The Rise of North Bengaluru: A New Era for Residential Properties
The relocation of the Kempegowda International Airport from HAL to Devanahalli has transformed the real estate landscape in North Bengaluru. This strategic move has not only enhanced the region’s connectivity but has also made it an attractive destination for homebuyers and investors alike. As the demand for residential plots in and around Devanahalli and Chikkaballapur surges, several factors contribute to this growing trend.
Strategic Location and Connectivity
One of the primary reasons for the increasing interest in North Bengaluru is its strategic location. Devaraju D, a seasoned realtor, emphasizes the convenience of living near the airport. “If you have to travel from the city to the airport, you need to spend a lot of time on the road traversing traffic. However, if you stay near Chikkaballapur or Devanahalli, it is quite easy to travel around,” he notes. The region’s proximity to the airport significantly reduces travel time, making it an appealing choice for frequent flyers and professionals who travel for work.
Moreover, the ongoing infrastructure projects are further enhancing connectivity in the area. The introduction of the Metro line connecting to the airport is set to revolutionize travel within the city, making it easier for residents to access various parts of Bengaluru. Additionally, the satellite ring road provides excellent connectivity to Doddaballapur and Dabaspet, linking it to the Bengaluru-Chennai expressway. This robust infrastructure is attracting buyers who seek both convenience and accessibility.
Affordability and Investment Potential
Affordability is another key factor driving the demand for residential plots in North Bengaluru. Compared to other parts of the city, properties in Devanahalli and Chikkaballapur offer competitive pricing, making them attractive options for first-time homebuyers and investors. Guru Murth, another realtor, highlights the appeal of the area: “North Bengaluru is now the preferred destination for plot buyers.” The combination of affordability and proximity to the airport positions these regions as prime investment opportunities.
Additionally, the allure of nearby tourist attractions, such as Nandi Hills and Adi Yogi, adds to the appeal of these locations. Many buyers are now looking to invest in plots that not only serve as residential spaces but also offer recreational opportunities.
Seasonal Demand and Market Trends
As we approach the festive season, the demand for residential plots is expected to surge. Anshuman Magazine, Chairman & CEO of CBRE for India, South-East Asia, Middle East & Africa, notes that the housing market is primed for growth in the second half of the year. “We expect a significant influx of first-time homebuyers during this period as an increasing number of fence-sitters are likely to finalize their decisions based on enticing festive season offers and discounts extended by developers,” he explains.
The festive season often brings attractive offers from real estate companies, including EMI waivers, GST exemptions, and flexible payment schemes. These incentives are designed to attract prospective homebuyers and stimulate market activity. Furthermore, the premium and luxury real estate segments, priced between INR 2 to 4 crore and above, are becoming increasingly popular among high-net-worth individuals (HNIs) and non-resident Indians (NRIs) seeking to safeguard their investments amid global economic uncertainties.
Positive Market Sentiment
Recent data indicates a robust recovery in the housing market, with home sales in the first half of 2023 exceeding 150,000 units. This figure marks a 4% increase compared to the first half of 2022 and a 6% increase from the second half of 2022. This positive sentiment reflects a significant shift in the attitudes of potential homebuyers, particularly among those planning to move in the next two years. Many express a strong desire to purchase their own homes, demonstrating a steadfast appeal for homeownership despite inflationary pressures and global headwinds.
Conclusion
The relocation of the airport to Devanahalli has undeniably elevated North Bengaluru’s status in the residential property market. With its strategic location, affordability, and ongoing infrastructure developments, the region is poised for continued growth. As the festive season approaches, the demand for residential plots is expected to rise, driven by attractive offers and a positive market sentiment. For those looking to invest in real estate, North Bengaluru presents a promising opportunity that combines convenience, accessibility, and potential for long-term appreciation.