Industrialists in Bengaluru on the lookout for new homes have some reason to cheer – real estate development in and around Magadi road will now give them opportunity to live closer to work.
Basavaraj Channiah is a good example of the typical Bengaluru industrialist who will benefit from the real estate development in Magadi Road. The 50 year old has been working in an engineering solutions firm in Peenya for over two decades now. But because Peenya lacked the quality housing options he desired, he lives with his family in JP nagar, 20 kilometres away from his place of work.
But today with things have changed, and he has decided to buy with Salarpuria Sattva in Magadi Road.
“Today there are good quality homes here. Today what we are finding is that we lose a lot of time in traffic. In future if we want to grow our business, we have to be conscious of time. Once we invest here we can reach the industrial area in a few minutes time. Most of our business is coming from the industrial area, and this is the reason we are investing close to Peenya and Hospet industrial areas,” he says.
Namma Metro Station & ORR Boost Magadi Road Prospects
Industrial employees like Basavaraj are considering Magadi Road for its connectivity to the rest of Bengaluru, while at the same time being close to the city’s industrial corridors like Peenya and Tumkur. One factor why Magadi road is better connected to the city today is thanks to the presence of the Outer Ring Road that connects it to the IT hubs.
“If you want to come to the NICE road it will take 5 mins, and NICE road is connected to almost 75% of the city. From there if you want to go to Mysore road, Tumkur road – it is a five minute drive from there. For businessmen and industry who live there it will be good for them to have a home here,” said Sanjay Agarwal, Head – Sales & Marketing, Salarpuria Sattva.
However, it is the recent completion of the Namma Metro station at Magadi Road that is helping change the fortunes of this region. It not only gives connectivity all the way to MG Road and Byappanahalli, but also helps connect to Mysore Road as well.
“In Magadi road per se along the Metro corridor is where all the development will happen. What will happen is that the surrounding micro-markets like Vijayanagar and Nagarbhavi will evolve into something larger, and support the Magadi road market. Currently, there is only industrial activity happening there, but you will also see a lot more commercial happening there primarily because a huge segment of this population travels all the way from South to the East and North for the IT & IteS sector,” explains Shrinivas Rao, CEO – APAC, Vestian Global.
Top Developers Present In and Around Magadi Road
Today some of the city’s top developers are also offering projects in Magadi Road. Developers present here include Provident Housing, Gopalan Enterprises, Sobha Limited, the Prestige Estates and Mahaveer Reddy Structures. Prices for projects in Magadi Road start at about Rs 4000 a square foot. Investors meanwhile have been receiving annualised returns of only 7% over the last 2 and a half years. Real estate experts say that the region is also seeing growing commercial interest.
“There is a fair amount of land in that micro-market. There is a lot of mills in that area all the way up to Tumkur, industrial land is also available, and sick industries also exist here. You will see a lot of them looking at commercial development in the coming years, and that’s where you will see a lot of shift from major developers in the Bangalore market towards the Magadi Road side,” said Shrinivas Rao, CEO – APAC, Vestian Global.
However, despite its affordability and connectivity, social infrastructure has still not picked up in Magadi Road. Quality retail outlets, malls and top hospitals are still lacking here.
Real estate experts expect commercial real estate to pick up here in the next 36 months. Until then, they expect Magadi Road to remain the ideal destination for industrial employees over IT employees.
Lakshmi Sivadas, Reporter- Bangalore & Chennai Bureau, NDTV.