Hebbal, K R Puram to witness over 90% appreciation by 2017
Bangalore- Bangalore’s emerging real estate areas, Hebbal and K R Puram, have been listed in the top ten Indian realty destinations in a Knight Frank’s report.
In the next five years, the two areas would witness an average price appreciation of 94% and 91% respectively, states an investment advisory and research report put out by global real estate consultants Knight Frank.
The report studied various micro markets across India based on various parameters including connectivity, infrastructure, development, proximity to premium office spaces and land availability. Price appreciation was estimated based on future office space demand and absorption levels.
According to the report, by 2017, the demand for office space in the city would be 44.4 million sq ft, of which 60% would be in the North and East zones.
In 2007, Hebbal had just 300 residential apartment units which rose to 1,800 in 2012, which marks a growth of 500% in five years. K R Puram too has witnessed a 200% growth, from 2,000 units in 2007 to 6,000 units in 2012.
These two real estate markets are leading due to many reasons and mainly, being well-connected to arterial roads and vicinity to business clusters, alleged Prashanth Sambargi, partner at property brokerage firm Mars Realty.
The average price realisation in Hebbal would touch Rs 8,230 per sq ft by 2017, but would still be 11% less than the price realisation seen in the nearby Rajmahal Vilas/Sanjay Nagar. And the average price realisation at K R Puram would touch Rs 6,200 per sq ft, while Whitefield, which is a nearby micro-market, would touch a higher price of Rs 7,370 per sq ft, held the report.
business clusters, Connectivity, Development, Indian, Infrastructure, Knight Frank, Knight Frank's report, land availability, Mars Realty, micro-markets, Office space, office space demand, price appreciation, property brokerage, Rajmahal Vilas, Real estate consultants, Real-estate market, residential apartment, Sanjay Nagar, Whitefield
