Buying a home in North Bengaluru can be a tough task, especially given the number of options available.
From Thanisandra to Doddaballapur – this corridor once home to farmlands, is today being pegged by many as the next emerging real estate hotspot of the city. But home buyers scouting on ground will find that the development needed to make most of these areas truly liveable with social infrastructure is yet to take place.
However, Real estate pundits however say that there is one area that is on the fast-track to be most livable – Nagawara.
“The demand has absolutely shifted to nagawara and the reasons have been a few. The IT & ITeS growth has been on the ORR, and we have witnessed it for many years now. has shifted here. Considering that the supply has shrunk very badly, the shift in commercial absorption has shifted towards the nagawara thanisandra belt. Due to good amount of availability of and parcels, appetite to make major residential developments, connectivity to the city and the airport – has led that demand go quite well,” says Satish BN, ED – South India, Knight Frank
Currently, the Nagawara region is the centre of all IT activity in the North Bengaluru belt. Not only does it house the Embassy Manyatha tech park, and the Karle SEZ well, but physical infrastructure in the region is also better developed than areas like Dodda Doddaballapur and Devanahalli. Nagavara will also be part of the Namma Metro line with a metro station that is expected to be completed by 2019. While apartments in the region currently sell starting at 6800 rupees a square foot, developers say that there will soon be a supply of smaller unit sizes in the 4000 to 6000 rupee per square foot range to meet growing demand from this segment.
“We see this area is growing, less congested, not too many projects and the absorption has been really good esp for our development – Prestige Misty Waters has done very well. 80% is sold and we are a year away to completion . Prices have been quite good we currently sell in the region of 6750-7000 rupees a sq foot which is fairly good realisation and the sizes are not too small. It is for the upper middle income market. But having said that there’s also a lot of supply coming up in the 4k-6k range and we’ll also be there very soon,” says Swaroop Anish, ED – Business Development, Prestige Estates
Top developers who are present in the region apart from the Prestige EstatesVinclude Mantri Developers, House of Hiranandani, the Embassy Group and equinox realty. Investors for the region have been receiving about 10% returns on investment in the last 2 and a half years according to PropEquity data, and real estate experts say that it will continue to be a better bet than other regions of North bengaluru.
“One differentiating factor about Nagavara from the rest of North is that it is already well developed in terms of social infrastructure. It has got malls, hospitals and schools. Devanahalli and other have a long way to go for that. It is also very well connected to the ORR and CBD areas,” said Praveen Kumar N, Director, Unishire
On the downside however, despite the growth happening on the Nagavara main road itself, residents say that development is not taking place evenly all across. Narrow roads and drainage facilities are two areas that need to be improved upon in certain pockets of Nagavara.
The other big concern for residents in Nagawara is the traffic congestion outside at the main Nagawara Junction which could become a traffic roadblock like the ORR, unless solved soon.
Lakshmi Sivadas, Reporter- Bangalore & Chennai Bureau, NDTV