Evolution of North Bengaluru Real Estate Market: Anarock Research

Evolution of North Bengaluru Real Estate Market: Anarock Research

North Bengaluru region has witnessed strong growth over the last few years. A report by ANAROCK research offers positive views about the market and future. The transformation of North Bengaluru over the past several decades has been remarkable, propelling it into a significant economic and residential center within the city. Here's a concise history of how North Bengaluru has evolved:

Before the turn of the century, North Bengaluru was predominantly an industrial zone with several major companies, such as BEL, BHEL, and HMT, establishing their manufacturing facilities in the area. At this point, real estate developments were few, with only a handful of residential projects taking off.

Fast forward to 2005, the groundwork for Kempegowda International Airport was laid in Devanahalli, in the northern part of Bengaluru. This was to serve as an alternate to HAL Airport at Domlur, which was the main commercial airport serving the city at the time.

The following year, 2006, saw the inauguration of Embassy Manyata Business Park in Nagawara. One of the country's largest business parks, it is an SEZ and business area covering 110 acres. The potential built-up area is 18.5 million sqft, of which 11 million sqft is operational and another 1 million sqft is under construction.

In 2008, Kempegowda International Airport was inaugurated, giving a significant boost to North Bengaluru's development.

From 2011 to 2015, North Bengaluru experienced a surge in real estate development. Numerous renowned developers initiated residential projects in areas like Hebbal, Yelahanka, and Thanisandra Main Road. The demand for housing was fueled by the establishment of IT parks such as Manyata Tech Park and Kirloskar Business Park, attracting a substantial number of IT professionals to the area.

The period from 2016 to 2020 saw continued growth in North Bengaluru, with several new residential projects springing up in areas like Devanahalli and Hennur Road. There was also a rise in commercial development projects, including shopping malls and office spaces.

From 2021 to the present day, North Bengaluru has earned a reputation as one of Bengaluru's most promising real estate markets, with a plethora of new projects being initiated. Infrastructure development has also been on the rise, including the Bengaluru Metro's Airport Line, which will link Kempegowda International Airport to the city center. The recent inauguration of Terminal 2 at Kempegowda International airport is anticipated to further fuel real estate growth in the area.

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