New Infra Corridors Spark a Flurry of Land Deals in Bengaluru’s Real Estate Market in 2024
In July, Bengaluru-based real estate developer Puravankara Ltd acquired a 7.26-acre land parcel in the Hebbagodi suburb of Bengaluru to develop a mixed-use project with residential and commercial spaces. The move highlights the growing interest in the are
BengaluruReal EstateInfrastructurePuravankara LtdHebbagodiReal EstateDec 30, 2024
In a recent move, Puravankara Ltd, a prominent Bengaluru-based real estate developer, acquired a 7.26-acre land parcel in the Hebbagodi suburb.
This strategic acquisition is aimed at developing a mixed-use project that will include both residential and commercial spaces.
Hebbagodi, located on the peripheral ring road, has become an attractive location for developers due to its proximity to key infrastructure projects such as the Namma Metro extension and the proposed Electronic City Peripheral Ring Road (ECPER).
These projects are expected to enhance connectivity and boost property values in the area.
According to market experts, the development of these infrastructure projects is a major driver for the real estate boom in Hebbagodi and surrounding areas.
The improved connectivity will not only make the area more accessible but also attract more businesses and residents, leading to a higher demand for residential and commercial properties.
Puravankara Ltd's acquisition is just one of several land deals that have taken place in the region in recent months.
Other major players in the real estate sector are also showing keen interest in the area.
For instance, Prestige Group, another leading developer, has also made significant investments in the region, acquiring multiple land parcels for residential and commercial projects.
The influx of investments from major developers has led to a rise in property prices in Hebbagodi.
According to recent data, the average price per square foot in the area has increased by about 15% over the past year.
This trend is expected to continue as more infrastructure projects come to fruition.
The government's push for infrastructure development is not limited to Hebbagodi alone.
Other suburbs such as Whitefield, Sarjapur, and Hosur Road are also witnessing similar trends.
The development of the IT corridor in Whitefield and the upcoming Metro stations along Hosur Road are driving property values and attracting investments.
The real estate market in Bengaluru has historically been strong, but the current phase of infrastructure development is taking it to new heights.
The city's reputation as a tech hub and its growing population are key factors contributing to the high demand for residential and commercial properties.
Developers are capitalizing on this demand by launching new projects that cater to the needs of both individual buyers and businesses.
Mixed-use projects, which combine residential and commercial spaces, are particularly popular as they offer a convenient lifestyle and business opportunities in one location.
However, the rapid development and increase in property values also pose challenges.
There are concerns about the availability of affordable housing and the impact on local communities.
The government and developers are working to address these issues by implementing policies and initiatives that promote inclusive growth.
In conclusion, the development of new infrastructure corridors in Bengaluru is driving a flurry of land deals and a real estate boom.
Hebbagodi and other suburbs are becoming hotspots for investment, with major developers like Puravankara Ltd and Prestige Group leading the charge.
While the current trends are positive, it is important to ensure that the growth is sustainable and benefits all segments of society.
Frequently Asked Questions
What is driving the real estate boom in Hebbagodi?
The real estate boom in Hebbagodi is primarily driven by the development of new infrastructure projects such as the Namma Metro extension and the proposed Electronic City Peripheral Ring Road (ECPER). These projects improve connectivity and boost property values, attracting both residential and commercial investments.
Which major developers are investing in Hebbagodi?
Prominent developers like Puravankara Ltd and Prestige Group are making significant investments in Hebbagodi. Puravankara Ltd recently acquired a 7.26-acre land parcel to develop a mixed-use project, while Prestige Group has also acquired multiple land parcels for residential and commercial projects.
How much have property prices increased in Hebbagodi?
The average price per square foot in Hebbagodi has increased by about 15% over the past year, driven by the development of new infrastructure and the influx of investments from major developers.
What are mixed-use projects, and why are they popular?
Mixed-use projects combine residential and commercial spaces in one development. They are popular because they offer a convenient lifestyle and business opportunities in one location, catering to the needs of both individual buyers and businesses.
What challenges does the rapid development pose?
The rapid development and increase in property values pose challenges such as the availability of affordable housing and the impact on local communities. The government and developers are working to address these issues by implementing policies and initiatives that promote inclusive growth.
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