Saturday, 27 August 2016

Bangalore South & North – witnessing growth in Apartments




                                                      

There has been a high growth of apartments in the Bangalore South and East close to suburban BBMP limits in recent times. This is mainly due to fast commercialization of the central residential areas especially Jayanagar, Koramangala and Indirangar.

More than eight projects are coming up closer to suburban areas in these zones in the last two months. Mr. Nagaraja Reddy, President of the Confederation of Real Estate Developers’ Association of India (Credai), Bangalore has said that the residents of Jayanagar, Koramangala and Indiranagar have been looking for apartments in these zones unable to cope with the higher cost and commercialisation of the central areas.

He has further said that, the central residential areas are witnessing an increase in number of companies and shops. This has lead to increase in traffic and the floating population in these areas. Even though commercialisation of residential areas has started in the late 90s and early 2000, the last three years has seen intensified commercialisation of these areas. Of late many residents of these areas are feeling the need for living in self contained apartments even if located a little away from the city centre. These are mostly middle-aged to elderly people who don’t need to travel too much. But, some youngsters are also showing interested in properties located in these areas.

A resident of Jayanagar 8th block has recently moved to Konanakunte in Bangalore South. He has said the area near J.P.Nagar, 6th Phase and Jayanagar 8th Block where he lived earlier has seen coming up of more shops and restaurants which has brought more traffic and people. A trend in these residential areas is that parts of houses are let out to software companies, fabric shops etc. this fetches more rent to the owners. In some cases where the houses are old are demolished and in place of them restaurants, jewelers stores and textile shops are coming up. Old residences are under pressure to be sold to make way for these commercial ventures. Many households in Jayanagar 5th block have converted their houses into commercial ventures.

The scenario in Indiranagar is quite different. The posh locality close to 100ft Road is having very big sites. The old houses are demolished and in their places four storied houses are coming up. One entire floor is reserved for office space with built in parking. The owners are getting benefited as the rent from the office space helps to repay loans and balance family requirements. In some cases where entire houses are demolished restaurants are being set up on and near 100 ft.road and CMH Road very close to 100 ft.road. This has resulted in apartments moving from city centers to suburbs. Since, the calm environment is disturbed in these areas residents as well as new residents are moving towards apartment’s complexes coming up on entire ring road in Bangalore East. 

Koramangala has also lost its ambience as a peaceful residential area. The entire stretch of 80 feet road and the areas behind St.John’s Hospital has become a commercial hub, replete with Malls, showrooms, hotels, restaurants and offices etc. The main area is crowded especially in the past three to four years. The outer edge of Koramangala is alright for residents for the time being. As a result more and more apartment projects are coming up in sarjapur road near Kudlu and other suburban areas.

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