BANGALORE : Eastern parts of the city provide a great contrast to other older areas in South Bangalore as well as Malleswaram, Chikpet and Chamrajpet. While the latter shows unmistakable signs of Bangalore's history as a pensioners paradise, East Bangalore, with its hundreds of MNC's has a decidedly more modern feel to it.
With the starting of the Export Promotion Industrial Park and ITPL, East Bangalore has firmly became the favourite destination for many people in the IT and ITeS sectors.
Several builders saw the benefits of launching projects in a place where the office commute would not be too harsh for the techies and as a result, there are many choices for those looking to buy a home in this area. With further infrastructure projects like the Peripheral Ring Road connecting Whitefield, Electronic City and Yelahanka in the pipeline, the property market is expected to remain stable, if not witness a boom in the coming months.
According to real estate research firm JLL, property prices for areas like Old Madras Road, Indiranagar, Whitefield, Electronic city have seen an appreciation in rental values even at a time when the market in other cities was seeing a downward trend. Capital values continue to remain in the range of `5,000-6,000/sq ft in areas like Old Madras Road and the long term outlook seems positive.
"The eight-lane 220 feet wide Old Madras Road is conveniently connected to International Airport, Hebbal, Metro Station, Railway Station, ITPL and organised retail destinations. In recent times, this place is witnessing all round development at a rapid pace and yet prices are considerably lesser than other parts of the city. Apart from opulent residential projects, well known educational institutions, business parks and commercial complexes are also coming up around the area. Major business and entertainment destinations such as ITPL, Indiranagar and Manyata Technology Park are within 15-20 minutes drive," said Vivek Jaiswal, Head- Sales and Marketing for Pashmina Developers.
The group is focusing on building affordable housing in the area now. Two projects, Pashmina Waterfront and Pashmina Brookwoods with a total of 2,200 apartments are located on Old Madras road. “The area was once considered to be on the outskirts of the city but is now a city in itself. East Bangalore, aided by the IT hubs, is probably the fastest area in the city to progress on all fronts like infrastructure, economic activity, residential developments and retail. Untouched areas like Old Madras Road, Budigere and Hoskote are fast developing because of saturation of Whitefield, Sarjapur and ORR," Jaiswal says.
"With great connectivity to office and location of so many malls and shops as well as decent hotels, areas like Old Madras Road are interesting options for people looking to buy a flat. Whenever I have to head to the city, I can just board the metro and get down at MG Road. Soon, I will have access to the whole city via metro. This makes it the perfect choice for me,” said Nachiket Rao, a software development professional.