, mostly due to the area’s proximity to the airport and also the amenities available. So much so that due to shortage of space, in the last couples of years, the area has seen development of apartments.
“The higher land value has resulted in the demand for apartments. While the land value is between Rs. 7,000 and Rs. 8,000 per sq. ft, the going rate for an unit in a good apartment complex is between Rs. 3,500 and Rs. 5,000 per sq. ft depending on amenities and area,” said a real estate broker.
