subject: Self-sustained Localities Emerging Along Outer Ring Road [print this page] Bangalore the fundamentals of the city's real estate property market look strong in the light of the positive underlying factors. The Outer Ring Road (ORR) is bustling with retail, residential and commercial activity today. What was ones the outskirts of the city has now become a hot-spot for realty sector. The Outer Ring Road is a thriving realty market for developers and investors owing to good connectivity and availability of land.
From the Outer Ring Road the connectivity is easily accessible, smooth and hassle free and workplaces are located close to the ORR makes this a favored place for residential catchments. Commercial and Residential property in Bangalore development is currently concentrated along the K R Puram-Marathahalli-Sarjapur Road stretch.
The demand for commercial space along this stretch has remained high owing to the proximity to residential catchments and availability of quality office real estate products. The part of ORR has developed into an IT corridor with many IT majors opting for consolidation and expansion in the many SEZ and non-SEZ projects already operational.
The SEZ and non-SEZ residential projects along the stretch are expanding to meet the demand. Hebbal ORR a sought after commercial destination with improved connectivity expected to enhance and maintain demand. The most suitable locations for self-sustained residential complexes are the areas where the demand is on upswing. Locations in the neighborhood of the ORR would be Sarjapur Road, Bannergatta Road and K R Puram in south and east Bangalore and Bellary Road before Yelahanka in North Bangalore.
With improved connectivity and availability of land there is much demand for development of residential clusters along the ORR. The ORR is on the path of becoming a self-sustained residential location already has well developed education infrastructure and shopping centers but is dependent on Indiranagar, Koramangala and Whitefield for large-scale retail, entertainment and healthcare facilities.
As the Outer Ring Road is a hub for IT development as well as residential complexes. Over the next five years approximately 28.8 million sq ft of IT Parks will be coming up along its stretch. In addition to this large availability of commercial property as they are witnessing huge apartment complexes in the range of 50,000 residential apartments in coming years.
However after completion of several under-construction retail and entertainment developments which are coming up along here by this year, the ORR is likely to emerge as a self-sustained micro-location. Proximity to the city, IT hubs on the ORR such as Whitefield and Electronic City and developing social infrastructure like malls, hospitals and international schools have made the residential areas here adequately self-sufficient.
