The office space market in the northern belts of the city looks encouraging,says Deepti Ganapathy
After the airport was relocated to Devanahalli,the area became a much sought-after region for office development.Many corporates now have large chunks of land in the vicinity of the airport.Though development of these office spaces is yet to take off in a big way,there is a lot of buzz with the government also earmarking an aerospace park and IT park.
Infrastructure plans coupled with better connectivity is what will give this region the edge.The plan to make the Outer Ring Road (ORR) a signal-free seamless corridor will have far-reaching implications on growth along its route.The stretch from Hebbal flyover to Beninganahalli,in particular,has a lot of scope for commercial development.There are many residential projects along here and this will result in a reasonable number of commercial development too.
On the 3,000 acres of land on which the hardware,IT/BT and aerospace parks will be coming up near the international airport,there is also provision to develop residential facilities for people working in those industrial plants on about 250-300 acres of land.
The proposed high speed rail link,and signal free road which is being constructed,to the airport are the major factors driving demand in this region.
Residential catchments
The Doddaballapur Road has emerged as a destination for residential clusters.The Greater Peenya Industrial Project along with the National Highways of India's elevated expressway has resulted in many residential projects emerging here.There will be a demand for affordable housing projects too from the industrial workforce here.
Though there is a supply of good housing projects in this region,it remains to be seen how the absorption takes place.The connectivity factor will have to be factored in.
Retail sector
This part of the city is also witnessing a new retail market emerging.The New BEL Road is now a thriving high street shopping avenue.The Outer Ring Road (ORR) too is witnessing the emergence of retail outlets and chains to cater to the residential areas in the vicinity.
"The demand is there and the rentals are also quite high,"says Sanjay Tiwari,brand manager of a store."The introduction of FDI in multi-brand retail will lead to increased demand,which in turn will catalyse more investment opportunities in organised retail.A key differentiator of the retail sector is that it penetrates beyond the top seven cities,into areas where there is a significant shortage of wellplanned,well-developed and professionally-mana g ed shopping centres.In other words,the organised retail real estate market will spread more uniformly and more lucratively for all concerned,"says Sanjay Dutt,CEO - Business,Jones Lang LaSalle India.
"The spread of organised retail's geographic footprint is a factor that retailers,depending on their product categories as well as short-term and long-term business objectives,will target.Hypermarkets will absorb the highest amount of retail real estate in Tier II and Tier III cities.Among these,they will focus on the top 35 cities - those with population bases of one million or more - in the first and second phases.Though the spread will happen in all regions,it will take place in clusters rather than in the form of carpet-bombing,since availability of retail logistics and infrastructure play a significant role,"adds Sanjay.
All this will mean a sizeable chunk of the retail sector being located in the city,as its infrastructure and IT workforce will play a significant role.
After the airport was relocated to Devanahalli,the area became a much sought-after region for office development.Many corporates now have large chunks of land in the vicinity of the airport.Though development of these office spaces is yet to take off in a big way,there is a lot of buzz with the government also earmarking an aerospace park and IT park.
Infrastructure plans coupled with better connectivity is what will give this region the edge.The plan to make the Outer Ring Road (ORR) a signal-free seamless corridor will have far-reaching implications on growth along its route.The stretch from Hebbal flyover to Beninganahalli,in particular,has a lot of scope for commercial development.There are many residential projects along here and this will result in a reasonable number of commercial development too.
On the 3,000 acres of land on which the hardware,IT/BT and aerospace parks will be coming up near the international airport,there is also provision to develop residential facilities for people working in those industrial plants on about 250-300 acres of land.
The proposed high speed rail link,and signal free road which is being constructed,to the airport are the major factors driving demand in this region.
Residential catchments
The Doddaballapur Road has emerged as a destination for residential clusters.The Greater Peenya Industrial Project along with the National Highways of India's elevated expressway has resulted in many residential projects emerging here.There will be a demand for affordable housing projects too from the industrial workforce here.
Though there is a supply of good housing projects in this region,it remains to be seen how the absorption takes place.The connectivity factor will have to be factored in.
Retail sector
This part of the city is also witnessing a new retail market emerging.The New BEL Road is now a thriving high street shopping avenue.The Outer Ring Road (ORR) too is witnessing the emergence of retail outlets and chains to cater to the residential areas in the vicinity.
"The demand is there and the rentals are also quite high,"says Sanjay Tiwari,brand manager of a store."The introduction of FDI in multi-brand retail will lead to increased demand,which in turn will catalyse more investment opportunities in organised retail.A key differentiator of the retail sector is that it penetrates beyond the top seven cities,into areas where there is a significant shortage of wellplanned,well-developed and professionally-mana g ed shopping centres.In other words,the organised retail real estate market will spread more uniformly and more lucratively for all concerned,"says Sanjay Dutt,CEO - Business,Jones Lang LaSalle India.
"The spread of organised retail's geographic footprint is a factor that retailers,depending on their product categories as well as short-term and long-term business objectives,will target.Hypermarkets will absorb the highest amount of retail real estate in Tier II and Tier III cities.Among these,they will focus on the top 35 cities - those with population bases of one million or more - in the first and second phases.Though the spread will happen in all regions,it will take place in clusters rather than in the form of carpet-bombing,since availability of retail logistics and infrastructure play a significant role,"adds Sanjay.
All this will mean a sizeable chunk of the retail sector being located in the city,as its infrastructure and IT workforce will play a significant role.
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