Hebbal Turns Hot Destination for Property Buyers

Bangalore: Even during sluggish real estate condition, Hebbal in Bangalore is showing healthy real estate movement for those looking for high-end luxury property, reports Anshul Dhamija of TNN.

Now, the question arises- why Hebbal? “Basically, you are targeting the second-home buyer who can’t afford to buy on Palace Road or in Sadashivanagar or in any of the other central locations,” according to Cherag Ramakrishnan, CEO, Equinox Realty. The same group is coming up with luxury residential unit called Waters Edge, close to Manyata Embassy Business Park. Other groups who have launched their residential projects in the same locality includes Equinox, Mantri Developers, G:Corp, and Karle.

Jitendra Virwani, CMD, Embassy Group stated that “There is a shortage of high-end space within the city limits, and here you have a destination that is 15 to 20 minutes away from the city centre, and has land available,” reports Magicbricks.

Custom-made projects have been launched along the Bellary highway that is near to Hebbal flyover, by prominent developers like RMZ, Embassy, and Godrej Properties and the property prices are over 2 crore. Other noted developers like Century, Brigade and Salarpuria have also planned luxury residential projects in the same vicinity. Besides, Sobha group has launched 1500 units of its mega township project called Sobha City, in the same locality last year. The average rates developers are quoting for per square feet is from 5000 per square feet to 8000 per square feet.

Raj Menda, CMD, RMZ Corp stated that “The airport has definitely magnetized this part of town as it attracts a lot of senior management of companies. Hence, you see the pricing in the area is line with the customer profile.”

Surprisingly, Hebbal is witnessing good real estate activity in residential segment and is driving demand from investors.  “There has been a lot of interest from investors from Mumbai and Kolkata for high-end projects in Hebbal,” according to Sudeep Chandran, owner, Terrafirma Developers. He also added that Hebbal has seen 15 percent to 20 percent offtake by investors.

Ram Chandnani, deputy MD of South India CBRE South Asia, a global real estate consultancy firm cited that “The senior management of IT companies is looking at north Bangalore as an investment opportunity. As of now, they are investors. Once the developments are ready, many of them would become end-users.”

“Bangalore is turning to be a very mature market, and our prices are still one of the lowest as compared to other metros,” said Farook Mahmood, CMD, Silverline Group.

According to Cushman & Wakefield (C&W), a global consultancy firm, “the purchases in Hebbal are mostly led by long-term investors and the prices have appreciated consequently. Considering the first two quarters of 2012, C&W says, Hebbal has witnessed a price appreciation of around 8 percent in the high-end residential segment.”

However, the eastern micro-markets of Bangalore city that includes Marathahalli, Whitefield, and Old Airport Road have seen the price appreciation of 32 percent year on year, according to Cushman & Wakefield.