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Potential for rapid development: Yelahanka

Yelahanka was planned as a satellite town by the Kar- nataka Housing Board (KHB) in the 1970s.It is now a part of the areas under Bruhat Ben- galuru Mahanagara Palike (BBMP). Yelahanka has evolved and pushed its bound- aries to form Old Town and New Town. Additionally, this region enjoys a location ad- vantage with proximity to the airport and Hebbal.
Connectivity assists growth
Civic infrastructure up- grades have provided further thrust to growth in the region. Shrinivas Rao,CEO – Asia Pa- cific,Vestian Global Workplace Solutions, elaborates, “With the six-lane Bellary Road ele- vated expressway operational, travel time to the city and the airport has reduced consider- ably, thereby evoking in- creased realtor interest in the region. The planned Periph-
eral Ring Road (PRR) will fur- ther assist connectivity of this region in the medium to long terms.” Phase III of the Metro Rail will connect the south to the north at Kogilu Road Cross with stations at key locations such as Hebbal, Kodigehalli Gate,Sahakaranagar,Jakkur, and Yelahanka, facilitating quick, seamless travel and fu- elling further growth in the vicinity. Shabeer Sait, Executive Head of Operations, Irshad’s Property Matters,says,”Once the railway over-bridge from the Bellary Road highway to Yelahanka is complete in the next 8-10 months, it will pro- vide easy access and do away with traffic jams.”
Development pattern
Research by Vestian Global Workplace Solutions reveals that Yelahanka typically com- prises of industrial and ware- housing facilities with rentals for commercial spaces in the range of Rs 15-20 per sqft per month. Yelahanka is also in close proximity to Doddabal- lapura Industrial Area hous- ing electrical,electronics,tex- tiles, construction materials, precision engineering indus- tries,and an apparel park com- prising textile manufacturing industries. Jointly, these in- dustrial areas provide em- ployment to over 25,000 people with annual growth projected at 10 percent. “Its proximity to the airport has encouraged the develop- ment of commercial/office spaces. While the operational
office space is 0.39 million sqft, it supports a quarterly ab- sorption between 8-10 percent and draws relatively high rentals in the range of Rs 24- 28 per sqft per month. There are several representative com- panies presently operating out of this market,” Shrinivas Rao points out. Yelahanka is set to witness a lot of activity in the coming years. According to Shabeer Sait,”More commercial activ- ity is taking place right after the Hebbal flyover.Around two million sqft of commercial space will be complete in the next three years.”
Potential for residential growth
Situated amidst lakes,prox- imity to the airport and eco- nomic hubs, Yelahanka has considerable potential to be- come a viable residential op-
tion. This region supports apartments,villas and plots of various configurations by re- puted developers. Shrinivas Rao explains,”As Bellary Road gains promi- nence in terms of commercial spaces, Yelahanka is antici- pated to gain more traction in terms of residential develop- ments in the short to medium terms.While presently this re- gion houses some quality ed- ucational institutions and healthcare facilities, there is ample scope for development of social infrastructure from the heightened residential growth.” Vestian’s quarterly research reveals the average monthly rentals for apartment devel- opments to range between Rs 15-20 per sqft while the aver- age annual capital value ap- preciation is between 11-18 per- cent.Capital values for Grade- A apartments are in the range of Rs 3,800-6,000 per sqft. Cap- ital values for Grade-A vil- las/row houses are priced be- tween Rs 3, 800-4,500 per sqft and for plot developments, Rs 1,500-4,500 per sqft. Shabeer Sait adds, “Apart- ments are available here from Rs 50 lakhs up to Rs 3-4 crores. Villa projects located on Yela- hanka-Doddaballapura Main Road, after Rajankunte, are priced between Rs 1-4 crores.”
Retail set to take off
The retail scope of this re- gion is at a nascent stage with standalone stores of notable brands or supermarkets. Shrinivas Rao says, “There is ample scope for growth with 1st A Main Road, 16th B Main Road and 3rd Cross Road rap- idly engaging retailer interest. While there is no operational mall at present,a mall by a re- puted developer, due to be op- erational by late 2015,will add value to the retail market.”

Source:- TOI

http://www.vestianglobal.com/

http://vestianglobal.wordpress.com/2014/12/03/potential-for-rapid-development-yelahanka/

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