Electronic City is one of the fastest growing real estate locations in the city and has emerged as a favourite residential destination for all income groups
The continuous rise in the price of property in Bangalore has led to emergence of many realty hubs in the city. Electronic City is one such area which is trending on the top of this list for many reasons.
Besides good social infrastructure, smooth connectivity and high potential for realty growth, Electronic City has some unique features that differentiate it from other realty destinations of the city.
Many IT companies and BPOs have set foot in this area in the past few years and are bright indicators that this area will remain buzzing with real estate activity for coming years. Here are a few dominant features that make it an ideal destination for investment.
Availability of huge land parcels: This area has largest industrial technology cluster in the country. During its inception, the government had allotted 330 acres of land for establishment of electronic manufacturing projects. Instead of developing it as a manufacturing hub, the locality has become a massive IT Hub. Today, the city boasts of about 300 IT/ITeS companies giving employment to thousands of people.
Smooth expansion: The demand for residential land around IT hubs has increased. This has led to an extension of Electronic City to three phases. The second phase sprawls over 340 acres while additional 122 acres of land was reserved for phase three.
Smooth connectivity and improved social infrastructure: Realty development in Electronic City is triggered by its infrastructure plans. There is 10-km long elevated highway that connects the location to central Bangalore. The famous silk board junction in Madiwala is located only 9 km away. Neeladri Road provides connectivity to another popular IT hub Bannerghatta while NICE road connects Electronic City to various parts of the city. The upcoming metro rail will also boost the transportation network in the city. Some of the popular social infrastructure developments that act as a landmark for Electronic City include Manhattans Park, International Institute of Information Technology, Symbiosis Institute of Business Management, ISBR Business School and Infosys Golf Course.
High supply of mid-budget housing projects: The localities have good supply of residential properties which have huge appreciation value in near future. Though the area is known for construction of luxury villas and high-end projects, but it also caters to low-income buyers. Realty developers are also building 1BHK apartments to cater the high demand of affordable housing.
In Smart City list: The Central government has added Electronic City in the Smart City project.
According to Om Chaudhry, chairman and CEO, Astrum Homes, “Electronic City is an area which is offering good choice of residential properties with great connectivity options. The land availability is immense here and due to low price factor, there is high supply of mid-income housing. The region is infused with world-class facilities and is a housing number of IT companies. Growth in IT sector as well as increase in high net worth individuals, listing of Bangalore in Smart City project and proposed infrastructure by the government will influence the capital appreciation and rental potential of such kind of new suburb of Bangalore. The area is promising for home buyers and investors who are eyeing for next big story in Bangalore.”