Bangalore - Tech and business parks in the region are set to push demand for homes up. This belt is expected to witness sharp growth leading to escalation in property prices and rental rates.
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Over the last 8-10 years, Hennur Road has steadily developed into a prominent micro-market in the north. Running parallel to Bellary Road, it began witnessing development with connectivity through the Outer Ring Road (ORR), taking off when Bellary Road was upgraded to support the relocation of the airport. The presence of large business parks in the north, upcoming integrated development projects as well as the planned commercial development around the airport have all led to Hennur Road gaining prominence as a residential property market. Efficient connectivity has also led to this location turning into an ex tension of older areas such as Frazer Town, Cooke Town, HBR and HRBR Layouts. It is well-supported by established retail hubs such as Kalyan Nagar, Banaswadi and Kasturinagar.
Irshad Ahmed, President, Irshad's Property Matters, explains, "Hennur Road is one of the most promising destinations in north Bengaluru with well-built projects that are attractively priced. This belt holds good potential due to good connectivity through broad roads, connectivity to the ring road as well as to the airport. There are also several good schools on the way to the airport. All these factors make this belt an area to consider for homebuyers as well as investors."
Nascent markets
Many locations in the KR Puram to north Bengaluru belt are still mushrooming and hence still hold potential for growth and price appreciation. Wasim Taher, Proprietor, Property World, elaborates, "Wherever you buy a home in Bengaluru, it works well. This is the best stretch for buyers and investors to put their money in since development has not yet taken off and prices not yet touched un afford able levels. For instance, Whitefield is a city by itself and prices have risen upwards, beginning from Rs 7,000-7,500 per sqft upwards".
After the road was widened here, many top developers moved in and there has been significant price escalation. According to Irshad, "There are many projects with lifestyle offerings in this belt. Villas are priced around Rs 6,000-7,000 per sqft. For investors, this location looks good as there are good brands here with options competitively priced. Prices of mid-segment homes have reached Rs 5,000-6,000 per sqft now."
Connectivity and growth
Usually, in most areas around Bengaluru, once real estate activity begins, civic infrastructure is put in place. However, in Hennur, infrastructure preceded the real estate boom which is happening here now. "Hennur also benefits from good connectivity to the airport. From Rs 3,000 per sqft around five years ago, prices have gone up to Rs 6,000 per sqft. Pipeline Road, which is to run through the northwest, north and north-east parts of the city will pass through Hennur and enhance connectivity in the region. The planned Peripheral Ring Road (PRR) will also run through and connect many good projects in this area," Wasim says.
High appreciation potential
There are several business tech parks planned in and around Hennur. This is expected to lead to higher demand for residential property options here, resulting in rentals moving upwards and healthy price appreciation. Wasim says, "Price ranges are still quite flexible in Hennur unlike more established areas in the city, since it is still moving upwards on the growth curve. Hence, the elasticity of growth will be higher and faster here."
Source - TOI
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