Bengaluru has seen stupendous growth over the years. It has been expanding radially, transforming several localities, once considered outskirts, to a self-sustaining micro-market inside city limits.
The establishment of the airport at Devanahalli brought the northern parts of Bengaluru into prominence. This led to anticipation of opportunity in the region and the focus of real estate development turned towards the north.
Hennur region is one such area with tremendous real estate potential. This area is currently undergoing rapid transformation, with a mix of residential and commercial development.
Growth and Development
The major attractive point of Hennur is that it is not very far from the City, yet enjoys a calmer and peaceful ambience. Hennur is mainly sought after for its connectivity to the city centre. With close access to Banaswadi, HBR Layout and Hebbal, Hennur is emerging as the hotbed of real estate development in the city. Hennur is well connected to other parts of the City and its proximity to the international airport has made it an ideal destination for business enterprises, educational institutions, and commercial establishments.
What favors the real estate sector on Hennur Road is its proximity to the prominent office complex of Manyata Embassy Business Park and the Karle Town Centre. Upcoming commercial and retail developments and well-established social infrastructure have strengthened the investor sentiment and outlook for this location.
The metro in the northern area will not only aid the International Airport but will also connect the NICE Road along with the outer ring road. This entire connection will add a lot of value to the Northern part of the city. With the expansion in this region several areas like Nagawara, Hennur Main Road and Kammanahalli will receive good growth. Out of these entire areas Hennur main road is the one to get the major responses in term of growth. Some of the areas covered by this location is Jalahalli, Sadhashivnagar, RMV Extension, Sanjaynagar, New Bel Road, Rajaji Nagar, Hesaraghatta, Peenya and also Yeshwanthpur.
The residential development happening in Hennur region has a total primary development size of 20.9 Mn sq. ft. The aggregate supply comprises of Apartment, Plot, Villa and Row House development.
||Supply in Mn sq. ft.
The Apartment development has the largest supply of 16.72 Mn sq. ft. in Hennur region. There is no close competitor to the size of Apartment development in this region. Plotted development has a total supply of 1.47 Mn sq. ft. followed by Villa and Row House development at 1.89 Mn sq. ft. and 0.85 Mn sq. ft. respectively.
Most prominent type of development in Hennur region is the Apartment development. This region has Apartment options from 1 BHK to 4 BHK, out of which 2 BHK and 3 BHK units are in large quantities. The Apartment units here vary from a minimum of 436 sq. ft. to a maximum limit of 3400 sq. ft. in size. Plotted development comes in the size range of 1200 sq. ft upwards. Villa development has size ranges between 2400 sq. ft. to 4300 sq. ft. followed by Row House at a size range of 1866 sq. ft. to 2957 sq. ft.
|Supply in Mn sq. ft.
||Average Price of July 2015
The average price of Banasawadi and Kalyan Nagar in Hennur region is higher when compared to any other area in this belt. With the Apartment size ranging from 1186 sq. ft. to 3161 sq. ft., the average price in Banasawadi stands at INR 8375 per sq. ft. whereas Kalyan Nagar stands at INR 6100 per sq. ft. for size ranges of 1200 sq. ft. to 2700 sq. ft. Hennur Road and Horamavu in this region has the maximum spread of Apartment development with a total size of 7.8 Mn sq. ft. and 3.2 Mn sq. ft. respectively.
A 2 BHK Apartment in Hennur road has a ticket price of INR 49.4 Lakh, whereas a 3 BHK amounts to INR 58.7 Lakh on an average. Due to the higher per sq. ft. cost, Banasawadi region offers 2 BHK and 3 BHK at an average ticket price of INR 99.3 Lakh and INR 128.6 Lakh respectively. Doddagubbi region has on offer Apartment units at an average ticket price of INR 19.7 Lakh for a 2 BHK and upto INR 31.4 Lakh for a 3 BHK Apartment.
Plots in Chikka Gubbi are available at an average rate of INR 1400 per sq. ft. Villas and Row Houses offering 3 & 4 BHK units in this region are available in size range starting from 2027 sq. ft. and 1778 sq. ft. respectively. The average price of Villa and Row house in Hennur region is INR 6138 per sq. ft and INR 5732 per sq. ft. respectively.
The average ticket price for a 3 BHK villa in Horamavu amounts to INR 175.2 Lakh, whereas a 4 BHK is priced at an average of INR 313.9 Lakh. Being priced at a higher average of INR 7397 per sq. ft. a 4 BHK Row house in Hennur road is available at an average ticket price of INR 218.7 Lakh.
With significant office supply in the pipeline for this part of the city, the office sector at Hennur Road is set to perform well, with many multi-national and national companies eyeing the region to set up base. With the rise in its affluent employee base, the demand for housing will sustain in the near future. A good portion of the demand is expected to drive house rents depending on the society and amenities.