Bengaluru is a metaphor of an India that has arrived on the global scene. And this begins with world-class self-sustaining ‘mixed use’ townships. Not to mention, smart digital homes that let you control your household appliances, lights and even the garage door from the comfort of your office. All you need to do is press a button or swipe a card. Add to this, the office space absorption figures for 2006 which reached a new high of 14.2 million sq ft, the highest among metros in India and the second highest in the world after Tokyo. With the increase in absorption of 4.92 million sq ft this year, Bangalore is likely to figure in the top two cities globally in office space absorption in 2007, according to a survey by international real estate consultancy firm DTZ Debenham Tie Leung. A variety of factors are fuelling this demand: an increased demand from IT/ITES sectors, growing expatriate and returning professional NRIs and infrastructure development.
The cityscape
The concept of ‘mixed development’ is catching up in Bengaluru where the apartment is at the rear and a commercial complex at the front which also serves residents of the apartment. Take for example Purva Riviera coming up on Airport Road. It has devoted 80 per cent of the landscape to nature and houses among other things, tastefully designed gazebos, a world-class leisure and entertainment centre, an amphitheatre, a health spa, specialty restaurants, a cocktail lounge, a multiplex and a water purification plant. If you thought that packed quite a punch, there’s more. Vakil Housing Development Corporation is developing townships that offer unique features like a Shalimar garden, butterfly park, a lake with boating facilities, flower gardens, a mini zoo, turf grounds and golf ranges.
No-frills houses like the ones constructed by ITI and NGEF are now in stark contrast to the many hi-tech villas and condos coming up in and around the city like Whitefield, Bidani and along the Bangalore-Mysore expressway. Smart technology is coming up in a big way with many wi-fi enabled houses that automatically take care of all your household needs like dusting, cooking, laundry, bathroom, security and entertainment. You can control your home security, appliances and seamless telephony with a click of the remote or a swipe of the smart card. You can not only watch what’s happening at home through wi-fi enabled webcams but also control the temperature of your fridge and microwave. One such project is Rohan Ashima in Brookefields where 64 villas are being built.
The architecture
Architectural features typical of Bengaluru like monkey tops are still to be found in several houses, some being modified to suit the present-day architecture. Today’s builders are building apartment complexes that reflect the architectural styles of Spain, Morocco and California among others. While most companies like Intel and Reuters are going for glass and chrome buildings, there is a Wipro and Infosys that are eco-friendly and devote a major portion of space for landscaping, natural lighting, ventilation and epitomise in bringing ‘the outside, inside’.
Many old bungalows and Victorian-styled houses are making way for commercial complexes and apartment blocks. The city’s spaces are an eclectic mix of the old and new. They range from the Windsor Castle replicated in the Bangalore Palace to the Vidhana Soudha with the serene bungalows of different Indian and European styles. If you look around the city, you will find some private bungalows built in the Tudor style, especially the turrets (small towers). Take that to mean, grey sloping roof and the timbering on the exterior of the windows and the walls to emphasise predominance of wood as was used in European architecture. Only recently, a temple has been sculpted in the 750-year-old Hoysala style of architecture characterized by the use of soapstone and square-shaped structures at Swanandashrama in Agara village on Kanakapura Road.
The city has begun to grow vertically a la Mumbai. Parts of Bannerghatta, Yelahanka and other peripheral areas of the city are home to rows of matchbox-like structures. The Bangalore Development Authority has decided to build low-cost apartments and sell them to people instead of sites like it was doing earlier. This will lead to a vertical growth of the city and is ably supported by Masterplan 2015 which allows for mixed-use neighbourhoods and more floor area ratio.
Property market
According to the Bangalore Realtors’ Association, Bangalore South (Jayanagar, JP Nagar, Banashankari) tops the realty ranking in the city. This is followed by Bangalore East (Indiranagar, KR Puram, Old Madras Road, ITPL, Whitefield), Bangalore North (Hebbal, HRBR, Yelahanka, Devanahalli) and Bangalore West (Magadi Road). Many experts believe 2008 will be the year of reckoning. If you are looking at the rates, the market has reached a saturation point. But if you were to buy a property now and expect the price to go up in double quick time, it’s not possible. If people think they can make a fast buck, now isn’t the time because the prices are inflated already. If you have spare money, invest, but think of it as a long-term investment and it will certainly give you a huge appreciation in the long run. If you are buying property as an investment, don’t be too optimistic and end up buying at a high price. If the property becomes unaffordable, leave it alone.
