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RESIDENTIAL COMPLEXES
According to real estate consulting firm Cushman & Wakefield, prices in the Yelahanka Devanahalli stretch, right immediately after the Bangalore International Airport project was announced, ruled around Rs 50 lakh to 3 crore per acre. At a time, when sale of residential units have apparently taken a hit due to high home loan interest rates, interest seems to be running high in properties being developed around Devanahalli area.
According to a leading city‐based broking firm, which has a land parcel of 600 acres for sale in the region, the prices quoted by owners of these land banks range between Rs 25 lakh and Rs 1 crore an acre.
Multiple premium residential complexes coming up in and around Devanahalli are expected to bring ina total investment of Rs. 1500 crores.
QVC Realty is aslo coming up with ‘QVC Hills’, which is a residential community, spread over 62.5 acres located at the foothills of Nandi Hills in North Bangalore. Biodiversity Conservation (India) Ltd has on offer the small but much‐celebrated residential BCIL Collective. BCIL has laid its bets on this area, with two more ambitious eco‐projects both residential — which are on the anvil and will be launched later this year. Mantri Developers has upcoming projects in Hennur, Jakkur and Hebbal that are yet to be announced. Prestige Estate Projects Pvt Ltd has recently launched a premium development, ‘Prestige Golf Shire’ on the foothills of Nandi Hills. Prestige Estates Projects Pvt Ltd will shortly be launching a villa development —Prestige Oasis with 182 independent homes spread on 33.5 acres of land. They are also marketing an apartment complex, Prestige Wellington Park, and Prestige Kensington Gardens is under construction.
The MetroCorp Group, one of the early developers to invest in the potential of North Bangalore, has its flagship project MetroCorp Nirvana, set the trend for luxury residential townships. Riding on this overwhelming success, the MetroCorp Group, in partnership with Singapore’s Jurong International Group, has a pipeline of projects in North Bangalore that cater to value‐for‐money, semi‐luxury and luxury segments.
According to Ali Vakil, Director, Vakil Housing Development Corporation Pvt Ltd, North Bangalore still has tremendous potential left, because the upcoming airport still lacks sufficient support infrastructure. In the next few years, this area will witness significant boom in terms of new structures, employment and support services.
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