Why Does North Bangalore Stand Out The Most in the Robust Bangalore Real Estate Market?

There are many reasons that North Bengaluru is such a sought-after neighbourhood for property investment in Bangalore. Due to its status as India's silicon valley and start-up capital, Bengaluru has long been regarded as a desirable location for real estate investments in the commercial, residential, and retail sectors.

As a result, Bengaluru is currently one of the fastest growing cities in the world in terms of urban development. IT, R&D, aerospace, pharmaceutical, and other associated industrial enterprises are flocking to the city because of its cosmopolitan culture, broad variety of employment chances, young population, and smart infrastructure. In addition, the city's climate is favourable.

According to research conducted by a leading real estate consultancy recently, the number of homes sold in Bengaluru climbed by more than 60 per cent year over year. The city saw almost 40,000 home sales in the given year, making it the second-largest property market in India after Mumbai.

The primary impetus behind this expansion may be attributed to North Bengaluru, which serves as a centre for international banking and luxurious lifestyle. Because to the Kempegowda International Airport in Devanahalli, the northern part of Bengaluru, which is now known as India's first aerotropolis, has seen enormous expenditures on its infrastructure over the course of the last decade. In 2019, a plan was created to construct a new terminal at the airport, as well as a second runway and more highway access to the airport.

The total cost of the project was estimated to be Rs. 13,000 crore. Over 33 million people used the airport's services in that year, representing a 4.1% increase over the previous year's total. The existing good linkages to the primary metropolitan area and neighbouring states provided by expressways and major railway stations are set to be improved by a number of new connectivity projects that are now in the planning stages. Since the airport and MG Road are going to be connected to Hebbal, Nagawara, and Jakkur as part of the second phase of the metro project, we expect these areas to see a large amount of growth.

The software and hardware technology park, the Devanahalli Business Park, and the Aerospace Park are just a few examples of the enormous IT/SEZ and business parks that have sprouted up in North Bengaluru and contributed to the rise to prominence of the area as a desirable place to live. Other examples include the Aerospace Park and the Devanahalli Business Park. By the year 2025, it is anticipated that the neighbourhood would have taken up around 30 percent of the city's total office space and created an additional 3.5 lakh jobs. As a consequence of the expansion of commercial space, the residential catchment potential will increase, which will result in a need for more than one lakh units by the year 2025.

The pandemic has caused a significant shift in consumer priorities toward health, safety, and harmony. This shift is a direct result of the epidemic. Buyers are showing a growing interest in new age homes, which indicates a desire for dwellings to be located in close proximity to resources that enhance the quality of life for people and families. The trend toward wanting to own rather than rent, the need for ever-larger living quarters, and the expanding interest in second or weekend homes have all contributed to the increased demand for properties with outdoor space, greenery, swimming pools, and spectacular views.

The well-developed social infrastructure in north Bengaluru, which includes a wealth of multi-specialty hospitals, international schools, and shopping malls and retail centres, has encouraged real estate developers to establish a presence in the region for the purpose of expanding their portfolios of high-end homes. This property, which is situated against the stunning Nandi Hills and is surrounded by lush, tranquil nature, has attracted wealthy homeowners who are searching for an outstanding location, high-end facilities, and a strong return on investment. All of the available options, which capitalise on the potential of the market, vary from planned complexes to huge villas to elegant condominiums to fully serviced homes to branded apartments and beyond.

Even though the majority of north Bengaluru is still in the process of being developed, we anticipate that property values will increase as an increasing number of buyers move there in search of employment in the information technology and other companies that are driving the rapid growth of the region. As a consequence of the government's promotion of the region as the next main commercial centre in the city and the sanctions to support the expansion of IT, business, and industrial parks, it is anticipated that residential real estate will have greater rates of return and will be more livable.

North Bengaluru is the place to be for investors of all shades, from seasoned experts to first-time homeowners and millennials looking for good long-term holdings. If you're looking to make an investment, North Bengaluru is the place to be. Its closeness to the city and the airport, potential for future employment and development, and potential for future expansion have all contributed to its reputation as a game changer in the real estate market of Bengaluru, which has been boosted as a result. There is no doubt that real estate in North Bangalore will keep moving northwards and keep delivering positive results for all the property investors who have invest in North Bangalore properties in the years to come.