The northern periphery of the city, which currently employs over 5,00,000 personnel, is expected to add at least another 3,50,000 new jobs, capturing around 30% overall office absorption by 2025, said consulting and advisory firm Meraqi.
Some of the big developers who have lined up projects in north Bangalore include TRIL, Lodha, Birla Estates, BCD Group and Prestige Group.
“From an investment angle, the high potential commercial growth of North Bengaluru makes it the next growth destination, as commercial establishments will witness steady growth over the next few years, and an additional supply of residential catchment will be created,” said Nirupa Shankar, executive director, Brigade Group.
The commercial growth of the region has also pushed up the residential catchment potential, with 15000 existing units and a supply requirement of over 1,00,000 units by 2025.
“The thrust on infrastructure development in Bengaluru North including the Metro Rail Phase 2B, Peripheral Ring Road and Satellite Ring Road will provide the much-needed connectivity to other IT hubs in the city,” said Gorakh Jhunjhunwala, managing director, Meraqi Advisors.
According to various industry estimates, about 530 acres of land has already been banked in North Bengaluru by top builders.
Lodha’s first project in Bengaluru has been signed through the JDA (joint development agreement) route by acquiring 100 per cent equity shares of G Corp Homes Pvt Ltd in North Bengaluru.
“Residential sales volumes are likely to improve further as we see growing new supply with festive offers. The city has robust end-user demand and investor interest arising from its strong tech and start-up workforce which is driving the demand for quality apartment projects,” said Angad Singh Bedi, managing director at BCD Group.
In H1 (Jan to June) 2022, Bengaluru residential market recorded the highest half-yearly sales since H1 2008. It recorded a sales growth of 169% in H1 2022 as compared to H1 2021. By comparison, in Q2 2022, however, sales of residential apartment units declined 8% Q-o-Q as the new launches came was down 28% in the quarter, said JLL.