Bangalore is a hub for information technology companies in India and boasts firms specializing in Research & Development, electronics, and software production.Several national and international companies are housed in the business parks around the city.Professionals working with these companies are driving a real estate boom across the city. RoofandFloor discusses a few important landmarks in Bangalore that have turned their surroundinglocalities into premium real estate centres.
Manyata Tech Park
Manyata Embassy Business Park, also called Manyata Tech Park, is a software technology park situated near Hebbalin Bangalore. Located on the Outer Ring Road, the building has an area of 9.8 million sq.ft and spread over 424 acres. The Park is home to 43 companies, including AXA Technologies, Alcatel, Cognizant, Colt Technologies, Fidelity Business Centre, Microsoft, IBM, Larsen & Toubro, Nokia, Philips, Target Corporation India, Nvidia Graphics, and Indegeneamongothers. The Park won the Best IT Park Award by NDTV Property Awards 2013 and the CNBC Awaaz Award for Best Commercial Property in Bangalore in 2014. The Business Park employs over 90,000 professionals – the primary reason apartments dominate real estate in Hebbal and Sarjapur. Average price of apartments in Hebbal is Rs 4,100 and Sarjapur is Rs 3,900 per sq. ft.
Kempegowda International Airport
Kempegowda International Airport, spread over 4,000 acres, is located in Devanahallivillage and opened in May 2008. The airport was built as an alternative to the increased congestion at HAL Airport and is named after Kempe Gowda I, the founder of Bangalore. In 2015, Kempegowda airport was the third busiest airport in India with 18 million passengers passing through it. The Airport received the Best Regional Airport in Central Asia by SKYTRAX World Airport Awards in 2015. The SKYTRAX World Airport Awards is the largest passenger satisfaction survey in the world. The airport serves as the primary hub for AirAsia India and Air Pegasus and as secondary hub for Jet Airways. The airport has an 11-acre fuel farm, three cargo terminals and a passenger terminal that serves 20 million domestic and international passengers annually.
International Tech Business Park, situated in Whitefield, is Bangalore’s first tech park and was built as a joint venture between India and Singapore in 1994. Managed by Ascendas, the Park has 9 buildings and houses companies like Xerox, Mu Sigma, iGATE, IBM, GE, Airtel, Vodafone, TCS, Delphi, Huawei, Oracle, and Perot Systems. Other companies here include Dell, Tesco, Shell, Aviva, GM, Schneider Electric, Goodrich and DaimlerChrysler. Flowserve, a 100% subsidiary of Flowserve Corp has a manufacturing plant and R&D Centre here. The Park also boasts the 4,50,000 sqft ParkSquare Mall, sports arenas and the Vivanta by Taj hotel.
ITPL employs 15,000 professionalstriggering a sustained demand for apartments in localitiesnearby. Average price of apartments in ITPL is Rs 4,800 per sq. ft.
The 25-acre RMZ Ecospace Business Park in Bangalore is a development of RMZ Corp.Situated on Sarjapur Outer Ring Road, it was built by a Singaporean firm. RMZ Ecospacewas one of the first few large projects to be developed here. RMZ Ecospacehouses a diverse range of companies including Accenture, Bosch, Cadence Design Systems, Altran Technologies, Microland, First Source Solutions, HP India, Intel, TAS Analytics and British Telecom. The Sarjapur ORR has 5 sets of flyovers and 2 sets of underpasses to make this road signal-free. Professionals working at RMZ Ecospacehave boosted demand for apartments and apartment projects in Sarjapur Road and Haralur Road. Average price of apartments in Sarjapur Road is Rs5,000 per sq. ft and in Haralur Road is Rs 4,000 per sq.ft.
The city is home to 900 IT companies and IT firms in Bangalore employ about 35% of India’s IT professionals.Employees working in these companies are responsible for the increased real estate demand in the city. While the real estate sector has been on a low for the past two years, the industry is hopeful that IT professionals will help sustain this demand for residential spaces in Bangalore.