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Hebbal and K R Puram hottest property hubs in Bangalore by poonam verma
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Hebbal and K R Puram hottest property hubs in Bangalore |
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Real Estate
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Hebbal in north Flats in Bangalore and K R Puram in the east have emerged as the top residential destinations to invest in. In an investment advisory and research report put out by global real estate consultants Knight Frank, in the five year period between 2013 and 2017, Hebbal and K R Puram are expected to see an average price appreciation of 94% and 91% respectively. These two destinations are on Knight Frank’s list of top ten Indian destinations to invest in. Ram Chandnani, deputy MD for South India in CBRE, another global real estate consultancy firm, said that Sarjapur-Outer Ring Road and Whitefield areas are also promising, and would see a price appreciation of over 70% in the next five years. The Knight Frank report studied various micro markets across the country based on parameters such as employment, physical infrastructure, connectivity to important locations, access to social infrastructure, planned development, proximity to premium office spaces and land availability. Price appreciation in micromarkets was calculated based on future office space demand and absorption levels. The report states that demand for office space in New flats in Bangalore in the next five years would be 44.4 million sqft, driven by the IT/ITeS, biotech, and aerospace sectors. Of that, 60% would be in the North and East corridors of the city, close to Hebbal and K R Puram. In Hebbal, the stock of residential apartment units in 2007 was just 300, which in 2012 has risen to about 1,800. That’s a growth of 500% in five years. Similarly, K R Puram has seen a 200% growth in inventory of apartment units, from 2,000 in 2007 to 6,000 as of September 2012. “These two markets are sun-rise areas due to various reasons, the most important being connectivity to arterial roads and proximity to business clusters,” said Prashanth Sambargi, partner at property brokerage firm Mars Realty. Knight Frank says that by 2017, the average price realization in Hebbal would touch Rs 8,230 per sqft, but would still be 11% less than the price realization seen in the nearby RMV/Sanjay Nagar. The average price realization at K R Puram is estimated to touch Rs 6,200 per sqft; Whitefield, which is a nearby micro-market, would command a higher price of Rs 7,370 per sqft. Chandani of CBRE said demand for residential units in Sarjapur-Outer Ring Road and Whitefield have been robust in the last five years, reporting a price appreciation of 100% and 70% respectively.” The residential climate in both these micro markets has been spurred on by the continuing development of business parks and IT SEZ zones. However, Sambargi of Mars Realty said Residential flats in bangalore was like a balloon growing in all directions. “Today one part of the city may look up, tomorrow it’s another part. Hence it is hard to predict the future as the real estate landscape is ever changing,” he said.
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