japur Road belt has witnessedthe highest appreciation."Apartments whose base pricewas marked at Rs 4,000 persqft now come in the range ofRs 6,000-7,000 per sqft. Villasare available in the Rs 8,000-10,000 price band", he says.Emerging residential locali-ties in this belt are HaralurRoad, Kasavanahalli, Soma-pura and B Hosahalli. Ac-cording to research by JLL In-dia, there are about 40 apart-ment projects available here.

According to Srinivasa Red-dy, ?Associate Director - Re-search and Real Estate Intel-ligence Services, JLL India,"This micro-market has hugepotential as it is close to theIT hubs of the city. With sig-nificant office space supply inthe pipeline and rise in theemployee base in this part ofthe city, the demand for hous-ing is likely to sustain.

A good portion of the de-mand is expected to drivesales in the mid-segmenthousing category in this mi-

cro-market in the near term.High-end projects are likelyto do well in the medium tolong terms."

According to analysis byVestian Global, the averageunit size here ranges between1,250-2,500 sqft for apartmentsand 2,500-4,500 sqft for villas.

Retail market overview

The ORR (Sarjapur to Heb-bal belt) is the most promis-ing organised retail destina-tion with immense potentialfor development since this is

the largest IT/ITeS corridor,with substantial commercialand residential growth, goodconnectivity, proximity tocatchment areas, limited re-tail options presently and re-quirement for retail support.Presently, there is only onemall on Sarjapur Road.

"The micro-market is like-ly to witness improved de-mand for retail space over thenext few years because of itslarge population base andholds immense potential forretail development," SrinivasaReddy says.

JLL India, the office sector inthis micro-market is at a nas-

cent stage of development.There are some notable officedevelopments in this micro-market. The category of com-mercial buildings coming uphere is primarily IT projects,with IT/ITeS companies show-ing preference to take up spacehere. Research by JLL Indiaindicates the Sarjapur Roadmicro-market is witnessingimprovement in demand for

office spaces, mainly for build-ings with large floor plates.

According to estimates byVestian Global Workplace So-lutions, Bangalore will absorbnearly nine million sqft by endof 2014 and the ORR will re-main the most attractive mi-cro-market for the next threeto five years owing to avail-ability of Grade-A officespaces, land for expansionsand support infrastructure.Strong demand for office space

in the ORR and Sarjapur Roadis expected to push the rentalvalues up in these micro-mar-kets.

Mid-segment gains ground

According to Shabeer Sait,Executive Head of Operations,Irshad's Property Matters, theMarathahalli-Sarjapur Roadstretch is the most active and

sought-after belts inthe city. "There areseveral office spacesin the vicinity. Re-cently, an MNC hadthe ground-breakingceremony here.

Close to 9,000 professionals willbe employed here pushing upthe demand for housing op-tions in the vicinity. With oneof the biggest office spacetransactions taking place hererecently, at least another onemillion sqft of commercialspace will be added in this belt.This will create more jobs andpush the demand further forresidential options, leading tomore launches here", he says.

The Marathahalli to Sar-

12THE TIMES OF INDIA BANGALORE SATURDAY OCTOBER 11, 2014

Located in thevicinity of IT hubs,

this belt is fastemerging as a

prominentcommercial and

residential micro-market

Sai.Prasanna1@timesgroup.com

The most important fac-tor that determines howwell an area performs

and its potential for growth isits location. Its proximity toeconomic nerve centres, easyaccess from and to key areasof the city, well-developed so-cial infrastructure, and otherfacilities and amenities are

crucial for the development ofan area. Sarjapur Road is a mi-cro-market that has a host offactors working in its favour,and is fast-emerging as one ofthe most sought-after destina-tions in south Bangalore.

The development of the Sar-japur Road micro-market hap-pened on account of its prox-imity to the IT clusters aroundthe Outer Ring Road (ORR),Whitefield and ElectronicsCity. Most of the employeesworking in IT/ITeS companieson the ORR prefer staying onSarjapur Road and surround-ing locations due to availabil-ity of housing at relatively low-er rentals when compared toother areas, and also due toproximity to the workplace. Asa result, there has been sig-nificant residential propertygrowth here.

Rental values set to go up

According to research by

The plans toupgrade the

highway to Mysoreand the industrialbelts around aredriving growth in

the region

Sai.Prasanna1@timesgroup.com

Mysore Road runsthrough the heart ofBangalore west, link-

ing it to Mysore. Infrastruc-ture developments such as thewidening of the Sirsi Circleflyover up to Nayandanahalli,the Metro line extension up toKengeri in Phase II, connec-tivity through the Outer RingRoad (ORR) the planned Pe-ripheral Ring Road (PRR) proj-ect, as well as several new pro-posals are anticipated to givea thrust to development in thisregion.

