BENGALURU: Thanisandra in the north and Panathur-Varthur in the eastern part of Bengaluru will deliver the highest returns on residential property investments over the next five years helped by their proximity to major employment hubs, according to a study by property consultancy Knight Frank.
Price per square feet of space in Thanisandra is expected on an average to touch Rs 7,450 by 2020, up 55% from Rs 4,800 currently. For Varthur, it is expected to rise by 61% to Rs 7,000 from Rs 4,350.
“We have identified the locations on the basis of their connectivity to employment hubs as well as enhanced social and physical infrastructure. Since both these locations are expected to witness incremental employment of over 80,000 employees and additional 7 million office space, they will surely attract a significant popula tion wanting to settle down nearby ,” Satish B N, executive director, south India, Knight Frank said.
The report says Thanisandra will gain substantially from the upcoming metro rail node at Nagawara and the scheduled peripheral ring road (PRR) project. Varthur is close to the major employment hubs of Whitefield and Outer Ring Road (ORR) stretch.
Raghavan G, CEO of Bhartiya City , which has an integrated township on the Thanisandra road, said north Bengaluru is preferred due to the presence of large office parks that house multinational companies. “In Bengaluru, due to heavy traffic, people will always want to commute and drive less and north is coming up fast due to that,” he said.
The area also houses Manyata Embassy Business Park, which has about 12 million square feet of existing of fice space. Bhartiya City’s first phase of 0.5 million sq ft of office space is complete and BPO company Sutherland Global Services has started operating there.
In the first edition of the report, which was published in 2012, Knight Frank picked up Hebbal and K R Puram as the top residential investment destina tions, saying prices would rise by 94% and 91% respec tively. In three years, Hebbal has risen by 67% and K R Pu ram by a third. The latter suf fered due to traffic bottle necks, Knight Frank said.
South Bengaluru, including Koramangala and Sarja pur Road among others, are expected to witness muted price increases on account of severe traffic problems, lack of substantial incremental employment opportunities.