New Property Developments
In Bangalore
Bangalore: IT capital of IndiaLocated on the Deccan Plateau, Bangalore, the capital of Karnataka, is the fifth-most populous urban agglomeration in India with an estimated population of 6.2 million+. Also known to some as India's 'Silicon Valley', Bangalore has a dynamic economy, striking job market and youthful lifestyle, and a booming IT industry. Today, over half of India's software exports originate in Bangalore. The service and entertainment sectors in the city are also developing at a rapid rate.
Current TrendsThe population of Bangalore has significantly increased on account of people migrating from all corners of the country and abroad, leading to serious infrastructure pressure. Consequently the city is now focused on improvements in its roads, highways and overall Infrastructure, adding up to make Bangalore a city of the future. The Metro Rail, the Devanhalli International Airport, four-laning of the Bangalore-Mysore Road, the Bangalore-Mysore Express Corridor and developments in BMTC services are testimony to it. Some other noteworthy development projects currently underway include the construction of railway under bridges at Cantonment, Yeshwanthpur, Frazer Town and Wheelers Road, railway over bridges at Marthahalli and Mathikere, flyover at Gali Anjaneya temple in Mysore Road and the Grade Separator at Malleshwaram.
Bangalore (Bengaluru) is called the "Silicon Valley of India" due to the large number of information technology companies located there. Many multinational corporations, especially computer hardware and software giants, have operations in Bangalore. Electronics City, located in the southern outskirts of Bangalore, is an industrial park spread over 330 acres (1.3 sq km). Whitefield, located in the northeastern outskirts of the city is another technology hot spot. The government has plans to develop an Information technology corridor linking Whitefield and Electronics City. Over 200 Information Technology corporations have facilities in Bangalore. At the peak of the dot-com boom in the late 1990s, Koramangala - a suburb of Bangalore, was believed to have had the highest density of telecom software companies per square mile in the world. Infosys and Wipro, Indias 2nd and 3rd largest software companies are headquartered here and are now billion dollar companies, looking to reach 2 billion in 2005. Dell, Infosys, Wipro, GE, Flextronics, IBM are some of the companies of Bangalore.
The Karnataka government has further allocated Rs.33 billion (Rs.3,300 crore) for the infrastructure development of India's IT hub in the state budget for the ensuing fiscal 2009-10.
Of the total budget (Rs.33 billion), Rs.20 billion (Rs.2,000 crore) will be spent on upgrading arterial roads in Greater Bangalore.
The Bangalore Bruhat Mahanagara Palike (BBMP) will invest Rs.8 billion on infrastructure development in the city, while the Bangalore Development Authority (BDA) will spend Rs.5 billion on other development works, including construction of a 10-lane signal free road, connecting inner and outer ring roads, with private participation. The state government has spent Rs.10 billion for improving the infrastructure of the city in this fiscal (2008-09).
The state will also invest Rs.6 billion in FY 2010 towards its capital share for the first phase of Bangalore metro rail network, which is being extended. The Centre-state project will require an additional Rs.17.63 billion for extending the route,' Yeddyurappa, who also holds the finance portfolio, told the assembly.Similarly, the budget has allocated Rs.6 billion for drainage works in the city.
With the proper initiation of the government, the city is going to have an improved traffic scenario.
- The Karnataka government is spending 20,000 crores for setting up 6 Bangalore SEZs and many prominent corporates and developers have decided to invest on SEZ in Bangalore.
- Will have enhanced connectivity by road, rail and air. The road projects across Bangalore and its outskirts include a four-lane stretch of 74-km Kundapur-Suratkal the 85-km Bangalore-Mulbagal road; the six-lane road between K R Puram and Hoskote; a four-lane 157-km Nelamangala-Hassan road; and a 131-km peripheral ring road, critical to decongesting the city.
- The first phase of the Bangalore (Bengaluru) International Airport is estimated to be operational by 2008. This airport will change the traffic module of the city as it opens up the skies for international flights making it a strategic location for investment.
- The proposal for Metro rail project in Bangalore has been sanctioned by the Government of India and will resolve the problem of congested roads in the next few years. The 33-kilometre-long metro rail project in the city will be funded by the federal government, the Karnataka state government and a Japanese bank.
- With more investment into the city there has been dearth in lodging facilities in the hospitality sector. Approximately 7.0 million square feet of commercial space is likely to be absorbed this fiscal year (2005-06) in this sector and Bangalore is expected to have, 27 new hotels, serviced apartments and mixed-use developments with approximately 6,100 rooms in various segments over the next few years.
- Technocrats in Bangalore (like Infosys and Wipro) have joined hands with the government to launch a 9km-long unique flyover project - considered to be the most marvelous flyover project in the country', from the Hosur Road to the Electronic City.
- The Government of Karnataka has identified an 'IT Corridor' in Bangalore and is expected to spend Rs. 200 crore over the next two years developing it. This IT corridor stretches from Whitefield through Indiranagar, Koramangala, Hosur Road, HSR Layout, Electronics City, J. P. Nagar and Banashankari.
As Bangalore is gearing up to become the ultimate corporate and industrial destination for global and domestic investors alike, the real estate segment of the city is also experiencing major growth. Current statistics show a shortfall of 25% in the residential micro market of Bangalore creating demands for real estate projects in the residential and commercial segments.
The Realty ScenarioReal estate has had a vital role to play in the growth that has come to pass in Bangalore making it one of the continent's fastest growing cities. Bangalore scores very high on parameters of being chosen as a hot real estate destination. For instance, the Bangalore realty market is soon to observe huge investments of Rs.25,000 crore for developing 11 integrated townships for IT, BT, and ITes sectors. Several major names from the industry too are developing satellite townships in and around the city.
Investment DestinationBangalore, being the country's original IT destination and still the best bet for any investor, has been a consistent destination for several ITES and BPO organizations. When it comes to the commercial segment, office spaces are the ones in most demand with companies either shifting their base or expanding their business to the city. The residential property market is also soaring high, with demand exhibiting never-before trends. Some of the most prestigious locations in Bangalore include Kanakapura Road, Sarjapur Road, HTM Main Road, Koramangala, Whitefield, Hebbal, Yelahanka, Outer Ring Road, Banashankari, Malleswaram, J.P. Nagar, Jalahalli, etc. Residential property rates in these locations range from Rs.2475-Rs.5800 per sq. ft., with expected appreciation of approximately 20-30% over a couple of years.
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