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
