JLL India Report – Top 3 Residential Hotspots of Bengaluru!
Blog type: Market Trends
Read Time: 3 minutes
We are not boasting but we said it first! The recent JLL report called JLL’s Tour of India’s Top Residential Hotspots: Bengaluru Edition has declared Thanisandra, Whitefield and Kanakapura Road as the top three residential hotspots in Bengaluru. And well, so did we in our blog on the top 5 micro-markets of Bengaluru. Have you read it yet?
As per the report, these areas are and will continue to witness a growing residential demand owing to some specific factors with weightages assigned to each one of them as per customer preferences. Let us look at these factors here-
Self-sufficient Social Infrastructure (35% weightage)
The common theme around all these three locations is that they are all surrounded by and at the heart of well-developed infrastructure. The IT hubs/offices/office spaces that surround them constitute 10 mn sq. ft. of built space around Thanisandra and 29 mn sq. ft. around Whitefield. And this office space is growing at 5% YoY. No wonder residents are choosing these areas to reduce their office commute! Also, all three of these areas are surrounded by the best of amenities in terms of schools, hospitals, shopping malls etc. on one side and also, fitness centres, restaurants and other market places on the other.
Ease of Connectivity (35% weightage)
Namma Metro has almost changed the facet of travelling in Bengaluru. The green line serves a part of Kanakapura area and has led to a rise in demand across the whole stretch from JP Nagar to Nice Road. Similarly, ever since the purple line has extended to Whitefield, nearby areas have been much in demand. Thanisandra is also popular because of its connectivity to the Bengaluru International Airport. Apart from this, the red line of Namma Metro has been proposed to pass through Thanisandra.
Demand and Supply Story (30% weightage)
The report suggests that almost all three areas are now catering to mid and high-income groups with Kanakapura Road having options for the low-income group as well.
The graph below suggests that there was an almost 2.5 times increase in the number of units launched in the three micro-markets we are discussing, between 2017 to 2018. Of course, the driving factors are Namma Metro connectivity and a steep increase in the IT hubs around these areas. The developers are also touting a vast increase in the number of buyers in these areas as the number of units sold went up by 17% between 2017 to 2018. Also, the increase in demand has kept the price appreciation in check.
Having said the above, the surrounding areas are not being able to keep up with the increased demand and we are witnessing a spillover from these areas to the hotspots. For example, from Hebbal to Thanisandra and from Varthur to Whitefield.
What are you waiting for? .If you are looking to invest in in Thanisandra, we have two great investment options for you – Provident Neora (#TooGoodHomes) and Provident ParkWoods. And, if Kanakapura Road is the area of your choice, we welcome you to Provident Park Square and Provident Central Park.