Real estate in Karnataka may have suffered a slight slowdown due to a decelerating market and election in certain areas, but Bengaluru continues to show high demand and high appreciation level since last year. "In North Bengaluru, infrastructure development, the controlled office space supply coming up and this region's proximity to Bangalore International Airport will provide continuing impetus in 2013. North Bengaluru will ramify its status as the Business Continuity location of choice," reports Karun Varma, Managing Director-Bengaluru and Kochi, Jones Lang LaSalle India. "Also, affordable costs, enhanced retail and social infrastructure have yielded generous sales in residential projects in Whitefield."
Mysore is the second largest city in Karnataka with good road, rail and air connectivity, but buyers are still very cost-specific and cost-sensitive when it comes to buying houses in these areas. "Once the Bengaluru and Mysore infrastructure corridor is completed, it will attract more traffic into the city," says Jagdish Babu, Chairman and Managing Director, Sankalp Group. "Already Wipro, Infosys and lot of other software companies have settled here. Once Bengaluru gets choked, people would prefer cities like Mysore for good, comfortable living."
Apart from Bengaluru, cities like Mangalore, Hubli, Mysore, Dharwad, and Belgaum are showing promise with some interesting projects in store.
Upcoming residential projects
Tier-3 cities in Karnataka are slowly accepting the growing apartment culture. "We are doing affordable luxury housing in Tier-3 cities such as Hubli and Bellary," states VP Lobo, Chairman and Managing Director, T3 Urban Developers. "In the next 10 years, these cities will be recognised as Tier-2 cities. State and central government have been focusing on these cities through schemes such as JNNURM. Also, focus on housing will shift from T1 to T3 cities due to cost advantage." Some of the upcoming residential projects in the state are:
T3 Sooryakanthi: Being developed by T3 Urban Developers, this project is located on the outskirts of Mangalore. This project is rated four-star by Crisil. Other features include 24-hour electricity, security and full-time provision of hot water in bathrooms through installed solar panel systems.
Sankalp Central Park: Spread across 27 acre in Mysore, this project, by Sankalp Group, has six blocks and 900 residences. The project boasts of lavish amenities such as landscaped garden, sewage treatment plant, rainwater harvesting, lawn tennis court, clubhouse, senior citizens' area and much more.
DLF Woodland Heights: This project, located off Bannerghatta Road in Bengaluru, is spread over 13.5 acre of lush greens with 75 per cent open area. It is a part of over 75 acre planned township at Rajapura and has recently been launched by DLF Rajapura Homes. The apartments have been designed by Canada-based firm ARCOP.
Upcoming commercial projects
According to Jones Lang LaSalle report, the best-performing commercial areas in 2012 were Outer Ring Road and Whitefield in Bengaluru. Other areas in Karnataka showed medium to slow growth in terms of development in commercial space. "In 2013, North and East Bengaluru are definitely the areas to watch for retailers, mall developers and retail property investors," reveals Varma. Some of the upcoming commercial projects in the state include:
SS Realty: SS Realty and Infrastructure is developing a commercial space of approximately 10,000 sq ft exclusively for jewellers in Mangalore. The project consists of G+3 floors + roof top, 11 car parking in basement level. The ground floor, first, second floor, third floor area are of 2,800, 1,700, 2,800, 2,800 sq ft respectively.
Gardens Galleria: This commercial space, developed in Bengaluru, by Unitech Group is spread over 3.98 acre. The project offers 153 stores with sizes ranging from 328 sq ft to 10,601 sq ft. Brigade IRV Centre: Being developed by Brigade Group in Whitefield, Bengaluru, this project offers G + 10 floors with office space of 2,350 sq ft to 30,000 sq ft. It has dedicated power supply with 100 per cent power backup. Other features include six elevators and multi-level car parking.