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Investing in properties in Hebbal makes sense

Once famous for its lake, Hebbal a northern precinct in Bangalore is better known for its residential projects. Builders have been constructing many apartments in Hebbal and most of them are ready for occupation.

There was a time when Hebbal was the outside limit on the north of Bangalore. This changed with the coming of the Bengaluru International Airport at Devanahalli in 2008 and Hebbal now became an important transit point, as all the arterial roads and other road networks cut across this area.

Some of the well known institutions such as the Indian Council of Agricultural Research, University of Agricultural Sciences Farm, Baptist Hospital, Veterinary College, Columbia Asia Hospital and Kendria Vidyalaya are located in Hebbal. Hebbal also has Lumbini Park and Nagawara Lake for leisure activities and the Esteem Mall for shopping. The Bhupati Tennis Village is also located here.

For those buying an apartment in Hebbal, one positive is that there is adequate potable water available as Cauvery water is being piped to most areas around Hebbal. The negatives that people buying properties in Hebbal have to consider is that because of the proliferation of high rise buildings in the locality, there is a huge increase in population which has led to traffic snarls on the narrow interior roads of the area. In addition there is also a high level of noise pollution.

The Hebbal flyover is well known as it links the Outer Ring Road and the Bellary Road. The flyover is 5.23 km long with a large number of residential complexes, housing estates, retail and commercial property around it. More residential apartments are likely to come up in this area and many of the units are priced at over INR 1 crore.

Housing projects by well known builders such as Puravankara Projects, DRK Infra Projects, Sterling Developers, Unishire Group, Godrej Properties, Deccan Group, Brigade Group, Sriman Builders and Developers, Century Group, Renaissance Holdings and Developers Private Ltd., Narayana Apartments, Eco Land Constructions and Embassy Group can be found in Hebbal.

Hebbal is also an important precinct where major Information Technology (IT) companies such as IBM and Cognizant have their offices. The other big brands in this area are ANZ, Monsanto, Fidelity and Nokia. These companies employ over 70,000 people. This number is likely to increase over the next few years as five IT parks are now under construction; these are RMZ Galleria, Sattva Galleria, Karle Town Center, Brigade Magnum and RMZ Latitude.  Once these parks are operational, 1.72 million sq ft of good quality office space will come into the market. This would result in more people investing in apartments in Hebbal.

The real estate development in Hebbal is mainly in two geographic areas – the first is around the Manyata Embassy Business Park and the second one is on a radius of 3 km from Hebbal Lake along the Bellary Road.  Developers feel that the developments on the Bellary Road are such that it will become Bangalore’s new high street. This stretch of the road has premium social infrastructure such as schools and hospitals as well as residential real estate.

Most of the developers are targeting the second home buyers who cannot afford the more premium addresses inside Bangalore. Many of the apartments in Hebbal are high end. Builders such as G: Corp, Mantri Developers, Embassy, Godrej Properties, RMZ Equinox, Golden Gate Properties and Karle have all come out with apartments for this target group. There is demand for customized apartments for the high end customers, realtors said.

The home buyer who invests in Hebbal is most often senior management level who cannot find the right fit in amenities and location within the old city limits. There are also a lot of enquiries from investors based in Kolkata and Mumbai. The prices for apartments in April and June 2014 were INR 6200 per sq ft and INR 5800 per sq ft.

Image: “HebbalLake1” by कोल्हापुरी – Own work. Licensed under Creative Commons Attribution 3.0 via Wikimedia Commons – http://commons.wikimedia.org/wiki/File:HebbalLake1.jpg#mediaviewer/File:HebbalLake1.jpg

Nina Varghese for IndiaProperty.com

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