North Bangalore: A New Luxury Property Hotspot

Bangalore: North Bangalore is emerging as most preferred residential hotspot, as it’s witnessing good number of new project launches under super-luxury category. This suburban area becomes a favourite investment destination for people who are living abroad as well as for domestic buyers. Improved connectivity and good infrastructure are acting as a catalyst for far-flung areas of Bangalore with good real estate development.

The main reason behind developers are opting suburbs to launch their high-end residential projects is land availability at a low costs. “Not much land is available in the entire city except in the northern part. Land in other zones are scarce and whatever remains, come on a premium,” said Saquib Ilyas, Trend Shelters, a Bangalore-based realty firm, reports Sruthi Kailas of MagicBricks.com. 

Moreover, developers are quoting lower prices for property in such areas when compared to properties located in central areas. This mechanism is mainly attracting home buyers specially people who are living abroad. According to Jaiwanth Gopalakrishnan, of Mainstay Group, a Bangalore-based realty firm, “Investors settled abroad find North Bangalore a lucrative option to invest in. Having seen an upmarket lifestyle outside the country they expect a similar environment back home. Thus, the area is serving their purpose well.”

In North Bangalore, the property prices range from 5000 per square feet to 7000 per square feet. Whereas, property prices in Central Bangalore ranges from 20,000 to 25,000 per square feet, added Gopalakrishnan.

Karun Verma, MD-Bangalore and Kochi, Jones Lang LaSalle India said “Devanahalli and Hebbal sub-markets are exhibiting an impressive scale of activity. This is primarily due to the on-going infrastructure development work in these areas. The already constructed Bangalore International Airport is also acting as a catalyst for the North Bangalore micro-market,” reports MagicBricks.com.

Some of the prominent developers who are launching their luxury projects in such area include Prestige Group, Godrej Properties, Legacy Builders and Salarpuria.