Bengaluru sees demand despite the lull

INDIA's hi-tech capital, Bengaluru, continues to grow at an amazing pace even as the information technology sector, which fuels demand for commercial and residential space, expands at a buoyant rate.
While areas such as Electronics City and Whitefield have excess supply at present, newer areas in the north, especially Hebbal, have huge potential to grow, says a leading real estate developer.
Arjun Aggarwal, Managing Director, Bhartiya City, points out that localities in the north - on the way to the international airport - are the new demand drivers in Bengaluru.
"The city's infrastructure is improving gradually," explains Aggarwal. "The Karnataka government has now appointed a Bengaluru development minister." The government is also taking up the Peripheral Ring road project, which could get funding from the Japan International Cooperation Agency.
According to Aggarwal, there has been a lull in the Bengaluru real estate market over the past six months and some developers had come out with schemes to attract buyers.
But Bhartiya City has been doing well, even exceeding its targets, he adds. Occupying a sprawling 134 acres, Bhartiya City is located near Hebbal. "We are developing properties across asset classes including residential, commercial, an IT SEZ, hotels, a convention centre and other facilities," he explains.
Retail facilities would include souks, high-street retail outlets and shopping malls. A seven-acre central park will also be home for a centre for performing arts.
Bhartiya City will include built-up space of nearly 20 million square feet to be executed over the next seven years. Currently, about 2,500 housing units are getting ready. Also, the first building is ready and in the process of being occupied.
Aggarwal says the company, which also has a representative office in Dubai, has drawn interested NRI buyers from the Gulf, North America and Europe. Bhartiya City is the largest self-contained city within the limits of the municipal corporation.
Bhartiya City launched Nikoo homes in November 2012, which became the fastest selling residential homes brand in Bengaluru. The company has now launched Nikoo homes II, offering units priced between Rs3.3 million and Rs13 million.
The company has also launched The Leela Residences at Bhartiya City. The 172-room property will complement the 256-room luxury hotel being developed beside it. Residents of the private apartments will have access to all services at the Leela Hotel and enjoy breathtaking views of the central park.
Bhartiya is a diversified lifestyle group founded in 1987. It consists of two verticals: Bhartiya Fashion (international manufacturing of leather products and fur and a leather SEZ, which is a listed company) and Bhartiya Urban (city development), which is developing Bhartiya City.
The company won the MIPIM Asia award in the best 'futura mega project' category (Asia-Pacific region) in 2013.