Historically cities have developed around airports and rail hubs. Bengaluru is no different. North Bengaluru hence has emerged as one of the hottest destinations in the last decade or so and has been seeing rapid development on all fronts. In an exclusive interview with Manu Sharma (MS), Editor, Silicon Village, Cyriac Joseph (CJ), Head - Marketing, PR & Corporate Communication, Vaishnavi Group, leading real estate developer in Bengaluru, talks about the reasons for this boom in North Bengaluru and top localities for investment.
Excerpts of the interview:
MS: What according to you is the type of development North Bengaluru is seeing and why?
CJ: It is no surprise that North Bengaluru has been witnessing a real estate boom and this is expected to continue in the mid to long term as all major developers have lined up key residential and commercial projects for launch in the coming years.
North Bengaluru boasts of large integrated township developments, many SEZs, apartment complexes, villa / row house projects and plotted developments.
However, currently, plotted developments appear to be the favoured choice for real estate consumers. Typically, these ready-to-build and “plug & play” plots which are conceived with greenery, open spaces and sustainability, offer freedom and customised dwelling units for the buyer while at the same time offering the safety and security of a gated / secure community. Historically, we have also seen plotted developments offering significantly higher returns vis-à-vis other real estate investment options.
The reasons for the boom in North Bengaluru are several. Major IT / ITES and technology hubs have located here as it boasts of enviable social infrastructure in terms of educational institutions, shopping, retail & entertainment hubs along with seamless & quick connectivity to the airport, This, coupled with the focus on infrastructure development including Metro connectivity, sub-urban rail connectivity, connectivity to Arterial ring road etcare the demand drivers in North Bengaluru.
Currently, we see that North Bengaluru is the most preferred among seasoned investors as well as first time home buyers as a viable option for long-term real estate investment.
MS: What is the demographic profile of the buyers in North Bengaluru according to you?
CJ: We find that about 90 percent of the buyers are IT professionals in the age group of 30 - 40 years, not only from Bengaluru but from other cities as well. The typical salary bracket is Rs 10 - 15 lakh p.a.
MS: How does North Bengaluru lend itself for plotted developments? Which are the areas most suitable in North Bengaluru?
CJ: Yelahanka is a famed area in North Bengaluru with multiple defence establishments, thus making it one of the most peaceful and safest residential areas in Bangalore. For families with young children, senior citizens or even those looking to retire, Yelahanka offers a comfortable and cosy lifestyle. Other residential areas in Bangalore’s northern region include Devanahalli, Hebbal and Thanisandra – all of which have large banks of undeveloped land, thus making them investment favourites.
Top 3 Localities in North Bangalore
The North Bengaluru market has evolved as a prominent residential market. This location has the perfect mixture of cost-efficient and luxury housing. Over the past few years, North Bengaluru has witnessed the launch of several plotted, high-end apartment and villa projects as well as cost-efficient housing projects.
Hebbal: One of the major localities to have become a favourite spot for real estate developers. With a wide variety of MNCs, IT companies, Hebbal is well connected with good connectivity to all parts of the city and a drive time of under 30-minutes to the Kempagowda International Airport.
Devanahalli: Claim to fame: Proximity to KIAL and IT hubs like KIADB’s Hardware Park and the Aerospace Park.
Yelahanka: The price of property is observed to have risen on an exponential level since the International Airport was established. The locality is one of the most low-congestion zones in Bangalore. This locality is blessed with a dedicated green belt for itself. With regards to connectivity, Yelahanka is well-connected with NH7 and NH9.
MS: What is the reason behind growing current demand for plotted gated communities?
CJ: Plotted developments have become increasingly popular over time, and are now a major real estate trend in India. Plotted developments are typically offered within gated communities, especially in suburbs that offer plenty of space and land, without compromising on connectivity. In Bengaluru, the best examples of this are seen in plotted development projects in Bengaluru in areas such as Whitefield, Sarjapur Road, Devanahalli and other key areas.
Many people are also turning towards investing in plotted development projects because of the inherent benefits such as relatively lesser investment, the flexibility to build a dwelling unit as per the tastes and preferences of the buyer, higher returns and all the benefits of a gated community including amenities, safety and security, community living etc
MS: What are the developments being planned by Vaishnavi Group in North Bengaluru?
1. Vaishnavi LifeVaishnavi Life is a premium plotted development located at Yelahanka Extension, just 20 minutes away from KIAL. Spread over 45+ acres, Life features 605 + pre-engineered & smart plots. The project is thoughtfully planned with a host of amenities such as a 32750 sq.ft clubhouse, 12 thematic parks, 2 acres of central activity space amongst others.
2. Mixed use development project of 2.25 million sq.ft with residential, commercial & support functions are planned as a part of the development. We are also exploring the integration of a metro station.
MS: What are the USPs of Vaishnavi's Plotted development projects in North? Have you roped in any international architects/ landscape consultants?
CJ: Vaishnavi’s premium plotted developments are painstakingly planned and thoughtfully conceived keeping in mind the requirements of the end-user. Vaishnavi always lays special emphasis on greenery, open spaces and sustainability. Plots are pre-engineered & smart with underground electric conductor, water and sewage lines. Roads range from 9 metres and stretch up to 18 metres at the grand entrance.
For Vaishnavi Life, we are working with Element Design Studio. Headquartered in Singapore, Element Design Studio Pte Ltd is a boutique design studio that provides landscape master planning and full serviced landscape architecture services for hotels, resorts, residential developments, mixed-use projects and golf course landscapes.