The city's commercial development has grown over the last decade. This fast-paced growth is due to various factors. The emergence of the city as the IT hub in the region, the infrastructure and quality of life as well as the pleasant climate ensured that Bangalore was on the fast track to growth.
Realty development too got off to a quick growth with residential properties peaking in demand. The need for quality housing was felt when the IT industry attracted human resource from all over the globe. Apartments mushroomed and the demand was such that prices sky-rocketed.
The emergence of commercial development in the realty market occurred as a follow-on to this widespread residential growth. Supermarkets and retail spaces were soon replaced by malls, multiplexes and hypermarkets. Today, the concept of a large commercial space with offices, entertainment zones, hospitals, hotels and housing facility in integrated townships are trends that are here to stay.
With more scope for growth in the city's suburbs, commercial development is fast catching up in areas that have the potential for residential growth with plans for high-tech connectivity and good infrastructure.
Potential areas
"The Devanahalli area promises development in the commercial sector," says Irshad Ahmed, Managing Director, Irshad's Property Matters. "Land is available with builders and due to the proximity to the international airport and scope for proposed Special Economic Zones to come up here, this area serves as a potential commercial hub," he says.
Residential and gated community projects have come up on the Devanahalli Road, Hennur Road and Old Madras Road, and this will result in commercial establishments too. Good connectivity and availability of land are the factors that will enable development here. "Many chain hotel projects will come up close to the airport. There is one already in progress of construction near Mekhri circle," adds Irshad.
In the south, areas on Kanakapura Road, Bannerghatta Road and along Electronic City have witnessed tremendous commercial development. "The major focus is on Whitefield and Electronic City," says Zahed Mahmood, Director, Silverline Realty. In the Whitefield area, growth is seen along the Hoskote Road with connectivity projects like the Chennai Expressway on.
Catering to the demand for more entertainment areas, hotels and retail spaces, malls are now turning into spaces with more options to spend time in. Malls are being designed to incorporate larger areas with focus on outdoor landscaped spaces, office space as well as open air auditoriums.
The concept of commercial development is no longer restricted to shopping establishments and offices. It has become an extension of one's lifestyle with designated areas in huge office complexes being designed as entertainment avenues to make an outing a one-stop destination for the family to unwindin - combining work with pleasure.
0 comments:
Post a Comment