The West Bangalore sub-market covers the areas and projects around Tumkur Road NH-4 towards the Yeshwanthpur and Malleswaram junction, the Rajajinagar Industrial Area, Yeshwantpur, and Tumkur Road and its surroundings (which has a high-density population and has traditionally been the primary industrial hub of the city).
Industrial and commercial profile
* At present, West Bangalore is surrounded by vacant land parcels and is predominantly an industrial area dominated by warehousing and industrial activities. These industries comprise of large public sector units and various small-scale industries.
* The area is being promoted as one of the large industrial hubs in the city, especially Peenya Industrial Area (IV Phase III stage) which is home to industries like Parle G, ABB Limited, Bosch, Jindal and Volvo Construction Equipment, to name a few.
* There are currently no graded major operational commercial/office buildings in the micro-market. The commercial base in West Bangalore has predominantly consisted of government offices, training institutes, small industries and warehouses. Many government offices also have their own residential colonies, for example HMT Colony, Air Force Camp, ITI Training Institute colony, etc.
* The key residential projects in West Bangalore currently include Temple Bells, Prestige Wellington Park, Gateway, Kensington Garden, Golden Grand, Garrison Vaishnavi Nakshtra, Prince Town, Sobha Aspire and Shoba Elite.
* Capital values for high-end residential projects range from Rs. 3800–6500./sq.ft. Buyers from the affordable housing matrix in West Bangalore are mainly small business owners and employees working in industries and the services sector.
* The upcoming areas in West Bangalore include Karivobanahalli, Handrahalli, Laggere, Jalahalli, Hasarghatta, HMT Housing Colony, BHEL Colony, Peenya, Chikkasandra, Nagasandra and Dasarhalli.
The many infrastructure projects that are taking place in the direction of West Bangalore will lead to improved connectivity and increase residential values in the future. The upcoming residential projects there will attract buyers from the immediate surroundings due to improvements in the social infrastructure.
* As of now, investors and speculators in West Bangalore are still scarce on the ground. This sub-market is growing at a slower pace when compared to other markets of the city, mainly because of its industrial characteristic and also lack of MNC-type commercial activities.
* There is now a gradual opening up of land for real estate development as small and medium industries that have existed In West Bangalore for a long time are shutting down or relocating.
* Currently, land values are comparatively low in this part of the city, and this provides a very favorable entry point for long-term investors.
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* Provident Tree
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Tips for property investors into West Bangalore
* This region holds immense potential for further real estate development. Apart from the comparatively competitive land values, many infrastructure projects will benefit this micro-market. These include the Peripheral Ring Road (PRR) which will lead to improved connectivity reduce travel time towards important parts of the city. The commute to Bangalore International Airport (BIAL) from Tumkur Road will be reduced by 50% from current levels once the PRR become operational.
* There is high possibility of locations between Bangalore West and Tumkur City to be considered for Smart City benefits via the recently proposed 100 Smart Cities programme by the NDA government. Factors that will work in these locations’ favour on this front are availability of land for development and strategic presence between two growing cities.
* This will lead to short-to-medium for residential assets. Long-term appreciation is assured as West Bangalore strengthens its value proposition as a growth corridors.
* Investors should look at capitalizing on the West Bangalore housing market for medium-long term gains and maintain a period of 4- 5 years as the minimum investment horizon for affordable to mid-end residential developments.
* Investments into high-end to luxury residential developments in this micro-market should not be the first option for risk-averse investors at this point of time. This is because the buyers in this sub-market are predominantly employees working industries and the services sector who are looking for affordable to mid-end residential options in the price range of Rs. 3500-4500/sq.ft.
Source: India TV