From a city of greenery, beauty and tranquillity, Bengaluru or Bangalore as it is popularly known, has emerged as the fastest growing metropolis in India over the past few years. This has prompted developers across the country to launch new projects both in the residential as well as commercial realty segment (including office space and retail real estate).

In an exclusive interview with Times Journal of Construction and Design (TJCD), JC Sharma, managing director of leading real estate firm Sobha Developers, says, “Riding high on the country’s IT boom, Bengaluru has developed as the fastest growing city in Asia. Over the years, the city’s rapid technological advancement in the software arena has boosted its evolution from being a ‘pensioner’s paradise’ to the ‘Silicon Valley’ of India.”

Commenting on the factors that made Bengaluru as one of the sought after destinations for residential purposes across the country, Mr Sharma points out to the salubrious atmosphere, pleasant climate and high per capita income, together with global lifestyle trends. Its improved infrastructure and connectivity have only helped to increase its appeal, adds Mr Sharma.

He further adds that with the economy recovering, southern India is emerging as a hub for economic development. Employment scenario has drastically improved with increasing opportunities across all sectors. Amid this improved economic scenario, coupled with the current trend among realtors to provide quality housing by adapting latest trends, Bengaluru is fast emerging as one the most preferred cities to live in.

When asked about the company’s future plans in the city, Mr Sharma said that Sobha Developers intends to develop around 6 million square feet (mn sq. ft) of space in Bengaluru in 2010-11.

Demand on a high

According to a recent report published by global property consulting firm Cushman & Wakefield (C&W), the city expects a cumulative supply of around 12.42 mn sq. ft of office space for 2010, which is more than double when compared with the previous year. The demand for around 2.54 mn sq. ft (including pre-commitments of 546,000 sq. ft in the first quarter of 2010) of space is also higher than the last 2 years. 

The residential realty segment is also witnessing considerable activities as real estate big shots such as Mantri Developers Pvt. Ltd, Sobha Developers, Sunil Mantri Realty Ltd and Prestige Group are launching new projects in the city.

“Currently, the residential realty segment in the city is witnessing a smart pick-up in demand, while the commercial segment is recovering slowly as there is still excess supply. Affordable and high-end properties are mainly driving the demand in the residential segment,” says Snehal Mantri, marketing director of Mantri Developers Pvt. Ltd, a leading property firm based in Bengaluru.

Mrs Mantri further said that in 2010, the company plans to launch five projects, within the price range of Rs 25 lakh-7 crore, in the city. 

Considering the upcoming developments in the Bengaluru real estate segment, it is not surprising that individuals in the age group of 25-39 years have voted for Bengaluru as one of the most preferred residential destinations in the country in a survey conducted by the Indian Market Research Bureau.

Incidentally, Doddakanenahalli, Whitefield and Jayanagar are the three areas in Bengaluru where demand for residential realty has increased significantly in recent times.

Jeeta Bandopadhyay