Shabeer Sait, ExecutiveHead of Operations, Irshad'sProperty Matters, says, "Ahigh speed train is in thepipeline linking Bangalore,Mysore and Coimbatore, andthe existing trains from Ban-

GROWTH ENGINE

Sarjapur Road

IT HUBS DRIVE DEMAND FORRESIDENTIAL OPTIONS

galore to Mysore will be up-graded to facilitate faster trav-el. There is also a plan to widen

the Bangalore-Mysore Road byadding one more lane. The cen-tral government has also comeout with a proposal to turn theroad into a national highway.It will be a six-lane expresswaywith bypasses at crucial junc-tions where the road passesthrough towns such as Ra-managara, Chennapatna andMandya. This will aid fastertravel between Bangalore andMysore. Buyers can also con-sider getting property inMysore if they are working inBangalore as it will be a short-er commute."

Magadi Road connects Ban-galore west with Magadi. Thismicro-market is picking upwith connectivity through theORR as well as proximity to es-tablished micro-markets suchas Rajajinagar.

Zahed Mahmood, Director,Silverline Realty, says, "The

NICE Road has been an im-portant factor for developmentas it connects the Mysore Roadbelt with Electronics Citywhich is a major hub of busi-ness activity. There are manyvalue deals in the Mysore Roadbelt. It will also benefit fromconnectivity through theMetro. Magadi Road has de-veloped well towards the Ra-jajinagar belt which hasemerged as a prominent loca-tion in the west."

Metro push to commercial projects

Mysore Road area is prima-rily characterised by indus-trial developments and is oc-cupied by prominent manu-facturing and engineeringcompanies. It has a number ofestablished locations such asVijaynagar and Chamrajpet

while Kengeri, Kumbalgoduand Bidadi are upcoming mar-kets.

According to research byKnight Frank India, a softwaretech park at Mylasandra is theprime office project in the

Mysore Road belt. The total of-fice space in this belt will bepegged at around 5.21 millionsqft by the end of 2014 with thecompletion of the secondphase of the software park,which has around two millionsqft of office space under con-struction.

Phase II of the Metro, cur-

rently under construction, willconnect Whitefield to Kengerivia M G Road, thereby pro-viding easy connectivity to therest of the city. This will aug-ment occupier interest in of-fice spaces here.

Launches on the cards

Prominent residential loca-tions in this belt are Kengeri,Rajarajeshwarinagar, Ba-nashankari and Mysore Road.Emerging localities are Ut-tarahalli Road, Kumbalgoduand Bidadi. Kengeri witnesseda launch of around 2.70 lakhsqft in the last six months inthe budget homes category.Emerging locations, especial-ly towards Bidadi, have goodpotential.

Shabeer Sait says, "MysoreRoad has witnessedreasonable appreci-ation. Due to easiercommute to Rajara-jeshwarinagar, thebase price of Rs 3,000per sqft for apart-ments here is nowmoving towards Rs

4,000 per sqft. Around Kengeri,the price of apartments isaround Rs 4,500-5,000 per sqftbecause the infrastructurehere is already in place withgood connectivity. MagadiRoad has apartments priced atan average of Rs 3,000 per sqft."

According to analysis byJLL India, the residential sec-

tor in the Mysore Road sub-market is mostly dominatedby budget and mid-rangeapartments. The high-end res-idential market is in a nascentstage of development.

Research by Knight FrankIndia indicates that approxi-mately 8,000 units which areunder construction will beready by 2017. The price rangefor housing options in this beltis around Rs 2,800-4,750 persqft.

GROWTH ENGINE

Mysore Road -Magadi Road

CONNECTIVITY,INDUSTRIAL BELTS

DRIVE GROWTH THIS PART OF THE

CITY HAS MANYINDUSTRIAL HUBSWITH NUMEROUSMANUFACTURING

UNITS. THESEHUBS ARE

FUELLING THERESIDENTIAL

PROPERTYDEVELOPMENT IN

THE REGION

THE ESTABLISHEDLOCALITIES

HERE OFFER AWIDE RANGE OF OPTIONS

THE IT-DRIVEN DEMAND ISEXPECTED TO FUEL SALES IN THE

HIGH-END AND MID-SEGMENTRESIDENTIAL PROPERTY MARKETS

WITH MORE BUYERS LOOKING FOR OPTIONS HERE

THIS MICRO-MARKET WILLWITNESS HIGHER DEMAND FOR

RETAIL SPACES OVER THE NEXT FEWYEARS BECAUSE OF ITS LARGE

POPULATION BASE, AND HOLDSIMMENSE POTENTIAL FOR GROWTH

IN THE RETAIL SECTOR

Pics: R Rajgopal

SARJAPUR ROAD: MORE IT-DRIVEN GROWTH ON THE CARDS

CONNECTIVITY DRIVES DEMAND IN THE SARJAPUR ROAD BELT

MYSORE ROAD: CONNECTIVITY IS

FUELLING INDUSTRIAL GROWTH RETAIL ACTIVITY PICKING UP ALONG MYSORE ROAD

LARGE LAND PARCELS HOLD POTENTIAL ALONG MYSORE ROAD

Pics: R Rajgopal