The Indian
real estate market welcomed New Year 2014 on a positive note hoping to regain
it earlier shine. Prime among the others would be North Bangalore realty sector
which is on a development spree due to its well-planned infrastructural
development. R Nagaraj Reddy, CREDAI Karnataka and CMD, Zonasha Estates &
Projects says, “The State Government has recently approved the Peripheral Ring
Road around Bangalore and hence, the property values will increase.”
The
Peripheral Ring Road project will be implemented in two phases. A 65-km long
stretch that comprises the stretch of Tumkur Road (NH-4) to Hosur Road (NH-7),
crossing Bellary Road, Old Madras Road and Varthur Road will be developed under
Phase-I, whereas a length of 51-km, from Hosur Road to Tumkur Road, will be
covered under phase-II.
“The area’s
advantageous proximity to the IT growth corridor will also be a contributing
factor. This area will thrive on the back of increasing Information Technology
investments and the Aerospace SEZ being planned by the Government over the
coming 3–5 years”, says Santhosh Kumar, CEO – Operation, Jones Lang LaSalle
India.
“Since the
airport capacity has increased, government wants Bagalur area which falls under
North Bangalore, as the IT hub. Lot of service sector related companies will
start setting up their facilities in the North part of Bangalore. Therefore,
hotels, hospitals, schools, retail and IT parks are coming up supported by
residential projects in this area,” says JC Sharma, MD Sobha Developers.
Other than
this, projects under construction on Sarjapur Road will reach the completion
stage. “Post that, North Bangalore will see incremental sales because of the
preference for ready-to-move-in flats and residential projects by end users”,
says Kumar.
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