COMMERCIAL MARKET OVERVIEW
According to research by Cushman and Wakefield, Bengaluru’s total Grade-A commercial space inventory in the eastern belt amounts to a total of 65.50 million sqft approximately. This comes to nearly 65 percent of the total Grade-A inventory of the city.
Sanjay Dutt, Executive Managing Director South Asia, Cushman and Wakefield, elaborates, “This includes Whitefield and locations in the peripheral east, the ORR and Sarjapur Road locations in the south-east and Thanisandra Road and Bellary Road in the northeast. Whitefield and the ORR are established commercial destinations, and given the high demand and healthy transactions noted in this micro-market, the vacancy levels are relatively low and were noted at approximately 12 percent and six percent respectively in the second quarter of 2015.“
Currently, approximately 3.26 million sqft of Grade-A office space is expected to come into supply in the en tire eastern belt towards the end of 2015, and another 15.60 million sqft is in the pipeline in the next couple of years.
“In the first half of 2015, leasing activity in the total eastern belt was dominant and contributed to a total share of 65 percent of the total Grade-A leasing of 7.60 million sqft. While Whitefield and the ORR are expected to continue as dominant commercial belts, the north-eastern micro-market is likely to witness more activity on account of availability of quality Grade-A spaces and ease of connectivity,“ he adds.
EMERGING MID-SEGMENT MARKET
Its strategic location has led to Kundalahalli turning into an upcoming residential property market. Ongoing and completed improvements to road infrastructure from Hoodi junction to Kundalahalli junction and from Graphite India junction to Hoodi junction will make commuting easier towards Whitefield, EPIP and Mahadevapura.With Metro Rail stations to come up at Mahadevapura, Sri Sathya Sai Hospital, ITPB and Whitefield in Phase II, Kundalahalli is set to emerge as a key location for homebuyers.
Zahed says, “It is a good, stable area and is an upcoming, convenient location. The residential property market is skewed towards the mid-segment at present. There are reasonably-priced accommodations for students of the various education institutions located around as well as employees of the various ITITeS companies located here. Rentals of PG accommodations and one-bedroom units range between Rs 5,000-7,000 per month. Twobedroom and three-bedroom apartments command rentals ranging between Rs 12,00035,000 per month, depending on different factors such as location, amenities etc. There are mainly apartments coming up in this location, in twobedroom and three-bedroom configurations. The price range falls between Rs 5,0007,000 per sqft.“