By: Siva Krishnan, Head – Residential Services, Developer Solutions, and Strategic Consulting & Managing Director – Chennai
The existing and proposed social infrastructure and promised connectivity via the Namma Metro lines have resulted in high residential demand across these key micro-markets.
Mumbai: Thanisandra, Whitefield and Kanakapura Road have over the past year emerged as the strongest residential hotspots in Bengaluru according to JLL’s latest report titled JLL’s Tour of India’s Top Residential Hotspots: Bengaluru Edition.
All three localities, according to the report, are likely to witness robust residential demand in the near future. The three micro-markets have some common drivers that make them prime. Here’s a look at these factors:
Thanisandra and its neighborhood locations, Jakkur, Baglur, and Begur have seen a rise in residential demand due to the influx of a large number of young workforce in the business parks located in Nagawara and Hebbal. In addition to these, Manyata Business Park and other neighboring business parks have many operational office buildings. Comprising mostly Grade-A office spaces, these collectively have more than 10 mn sq ft of built space. Thanisandra’s proximity to the international airport and well-developed retail markets make the place a sought-after residential locality.
Whitefield and its neighborhood locations form one of the key IT hubs in the city. It is for this reason the region has several IT parks and standalone office buildings. These all together comprise more 28 mn sq ft of office stock. The presence of offices has resulted in high housing demand in this location. Being self-sufficient in terms of its social infrastructure with schools, hospitals, shopping, and other requisite facilities Whitefield is now an attractive region for homebuyers.
Known for affordable, low-cost housing options, Kanakapura Road has a well-developed social infrastructure in terms of good schools, hospitals, shopping and market places. A number of youth-centric amenities such as fitness centers, spas, restaurants, and cafes continue to attract people in large numbers. Located close to Grade-A commercial offices on Bannerghatta Road and offices in JP Nagar and Jaya Nagar, the area continues to witness a huge influx of people looking for housing options.
The proposed and under-construction Namma Metro is already having its impact on the three localities. The green line of Namma Metro that started partial operations along Kanakapura Road has already led to a surge in demand for housing from all income groups in Kanakapura Road. Starting from JP Nagar to Nice Road, the entire stretch has witnessed a number of residential developments because of the promised connectivity.
On similar lines, areas such as Hope Farm, Varthur Road, and Gunjur are some of the key neighborhoods of Whitefield that continue to witness good residential development due to the extension of the purple line of Namma Metro up to Whitefield. The proposed red line of the Metro has been an important demand driver for residential projects in Thanisandra. The other international airport road – SH 104 passes through Thanisandra, Begur and Baglur Road. This road is planned to be developed further. The proposed metro line and international airport road surged up the residential demand in this location in the last couple of years.
Other than the metro, these localities are well-served by public transport services such as buses and other modes of transport. Well connected to rest of the city through Thanisandra Main Road and to the Outer Ring Road and Kogilu Main Road and Jakkur Road, the locality enjoys good connectivity with rest of the city.
Buoyant launches & sales in 2018 directing to strong growth story across the three hotspots:
Units launched in the top 3 residential hotspots in 2018 jumped substantially by 2.5 times over 2017 as developers see a strong potential for growth in these markets. These hotspots will benefit from higher job creation in the key IT hub as well as improving connectivity driven by Namma metro. This is clearly seen from the 17% rise in units sold in 2018 over the previous year. Residents of this region enjoy well developed social infrastructure that improves the quality of life and will also attract more home buyers in these hotspots.
High housing demand has kept the price appreciation scenario healthy and the trend is likely to continue in coming quarters too.
Emerging locations in Bengaluru such as Thanisandra and Varthur Road will mature faster as they have the support of matured locations of Hebbal and Whitefield, respectively. Thanisandra is located within 5 km distance from Hebbal. As such, very soon due to low supply in Hebbal, the housing demand of Hebbal is likely to spill over to Thanisandra. Moreover, being located so closely, most of the social infrastructure can be shared between these two locations. As such the current price arbitrage will work in favor of homebuyers. These locations are likely to witness increased demand.
However, this price arbitrage is likely to narrow down eventually due to the increased demand. Varthur also is experiencing the same phenomenon as being close to Whitefield. It is observed that these locations are already witnessing that the price difference is slowly narrowing over the years.
For more details, please download JLL’s Tour of India’s Top Residential Hotspots – Bengaluru Edition.
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