In the previous few quarters, the economic sector in North Bangalore has seen an exceptional bounce. The Bangalore International Airport is the
In the last few quarters, the commercial sector in North Bangalore has witnessed an outstanding bounce. The Bangalore International Airport is the pivot, which maintains all the activities concerned with real estate in the region.
The novel idea of office space in Bangalore has come into new corridors and is not limited within four walls. The only purpose of such a step is to enhance the productivity of the employees considerably. As per market statistics, the north of Bangalore has been constantly experiencing a climb in demand for commercial and office spaces. Even though, sizeable chunks of plot have been allotted for SEZ, IT and aerospace, the requirement from private entities for real estate development has been extensive.
Reason for the growth in demand for office space
Presently, there are numerous continuous constructions for mid-sized commercial offices in North Bangalore. Well known builders have commercial office assets in pipeline or under-construction between Yelahanka and Hebbal. Forthcoming IT industries on Hennur Road and Bellary Road are anticipated to arouse the development of suburbs of North Bangalore as the prime office market.
The planned location of the international airport shows up the key driver for the realty growth in the area. Rate for commercial properties have seen a rising trend mostly because of the eminent road by NHAI – National Highways Authority of India over the projected Metro Rail Link and Bellary Road.
Requirement for Office Space
Almost 2 million sq ft of space has been leased in North Bangalore in the last few quarters. As per JLL reports, the main drivers behind the development of office space are the monetary services and IT/ITes sector. Both these sectors justify about 60 to 70% of the general requirement for profitable space.
With associations planning for campus growths, the north of the city has seen a rush in requirement in demand for office space. Closeness to Outer Ring Road (ORR) also makes the area a source for office space. ORR has given an important momentum to the development of the North Bangalore along the route. With the attempts of BDS to build underpasses and flyovers along the ORR, there has been a major reduction in time travel for travelers.
The development of the 22-km stretch from National Highway-7 from the Hebbal flyover to airport and HSRL from CBD to airport have granted greatly towards the expansion of office demand in this region.
Role of Infrastructure
Infrastructure development is possibly to increase the growth of capital values. As per property experts, expansion in infrastructure has worked for North Bangalore. The first mall at Yelahanka (under construction) and the forthcoming hotel projects are probably to give huge boost to the social infrastructure.
Intended Peripheral Ring Road and connectivity to Devanahalli and International airport will boost the demand for commercial space. To add to it, the region close to the airport will experience a total alteration after the founding of International Finance Center, Hardware Park, and Information Technology Investment Region (ITIR) etc.
As per market reports, the top performing areas in 2012 were Hebbal, RT Nagar, and Sahakar Nagar in North Bangalore. These localities experienced high expectation for office space owing to enhanced infrastructure, improved connectivity and nearness to BIAL (Bangalore International Airport).
North Bangalore persists to give in significant commercial sales, owing to its reasonable price and key workplace centers. Development of infrastructure has marked the openness of the occupiers to move in this region. Thus spending in real estate projects in this area will assure profitable returns for a developer as well as an investor. For more info: Office space in Banagalore