AN EMERGING COMMERCIAL HUB
In north Bangalore, interest in real estate peaked with the setting up of the international airport in 2008. The as yet mainly unfamiliar region boasted sizeable tracts of land at considerably lower prices, which helped in the growth of commercial space in this region. Connectivity by the Outer Ring Road (ORR), the Hebbal flyover and the new expressway over Bellary Road has brought areas here into the attention due to easy access.
Strategic Consulting, JLL India, Girish K S says, “Major commercial real estate development in Bangalore north took off with two business parks, which came up during 2003-05. With the finalisation of the location of international airport at Devanahalli, 40 km from the city, this quadrant came into the limelight with the announcement of a series of infrastructure projects supporting this project”.
Infrastructure
The largest credit for channelising development towards Bangalore north is taken up by the international airport. Being a huge piece of infrastructure, the Government declared numerous other infrastructure initiatives as part of its support agreement. Among those the major one includes widening of Bellary Road, the expressway which connects the city to the airport in addition to the elevated highway.
Deputy Managing Director – South India, CBRE South Asia, Ram Chandani added that the extension mainly of Bellary Road and other parallel roads such as Hennur Road and Thanisandra Main Road also shaped opportunities for the growth of commercial and residential projects in the area.In addition many developers in north Bangalore had acquired large tracts of land at a relatively lower cost, as compared to other parts of the coty.Because number of organisations started moving towards north , numerous residential projects too began to follow suit.
Girish explains, “The two major business parks also effectively played the role of anchor commercial developments for the north. One on the ORR emerged as one of the leading IT park/SEZs after a large IT company chose to consolidate its operations there. There are several other leading occupiers such as banks, financial institutions and IT companies.”
Commercial hotspots
The total available commercial office space within this micro-market is around 6.76 million sqft and the proposed space is around 14.33 million sqft, as per the research made by JLL India. Girish further added in north Bangalore, Some of the present and upcoming commercial hotspots are areas around Hebbal and Bellary Road, along the route to the airport. 600 acres earmarked for landside development is present with the airport. Along with that , comprising an IT park, hardware park and aerospace park behind the airport is being developed as Devanahalli Industrial Area over 3,000 acres by the the Karnataka Industrial Areas Development Board (KIADB).
As per Ram, the areas in and around Hebbal, regions within 4-6 km from Hebbal on the way to the airport, and areas on NH7 are the favoured corridors for corporate clientele. He further pointed out that in north Bangalore, Thanisandra Main Road and Hennur Road are also considered as secondary locations. At present developments within a 6-km radius from Hebbal are under contemplation and assessment from corporate seeking space and the developments towards north Bangalore are expected to grow section-wise.
Source: Times of India
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