Though the real-estate market in Bangalore is witnessing a slowdown, there are certain locations in the city that are buzzing with activity. This is because of infrastructure development like the new international airport, the Bangalore Metro project, flyovers, underpasses and road-widening activities, which are encouraging developers who anticipate a growth in demand.

Prominent among these emerging markets is north Bangalore, where the new international airport is located. Industry analysts predict that most of the city’s development will be in this region. With the airport becoming operational soon, many feel that the hospitality, entertainment and logistics companies would find this area an ideal location.

Some of the premium residential developments in north Bangalore, recently completed or coming up, include Bearys Group’s Lakeside Habitat — a 25-storey, 106-apartment, twin-tower residential complex spread over three acres overlooking the Hebbal Lake; Sobha Developers’ Sobha Lifestyle — a presidential villa project spread across 55 acres with 165 villas in Devanahalli, which was launched in March and is expected to be ready by end-2010; and Prestige Group’s Prestige Golfshire — a 275-acre hotel and villa project, a tie-up with Marriott International, with high-end villas and a golf course set against the backdrop of the Nandi Hills. The project expected to be ready by 2011, is being sold by invitation only.

Mantri Developers is planning a super premium project in north Bangalore; it also has plans for residential projects in Jakkur, Hennur and Hebbal. “The projects are in the pipeline, not finalised yet,” sources say.

Prestige Group also has projects — 32-acre Prestige Oasis with 182 units/villas to be ready by 2011 and the 7.6-acre Prestige Wellington Park with 482 apartments, to be completed by the year end — coming up at Dodaballapur and Jalahalli respectively.

The demand for real estate is high in the north and south Bangalore regions, which is shifting towards retail, from bulk land parcels, says Mr R. Balaji, CEO, Propmart, an end-to-end offline and online property solutions provider.

Major buyers in today’s real-estate market are the retail end-users, with retail investors’ interest dropping.

Mr Aditya Verma, Vice-President and Business Head, makaan.com, a real-estate portal, says that the ‘hotspots’ are Airport Road, Kaggadasapura, Whitefield, AECS Layout, Kasturi Nagar and Marathahalli. “The Bangalore south region has also seen good sales in March-April 2008 at 404 units, up by about 320 units compared to December 2007.”

The Whitefield market, which had showed signs of a slowdown a few months ago, is hotting up again, says Mr Farook Mahmood, Founder-President, National Association of Realtors - India.

Echoing this sentiment, real estate services firm Cushman & Wakefield’s recent report says that despite rental depreciation in the eastern cluster of Marathahalli, Whitefield and Airport Road, demand is likely to continue in these regions, especially in Whitefield. Measures taken to improve connectivity to the central business district, coupled with improved social infrastructure, have enabled Whitefield to become a self-sufficient micro-market.

Other areas to look out for are localities around the Ring Roads and Bidadi (south-west Bangalore). Improved connectivity between Bangalore and Mysore has contributed to a gradual growth in residential developments in and around Bidadi, upcoming townships (including the DLF project), the four-lane State Highway connecting Mysore to the city, the upcoming BMIC (Bangalore Mysore Infrastructure Corridor) project, existing industrial areas, and planned theme parks and resorts at Bidadi have contributed to the regions’ development.

Expected improvement in connectivity between Bidadi and other peripheral areas of Bangalore, including the new international airport, will lead to sustained real-estate activity in the region in the coming years, says the report.

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