While the markets are still reeling from the after-effects of recession, real estate has been booming in the tech city, with structures coming up at various spots. With the city developing at such a pace, it also emerges as a trendsetter, setting an example for other cities in the country. DNA spoke to Suresh Rangarajan, founder and CEO, Artha Group, about the boom in real estate in Bangalore.
Which would you say is the current hot spot when it comes to real estate in Bangalore?
Sarjapura is a place to watch out for, as it is close to all the hubs of Bangalore. This place is also youth centric, close to Koramangala, Whitefield, MG Road, the old airport and ITPL — basically a focal point around which all the happening areas of the city revolve.
Give us your opinion on the changes in the real estate business since 2000?
When I look back, I guess it all began with the development of Mysore Road and Nice Road. And then came Infosys, which made Electronics City a magnet for industrial development. With the shifting of the airport, North Bangalore, too began to attract a lot of builders.
Residential colonies are being built in the area. And now, Sarjapura has emerged as an area that is attracting a lot of investment.
Bannerghatta is fast developing as well. Does that affect the choice of Sarjapura as the prime area for real estate investment?
Bannerghatta Road was the area where development first started. The only problem with this area is that it has only one entry point and it is not centrally located. Because of these reasons, if if you enter the area at 1 pm, you will manage to get out only by 5 pm.
That is really the only obstacle to the further development of Bannerghatta, which is otherwise a fast developing area.
And what do the trends indicate? In the next five years, which spot do you think would get top priority for real estate investment?
The area around the outer ring road, leading towards HSR Layout, most likely. This is another space to watch out for, especially with the Total Mall which has come up there. HSR Layout has attracted major builders, with projects from Shobha Builders and others.
Did recession have an impact on the real estate business?
Recession brought real estate development almost to a halt. However, business is now flourishing, and real estate has become more commercial and industrial in nature.
In actuality, it is merely a money game — if you have the money, you can have the property. People are now ready to invest over Rs40-50 lakh on property.
