Real estate in Bangalore is always in the news. Whether it is for the spiralling prices or the supposed slowdown.
As such, there is much attention to this sector. Erstwhile known for The Sri Sri Ravi Shankar Art of Living Ashram, Kanakapura is today, morphing into the next big real estate destination. In the next 2-3 years, approximately 7,000 – 8,000 units are expected in the Kanakapura stretch. The developers who have commenced projects in this micro market include Sobha, Mantri, Puravankara, Nitesh, HM, Chartered, Sriram, etc. DH Realty shifts focus to Kanakapura to see why it is becoming a preferred choice for several top-notch builders.
Choice of projects
There are several projects that have been completed and are in various stages of construction in this belt. Vakil Garden City, spread across 40 lush acres, has theme gardens, is BDA approved and consists of 300 sites. “The client’s response has been great as Vakil Housing has always endeavoured to provide international quality residential spaces. Especially the theme gardens that are present in Vakil garden City, create a sense of aestheticism,” says Mohammed Ali Vakil, Co-director, Vakil Housing Development Corporation. Elita Horizon, an exclusive freehold residential project developed by Keppel Puravankara Development Pvt Ltd, is a joint venture between Keppel Land Limited Singapore, and Puravankara Projects Limited. The tower blocks have a distinctive architecture that is modern and sleek. Characterised by the extensive use of glass, it allows the owners to maximize natural ventilation, day lighting and views, from within the apartments. All units are designed with balconies to provide an unobstructed view of either, water bodies or greenery, in the surrounding vicinity.
Shriram Symphonye, a project from Shriram Properties, located off Kanakapura road, has 228 flats spread across 3.26 acres, with a scheduled completion in 2009. Mantri Tranquil will be one of the first large projects on this stretch (comprising over 1200 apartments). Says Lakshmi Narayanan, president & CEO, REBI, “In the last decade, the Kanakapura Road has shown almost 56% growth in terms of residential development, and over 35% growth for commercial development. Kanakapura is one of the fastest growing parts of the city, and maybe very soon, we may start a exclusive showroom just for that belt.”
Kanakapura Road — in the past couple of years — has witnessed considerable residential development (apartments, villas and plotted development). Reputed developers, as well as lesser-known developers, have commenced projects in this stretch. “While there have been no commercial developments in this region, Bannerghatta Road and JP Nagar are the closest micro markets with commercial activity (IT/ITES), and can hence, be considered principal influence areas. Some of the major IT/ITES companies in the micro market include IBM, EMC2, HSBC, Accenture and Oracle. Kanakapura Road has evolved as a secondary residential catchment for the floating working population.
Traditional residential hubs of JP Nagar (various stages), BTM Layout and Jayanagar, located in suburban locations, command premium capital values for the middle and upper middle income segment,” says Sandeep Trivedi, National Head – Development Consultancy, Cushman & Wakefield, India. On Kanakapura road, the capital values are in the range of INR 2,200 to 3,000 per sq.ft.
Road to development
Easy access to the Outer Ring Road, Peripheral Road (NICE Expressway) — besides being a stone’s throw away from some of the prominent international schools, Metro Cash & Carry, Electronic City and a host of other conveniences — have made this the next big location for real estate. Kanakapura Road’s connectivity to the BMIC and Bannerghatta Road, has contributed to it becoming a realty hub.
Adds Snehal Mantri, Director, Marketing, Mantri Developers, “Close proximity to fully developed residential areas like Jayanagar, J P Nagar and Banashankari, as well as being adjacent to India Heritage Project – Gokulam (promoted by ISKCON), with facilities like a theme park, temple, meditation hall, apartments, etc, holds Kanakapura in good stead. Another plus in favour of this location are its green environs.”
“The location chosen by us was mainly for the pristine evergreen surrounding which was abundantly available in Kanakapura. Some of the other pitching reasons were, the BMIC Corridor,” says Jayanthi Bashyam, General Manager - Marketing, Shriram Properties.
So if you are looking for a new home, you know where to head to!