IT professionals queue from the east to the north
Increasing popularity of the north due to attractive roads and infrastructure facilities
In IT City Bengaluru, the tech focus is shifting northward. Many tech professionals who previously resided in Whitefield, East Bengaluru, are now gradually moving towards North Bengaluru. The increasing appeal of the area is attributed to its attractive roads, greenery, and fewer waterlogging issues. Many are looking to buy homes in the region. Key micro-markets such as Hennur Road, Jakkur, Yelahanka, and Hebbal are considered highly promising for real estate investments, according to local brokers.
Indeed, North Bengaluru has emerged as one of the fastest-growing real estate micro-markets post-pandemic. Its faster development compared to the East IT corridor, provision of infrastructure, and strategic location have attracted NRIs and domestic investors. Consequently, IT professionals from East Bengaluru are now queuing up to move to North Bengaluru. Inquiries for rental homes and new purchases have seen a significant uptick. Before the pandemic, North Bengaluru was in the third position for home sales but has now moved up to second place, with East Bangalore holding the first position.
The proximity of North Bengaluru to the international airport, just 34 minutes away, has become an additional advantage. In the first quarter of 2023, land prices in North Bangalore ranged between Rs 6,000 to Rs 8,000 per square foot, while apartment prices were between Rs 10,850 to Rs 17,870 per square foot. The 44 National Highway, which connects Bengaluru to Hyderabad and Mumbai, has also become an attractive destination for businesses and investors.
As a result, prices in the north are rising. Areas like Tanisandra and Hennur have already seen a 20% increase in prices. A 2 BHK house is available for Rs 27 lakh, which is nearly 15% less compared to Whitefield. Compared to East Bengaluru, real estate prices in North Bengaluru have already risen by 20 to 30%, with further increases anticipated in the near future. Upcoming infrastructure projects such as the Peripheral Ring Road (PRR), Satellite Town Ring Road (STRR), and the metro line under construction are expected to increase real estate prices by another 10 to 15%.
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