Recent policy reforms devised by the Government of India underscores its seriousness in improving the country’s real estate sector. Additionally, its mission towards “Housing for All” has paved the way for public-private partnerships in the sector and has significantly impacted demand. Assigning of infrastructure status to affordable housing has given a much-needed impetus to real estate activity across metros.
A case in point is Bengaluru’s emerging real estate market. The fifth largest city of India is home to all the major IT companies, and is one of the most preferred investment destinations in the country. Growing steadily alongside the IT and infrastructural boom, Bengaluru’s realty market is trying to keep up with the increasing demand for housing in the city and its peripheral areas. It has been observed that the market is equally dominated both by residential and commercial projects, with a high demand for 2 and 3 BHK apartments. Over the years potential buyers in the city have been looking for apartments in affordable housing projects, which are equipped with world class amenities and add value to the living standard.
Bengaluru’s popular areas such as Electronic city, Begur Main Road, Whitefield, Bannerghatta Road, Rajajinagar, Malleshwaram, Richmond Town, Kormanagala and Ulsoor continue to develop and flourish. However, the ever-increasing population has brought pressure on these locations, thus triggering the need for exploring other parts of the city, which can be conducive to develop real estate projects and help build a decent quality of life for its citizens.
One such emerging location is New West Bengaluru (Tumkur region). Situated at 70 km (43 mi) northwest of the city, it has the potential to decongest the state capital. An emerging area on the city’s real estate spectrum, current projects here, offer a range of benefits for both home buyers and investors. Investing in a property, which besides offering numerous lifestyle benefits, is located amidst a dynamic multicultural landscape, has an extensive green cover, is in the periphery of a city regarded as one of India’s most favorable living destinations, and has a flourishing real estate industry, will always be a profitable deal.
One of the primary reasons for popularity of New West Bengaluru is its proximity to major infrastructural developments. Besides a multitude of facilities that developers are offering in their properties, a gamut of public services and civic amenities in its surroundings that keep home owners connected to the outside world, are an added advantage. To begin with, world-class facilities such as the Alur Cricket Stadium, Bengaluru International Exhibition Centre, and Namma Metro, the Tumkur region is poised to become an international engagement hub. Upcoming infrastructure initiatives such as the Metro Rail Phase 1 and Phase 2 and Peripheral Ring Road (that will form a half circle around the city from Tumkur Road to Hosur Road), are said to bring about significant transformation in the area. The location is set to be enhanced in terms of connectivity and real estate development. Moreover, the proposed Mumbai-Bengaluru Industrial Corridor is likely to leverage residential, commercial, and industrial infrastructure.
In New West Bengaluru, buyers can own a home in an area that is highly liveable, consists of an excellent cultural quotient, is accessible to key highways and transportation services, and has access to quality work places at a walking distance.
While increased migration and infrastructural boost has created demand for housing in Bengaluru, favorable policy reforms will ensure smooth and timely completion of projects. These factors shed a positive light on the future of the city’s real estate market and positions it as a key growth driver to India’s real estate industry.