Bangalore Real Estate: Scales New Heights

The international airport in Devanahalli is seeing real estate, in and around the area, attract huge investments, while appetite for commercial, residential and retail space in Bangalore remains at an all time high. But, it is the construction of the airport, showcase project of the southern city that is drawing the biggest names in the business to the northern part of Bangalore.

Real estate analysts say, though projects are being announced on a daily basis, the focus is on building land banks to be unlocked, once the airport nears completion. The last twelve months alone, have seen real estate prices on National Highway that leads to the airport, jump as much as 35 to 70%, as owners of critically placed land hike plot prices on a weekly basis.

According to Ashish Singh, Director of Cushman & Wakefield (realty consultants), here are more joint development deals than cash deals on the table at the moment, with prices at levels that seem risky to mid-size investors, as scope for appreciation seems less for them. Investors are also keenly eyeing the partnership with Bangalore International Airport to develop 300-acres of non-aeronautical business land inside airport land boundaries.

While, small and mid-sized investors seem hesitant to invest, however, large investors from Delhi, Mumbai, Pune, including high net worth NRIs are chasing big, bigger, biggest deals. Reliable sources inform us, Reliance has been seen scouting for land in the area, its big ticket entry into the real estate market, while US hotelier Sant Singh Chatwal is pooling together major US investors for staking claim to large land tracts around Devanahalli.

And, top developers like Prestige, Sobha, Hiranandani, Raheja, Emaar-MGF, DLF are on the look out for opportunities, as well. Dubai-based Emaar, in a joint venture with MGF, is in the hunt for land, as well for the launching of its world class townships. Hungry for land, Sharavan Gupta, MGF Managing Director says the joint venture is open to alliances with strong local partners with significant land holdings on a project-to-project basis.

At the same time, Mumbai based Raheja Group is in talks to acquire a sizeable land bank in Devanahalli, whilst Ajmera Group is negotiating with a few land owners to acquire between 50 to 100-acres, in and around north Bangalore's international airport. Falling apart infrastructure or no infrastructure, it has done little to deter the who's who of global real estate from buying every inch of Bangalore real estate, Bangalore land that has acquired the status of a potential goldmine.

If you inherited land from your forefathers in the area, keep a grip on it, and if you hang on to it long enough, it could well garner you a billion ere too long. Hold tight till the moment's ripe, you'll be a billionaire when the time is right!

Source: Economic Times

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