surya
January 11, 2024
Hello Readers!
In this blog post we will Explore why techies are moving to the north of Bengaluru. Learn about the attractions of areas such as Hennur Road, Jakkur, Yelahanka, and Hebbal. Find out why this trend is happening and how real estate in the city’s northern sector is changing.
North Bengaluru is becoming more and more popular among tech lovers. Some smaller areas like Hennur Road, Jakkur, Yelahanka, and Hebbal are seen as good places to invest in real estate. However, the public transport system in these areas is not very good. This makes it hard for people who want to buy a home there.
Arvind Srivastava, an IT Professional who moved to the eastern part of Whitefield in Bengaluru 18 months ago, now wants to get a 2 bedroom apartment in the northern area of the city. He really likes the good things about the north, like less flooding, roads that are in good condition, and lots of greenery that makes it look nice.
In the post-pandemic landscape, North Bengaluru has emerged as a beacon of growth in the real estate realm. Outpacing even the swiftly expanding eastern IT corridor, this region’s infrastructural advancements and strategic positioning have fueled a doubling of investments from both domestic and international investors, particularly NRIs. The gradual migration of the IT crowd from the city’s eastern quarters to the burgeoning north is unmistakable, evidenced by a surge in queries for rentals and property purchases.
According to Prashant Thakur, who is the Senior Director and Head of Research at ANAROCK Group, before COVID-19, North Bengaluru ranked third in terms of sales volume. However, after COVID-19, it moved up to second place, with only the eastern sector ahead of it.
North Bengaluru is close to the international airport, with places like Hebbal only a 34-minute drive away. Experts say that areas like Hennur Road, Jakkur, Yelahanka, and Hebbal are the best for investing in real estate. Land prices in the north start at Rs 6,000-8,000 per sq ft, while apartments cost between Rs 10,850 and Rs 17,870 per sq ft as of Q1FY2023.
Bagalur and Hennur are micro markets located in close proximity to IT hubs like Manyata and Kirloskar Tech Parks. These locations are less than 5-6 km away from major educational institutions and healthcare facilities in the north and are also conveniently located near NH 44. NH 44 connects Bengaluru with Hyderabad and Mumbai, making these locations highly appealing to businesses and investors.
Kiran Kumar, the Vice-President of Hanu Reddy Realty, says that residential areas like Thanisandra and Hennur have become more expensive. The prices have gone up by 20%. People are also paying a lot of money for commercial areas like Airport Road towards Devanahalli and Doddaballapur. The prices there are between Rs 7,000-10,000 per sq ft.
North Bengaluru used to be an industrial area, but now it’s a great place for real estate. This change started a few decades ago when the Bengaluru International Airport and the Manyata Tech Park were built. This helped the growth of areas like Hebbal, Yelahanka, and Thanisandra Main Road. Now, big developers like MAIA Estates, Shriram Properties, and Vaishnavi Group are building lots of new things in these areas.
According to Kumar, real estate prices in northern Bengaluru have gone up by 20-30% more than the eastern sector. The upcoming Peripheral Ring Road (PRR) that connects Tumkur and Hosur Road, the Satellite Town Ring Road (STRR), and the new metro line will make the real estate prices go up by another 10-15%. ANAROCK’s report also mentions a planned startup park with a budget of Rs 30 crore that could help around 25,000 startups in the future, and that could increase real estate prices even more.
In August 2022, there was a lot of rain in Bengaluru. Even rich people’s big villas got flooded. This made it harder to buy and sell houses in the east part of the city. There was also too much water near Whitefield, making things worse. The north part of the city, like Hebbal, had similar problems. Because of this, there were 2% fewer new buildings being made than before the pandemic, according to ANAROCK’s report.
The northern region still faces difficulties in transporting people to their desired location. In contrast, the eastern region has a recently built metro system that is greatly beneficial. However, the metro system linking the airport with the northern region will not be completed until the end of 2023, and there is a possibility of a six-month delay according to some experts.
Mehak Patra is a designer who lives in HSR Layout and works in Hebbal. She takes two buses to work because auto-rickshaws are too expensive. The lack of good transportation in areas near Devanahalli has discouraged people from buying homes there. This makes investing there less attractive. Also, there is a lot of traffic at Hebbal junction during peak hours on weekdays. This means people want to live closer to their workplaces to avoid long waits.
In Conclusion, North Bengaluru is a promising real estate area that is becoming more popular among tech workers and investors. Although there are some challenges that needs to be addressed, such as weather and transportation issues, the area is still growing. North Bengaluru has well-maintained roads, beautiful green spaces, and a good location, making it a great option for people who want to live in a nice place. It has a mix of infrastructural development, startup potential, and increasing investor interest, so it will likely continue to be a great real estate hotspot for both home seekers and investors looking for a great opportunity.